板块业绩拐点逐步显现，医疗器械估值或持续修复

Core Viewpoint - The medical device sector in China is experiencing a rebound, with the medical device index ETF (159898) rising by 1.03% and attracting over 15 million yuan in net subscriptions, indicating strong investor interest [1][2]. Industry Overview - China's medical device industry has evolved from a late start and small scale to becoming the second-largest market globally, reaching 1,032.8 billion yuan in 2023 [1]. - The sector is characterized by increasing innovation capabilities and strong market demand, positioning it as a sunrise industry [1]. Market Trends - After four years of continuous decline from 2021 to 2024, the medical device sector is expected to enter a new growth phase due to multiple favorable factors, including optimized national procurement policies and increasing health awareness among the aging population [1][13]. - The industry is witnessing a turning point with signs of performance recovery in the second half of the year [13]. Segment Insights - High-value consumables are expected to see improved penetration rates and valuation recovery due to favorable procurement policies [13]. - Medical equipment is projected to experience a turnaround starting in Q4 2024, with leading companies likely to stabilize and grow their performance by Q3 2025 [13]. - In vitro diagnostics (IVD) may face short-term pressure but is expected to stabilize in terms of volume and price by Q4 this year or next year, with significant room for domestic substitution in the long term [13][14]. - Low-value consumables are at different stages across product categories, with a focus on domestic companies' overseas capacity building and collaboration with major clients [14]. - The home medical device market, including home ventilators and continuous glucose monitors (CGM), presents significant growth potential, influenced by domestic consumption trends and international expansion of local companies [14]. ETF Performance - The medical device index ETF (159898) has shown outstanding performance since its inception, outperforming benchmarks by 2.38% this year and 5.16% over the past year [2][10]. - The ETF tracks leading stocks in medical devices, consumables, and in vitro diagnostics, making it a unique investment vehicle in the medical device sector [2][10]. Historical Performance - The medical device index has achieved a cumulative increase of nearly 973% since its base date, with an annualized return of 12.58%, outperforming major indices like the Shanghai Composite and CSI 500 [8][9].