国泰海通：设备更新政策持续落地 医疗设备景气度延续

Core Insights - The medical equipment bidding scale shows significant growth, with MRI increasing by 36.7%, CT by 77.5%, DR by 50.2%, and ultrasound by 35.2% in August 2025, while endoscopy and surgical robots declined by 2.7% and 51.9% respectively [1][2] - Cumulatively, from January to August 2025, MRI grew by 83.9%, CT by 93.6%, DR by 85.9%, ultrasound by 64.2%, endoscopy by 31.6%, and surgical robots by 46.5% [2] - The government aims for a 25% increase in medical equipment investment by 2027 compared to 2023, with large procurement plans announced across provinces in 2024 [3] Medical Equipment Procurement Trends - The procurement of medical equipment is becoming more market-oriented, with an increasing proportion of self-purchases by medical institutions to meet the demand for high-end medical imaging and radiation therapy [4] - The funding structure for equipment updates is diversifying, including central government special funds, local government funds, and self-raised funds from medical institutions [4] - Since 2025, county-level medical equipment updates have become a highly active market segment, with significant contributions from county medical community construction [4]