Zhi Tong Cai Jing·2025-11-16 23:40Group 1 - The core viewpoint is that several leading medical device companies are expected to experience a performance turning point by 2026 due to policy easing, clearing of centralized procurement, and expansion into new products and markets [1][2] - The long-term investment opportunities in the medical device sector stem from innovation, international expansion, and mergers and acquisitions, with the sector's innovative and international capabilities gradually being recognized and revalued [1][2] Group 2 - In the medical equipment and upstream sector, this year has seen significant improvement in bidding, and the bidding climate for 2026 will depend on policy, with some leading companies likely to see stable revenue growth or accelerated improvement [2] - The high-value consumables segment is expected to see performance turning points at different times due to the impact of centralized procurement policies, with some companies likely to benefit from new product catalysts in 2026 [2] - The IVD sector's performance in 2026 will still be influenced by multiple policies, but improvements are expected compared to 2025, with domestic manufacturers continuing to replace imports and companies with high overseas growth showing stronger performance certainty [2] - For low-value consumables, domestic business is expected to maintain steady growth in 2026, with overseas production capacity contributing to performance increases as U.S.-China tariff situations ease [2] - The home medical device industry is anticipated to continue its steady growth trend in 2026, with leading domestic companies accelerating internationalization through team building and mergers and acquisitions [2]