关节续标执行在即，国产化加速在望

Investment Rating - The report maintains an "Outperform" rating for the industry [5]. Core Insights - The report highlights a significant shift in market share towards domestic companies in the orthopedic joint market, with leading domestic firms such as Aikang, Chunli, and Weigao increasing their market presence as foreign companies retreat [2]. - The recent procurement results indicate a competitive pricing environment, with the price difference between selected products decreasing from an average of 2.8 times to 1.1 times, suggesting a more equitable market competition [2]. - The procurement cycle has been extended from two years to three years, with a 6% average price reduction observed in the latest procurement compared to the first round [3]. Summary by Sections Market Dynamics - The recent procurement involved over 6,000 hospitals with a reported demand of 580,000 sets, marking a 7.42% increase from the previous round [3]. - The market share of domestic companies in the joint market has risen, with key players achieving significant volume shares: 16.31% for Aikang, 14.99% for Chunli, and 9.23% for Weigao, while foreign companies' combined share has dropped to 25.28% [2]. Procurement Rules - The procurement rules have been optimized, allowing for a more stable market and ensuring supply security through mechanisms such as "revival" for products that did not initially qualify but met certain price criteria [2]. - The report emphasizes the importance of performance in the procurement process, rewarding companies with good compliance records and penalizing those with poor performance [2]. Investment Recommendations - The report suggests focusing on leading domestic orthopedic companies, particularly Aikang Medical, Chunli Medical, and Weigao Orthopedics, as they are expected to benefit from increased product volumes in the joint procurement market [2].