后集采时代，如何看高值耗材投资机遇与挑战？

Group 1: Market Trends - The normalization of centralized procurement has become a consensus in the market, with a gradual shift towards price-for-volume and increased domestic production rates[2] - Since 2019, the range of high-value consumables subject to centralized procurement has expanded, achieving near-complete coverage except for certain products like aortic intervention and structural heart disease[2] - The average price drop for coronary stents reached 93% in 2020, while the average price for artificial lenses in 2023 was reduced by 60%[2] Group 2: Growth Opportunities - Low penetration and low domestic production rates in certain sectors such as electrophysiology (10% penetration, 12.5% domestic production), left atrial appendage occluders (6% penetration, 25% domestic production), and peripheral artery stents (1% penetration, 10% domestic production) present long-term growth potential[2] - The overseas revenue growth rate for high-value consumables is promising, particularly in the ophthalmology and orthopedic sectors, with electrophysiology contributing 15.3% to revenue[3] Group 3: Risks and Challenges - The industry faces risks including performance not meeting expectations, deteriorating market competition, and declining industry prosperity[3] - Domestic companies may struggle with international expansion due to a lack of academic support and reliance on distributors for high-value consumables[3]