医疗耗材行业周报：近期耗材板块存在波动，关注海内外政策变化

Investment Rating - The report maintains an "Overweight" rating for the medical consumables industry [4][19]. Core Insights - The medical consumables sector has experienced a downward trend, with a recent decline of 2.77% [2][4]. - The current Price-to-Earnings (PE) ratio for the medical consumables sector is 28.82X, down 0.88 percentage points from the previous week, while the Price-to-Book (PB) ratio stands at 2.02X, remaining at historical lows [3][11]. - Recent policy changes, including increased tariffs on certain medical products exported from China, have impacted the market, particularly for companies focused on low-value consumables [4][17][19]. Summary by Sections Industry Performance - The medical consumables index closed at 4433.6 points, reflecting a 2.77% decrease [2][7]. - The sector has underperformed compared to the broader market, with relative returns lagging behind the CSI 300 index by 2.11 percentage points [2][7]. Valuation Metrics - The PE ratio has fluctuated over the past year, with a maximum of 56.19X and a minimum of 22.71X, indicating current valuations are below historical highs [3][11]. - The PB ratio has also shown variability, with a maximum of 2.57X and a minimum of 1.42X over the past year [3][11]. Industry Dynamics and Company Announcements - Nanwei Medical plans to acquire a 51% stake in Creo Medical S.L.U. for up to €36.72 million (approximately ¥289 million) [14][15]. - In August, the number of approved medical devices decreased by 9.3% year-on-year, with a total of 2321 items registered [16]. - The U.S. has announced increased tariffs on certain medical products, affecting the export market for low-value consumables [17]. Investment Recommendations - Short-term focus is advised on innovative consumables less affected by medical insurance payment policies [4][19]. - Long-term prospects remain positive for high-value consumables, particularly in interventional and implantable devices, as demand recovers in medical institutions [4][19].