医药生物设备专题：以旧换新有望加快，9月已现招投标回暖

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical sector [4]. Core Insights - The medical device procurement situation has shown signs of recovery, with a notable increase in procurement amounts in September 2024, indicating a potential turning point for the industry [2][14]. - The report emphasizes the importance of the "old-for-new" policy in accelerating medical equipment updates, supported by various funding sources including long-term government bonds and local fiscal funds [16][19]. - The pharmaceutical sector is expected to gradually increase allocations, with potential for excess returns following the semi-annual reports [9]. Summary by Sections Medical Device Procurement - The procurement funding for medical devices is diversified, primarily sourced from self-raised funds, government allocations, and special research funds [16]. - The "old-for-new" policy has been actively promoted since March 2024, with significant government support and funding already allocated [17][19]. - The possibility of centralized procurement for medical devices remains under study, with the National Healthcare Security Administration indicating that competitive procurement may be considered for certain categories [25][27]. Market Review and Investment Strategy - The report notes that the CITIC Pharmaceutical Index fell by 5.9% in the week of October 8-11, 2024, underperforming the CSI 300 Index by 2.7 percentage points [36]. - The investment strategy suggests focusing on high-end medical equipment and domestic replacements, particularly in areas like endoscopy, MRI, DSA, radiotherapy, and high-end ultrasound [32][34]. - The report highlights three main investment themes: innovation, recovery, and policy support, with a focus on companies with strong overseas competitiveness and those involved in mergers and acquisitions [9][36]. Recommended Stocks - The report suggests a focus on stocks such as 恒瑞医药 (Hengrui Medicine), 新诺威 (Newway), 悦康药业 (Yuekang Pharmaceutical), and 开立医疗 (Kaili Medical) for potential investment opportunities [5][11].