医疗器械行业周报：设备更新政策逐步落地，医疗设备招标有望回暖

Investment Rating - The report maintains a positive outlook on the medical device industry, indicating a favorable investment rating [1]. Core Viewpoints - The implementation of medical device upgrade policies is progressing, and the bidding for medical devices is expected to recover. The demand for medical device procurement, which was suppressed in the second half of 2023 and the first half of 2024, is anticipated to be met with the support of national funding [3][21]. - Domestic manufacturers are expected to benefit from superior product performance and brand image, accelerating the process of domestic substitution [3][21]. Summary by Sections Medical Device Upgrade Policies - As of the end of September 2024, over 1,000 medical device upgrade projects have been approved, with a total budget exceeding 41.2 billion yuan. The peak approval period for these projects was from April to July [10][16]. - The number of procurement intentions for medical device upgrades has rapidly increased, with a total budget exceeding 11 billion yuan for 372 projects as of the end of September [10][16]. - The funding sources for approved projects are primarily from "central budget investments or ultra-long-term bonds" and "local fiscal funds," with projects requiring self-raised funds accounting for only 22.98% [15][16]. Focus on Imaging Equipment - The medical device upgrade is expected to drive a procurement scale of 60 billion yuan, with imaging equipment being a key focus area. The procurement frequency for ultrasound devices is notably high [16][19]. - The bidding for medical devices showed signs of recovery in the third quarter of 2024, with procurement amounts in September 2024 increasing by 3.11% year-on-year [19][21]. Investment Recommendations - The report suggests focusing on "key opportunities" such as overseas expansion, single product innovation, and policy catalysts. Recommended companies include Mindray Medical, United Imaging, and others involved in innovative medical devices [4][22][24].