医药生物行业报告：医疗设备以旧换新政策步入落地阶段，板块业绩有望迎来拐点向上

Industry Investment Rating - The report indicates a positive outlook for the medical device sector, expecting a performance turnaround in Q4 2024 due to the implementation of the old-for-new policy [4][11][32]. Core Insights - The medical device sector is anticipated to experience a performance inflection point as the old-for-new policy progresses, with significant project approvals and budget allocations reported [4][15][32]. - The release of the "Opinions on Resolving the Issue of Arrears to Enterprises" is expected to benefit the ICL, IVD, and vaccine sectors, enhancing the financial efficiency of local public hospitals and disease control institutions [5][21]. - The medical and biological sector saw a weekly increase of 1.04%, outperforming the CSI 300 index by 0.06 percentage points, ranking 18th among 31 sub-industries [6][28]. Summary by Sections 1. Weekly Insights: Medical Device Policy Implementation - The old-for-new policy for medical devices is entering a practical phase, with the State Council's action plan expected to boost equipment updates significantly by 2027 [4][11]. - As of September 15, 2024, 701 medical device update projects have been approved nationwide, with total funding exceeding 38.06 billion yuan [15][16]. 2. Weekly Insights: Opinions on Arrears Resolution - The recent governmental opinions aim to enhance the financial turnover efficiency of local public hospitals, which is likely to benefit the ICL, IVD, and vaccine sectors [5][21]. - The ICL sector is showing signs of recovery in growth rates and gross margins, with a significant reduction in accounts receivable impairment risks expected by year-end [5][22]. 3. Weekly Performance and Sub-sector Insights 3.1 Weekly Performance - The medical and biological sector increased by 1.04%, with the hospital sector showing the highest growth at 3.61% [6][28]. - The medical device sector experienced a decline of 1.95%, attributed to short-term funding impacts [31][32]. 3.2 Sub-sector Performance - The report highlights that the medical device sector is expected to see a substantial increase in orders as the old-for-new policy takes effect, with a projected budget for procurement exceeding 11 billion yuan [31][32]. - The IVD sector is also expected to benefit from increased demand for respiratory pathogen testing and other diagnostic services [34][35]. 4. Recommended and Beneficiary Stocks - Recommended stocks include Mindray Medical, Dean Diagnostics, and InnoCare, while beneficiary stocks include United Imaging, Wandong Medical, and Xinhua Medical [7][32].