中国医药：医疗设备招标有望复苏，创新药出海成果丰硕

Investment Rating - The report assigns a "Buy" rating to several companies in the healthcare sector, indicating a potential upside of over 15% in their stock prices over the next 12 months [3][25]. Core Insights - The MSCI China Healthcare Index has underperformed, down 17.9% year-to-date, compared to a 32.4% decline in the MSCI China Index, suggesting that the healthcare sector may have high elasticity and potential for recovery [4]. - The report anticipates a recovery in the profitability of domestic medical device companies due to accelerated policy implementation for medical equipment updates and a supportive environment for innovative drugs [4]. - The upcoming release of the new medical insurance drug list is expected to continue supporting innovation, with significant sales from newly negotiated drugs in the past six years [4]. Summary by Sections Medical Device Sector - The report highlights a revival in medical device tenders, with 957 equipment update projects approved nationwide, totaling over 41 billion yuan as of September 15 [4]. - The procurement intention for medical devices has surged, with over 1 billion yuan in new procurement intentions recorded in the first week of November [4]. Innovative Pharmaceuticals - The report notes that multinational pharmaceutical companies are actively acquiring Chinese innovative drug assets, with various transaction types such as product licensing and mergers [4]. - Significant transactions include Merck's acquisition of global rights for LM-299, with upfront payments of 588 million USD and milestone payments of up to 2.7 billion USD [4]. Medical Insurance Policy - The new medical insurance drug list is expected to be released by the end of November, with implementation starting January 1, indicating a continued trend of encouraging innovation in the sector [4]. - The report emphasizes the importance of products that meet hospital needs and insurance requirements, which are likely to see sustained growth [4]. Target Companies - The report expresses optimism for companies such as United Imaging Healthcare, BeiGene, WuXi AppTec, and others, indicating strong potential for performance recovery in the healthcare sector [4].