医疗保健行业周报：持续跟踪医疗设备更新进展

Investment Rating - The investment rating for the healthcare industry is "Positive" and maintained [5]. Core Viewpoints - The market has experienced adjustments, and it is recommended to focus on long-term quality assets. The Shanghai and Shenzhen 300 index fell by 3.29% last week, while the healthcare sector dropped by 3.92%, ranking 21st among 32 primary sub-industries. The declines in various segments such as medical services, medical devices, and pharmaceuticals were noted, primarily influenced by the overall market adjustment. In the long term, with the normalization of medical insurance cost control, DRG, and centralized procurement, it is advised to focus on sectors with improving fundamentals that can release performance, including medical devices, consumables, and traditional Chinese medicine [5][19][28]. Summary by Sections Industry Viewpoints - The healthcare sector is undergoing a bottom adjustment, mainly due to the overall market's influence. It is suggested to focus on essential products and stable assets, particularly in the context of aging demographics, which maintain stable growth in diagnosis and surgical volumes. The demand for essential products such as anesthetics and medical consumables is growing faster than other sectors [5][19][28]. Market Dynamics - From the beginning of 2024 to November 15, the healthcare sector's return was -7.8%, underperforming the Shanghai and Shenzhen 300 index, which had a return of +15.7%, resulting in a 23.5 percentage point underperformance. The healthcare sector's decline last week was also noted, with specific declines in various sub-sectors [7][33]. Sector Valuation - As of November 15, the healthcare sector's valuation is 31.4 times PE based on 2024 profit forecasts, with a premium of 37.5% compared to the overall A-share market (excluding financials), which has a PE of approximately 22.8 times. The TTM valuation is 27.4 times PE, below the historical average of 36.1 times PE, with a premium of 35.4% compared to the overall A-share market [8][37][38]. Investment Recommendations - Focus on medical device updates and essential products. The report highlights that the procurement amount for medical devices in October 2024 was 12.309 billion yuan, a year-on-year decrease of 6.33% and a month-on-month decrease of 12.31%. The procurement quantity was 79,600 units, down 16.17% year-on-year and 28.08% month-on-month. It is recommended to pay attention to sectors with improving fundamentals that can release performance, including medical devices, consumables, and traditional Chinese medicine [21][28][26].