医药生物：财政部关于政府采购通知的解读：政采明确国产品价格优势并细化国产品定义，或助力医疗设备国产替代

Investment Rating - The industry rating is "Outperform the Market" [5] Core Insights - The Ministry of Finance's recent notice on government procurement emphasizes the price advantage of domestic products, providing a 20% price deduction for domestic products in competitive bidding, which may accelerate the market share of domestic medical device brands [2] - The notice also clarifies the definition of domestic products, requiring that components produced within China must meet specified cost ratios, potentially impacting international manufacturers' classification as domestic products [2] - The implementation of the old-for-new policy has shown signs of recovery in bidding activities, with a 12% year-on-year increase in September and a significant 32% month-on-month increase, indicating a potential surge in government procurement orders in Q4 [3] Summary by Sections Government Procurement Policy - The new procurement policy provides a 20% price evaluation advantage for domestic products compared to foreign products [2] - The definition of domestic products has been refined to include specific component cost ratios, which may affect the recognition of international products as domestic [2] Market Trends - The bidding activities for large equipment have shown a notable recovery, suggesting improved performance for related companies in Q4 2024 to Q1 2025 [3] - The low base in Q1 to Q3 2024 may lead to accelerated performance releases following policy implementation [3] Investment Recommendations - The report suggests focusing on leading companies in the medical device sector, including Mindray Medical, United Imaging, BGI, and others, as they are likely to benefit from the domestic substitution trend [3]