医疗器械行业月度点评：检验检查结果互认政策出台，关注医疗设备及IVD行业投资机会

Investment Rating - The industry investment rating is "Outperform the Market" [2][6] Core Viewpoints - The introduction of the mutual recognition policy for inspection and testing results is expected to benefit domestic medical device and IVD companies, as it will lead to a reduction in redundant tests and improve overall medical service efficiency [5][39] - The medical device sector is anticipated to experience a performance recovery in the future, despite current pressures in Q3 2024 [4][6] - The report emphasizes the potential for domestic brands to expand market share and accelerate import substitution due to their supply chain advantages and cost-effectiveness [6][40] Summary by Sections Market Review - In the past month, the medical device sector saw a price increase of 8.24%, outperforming the pharmaceutical sector and the CSI 300 index by 3.31 and 7.58 percentage points respectively [4][16] - As of December 1, 2024, the average PE ratio for the medical device sector is 29.90 times, ranking third among six sub-sectors in the pharmaceutical industry, with a premium of 7.44% over the average valuation of the pharmaceutical sector [4][22] Industry Insights - The mutual recognition policy aims to standardize inspection and testing practices, enhance quality control, and improve patient experience by facilitating the sharing of test results across institutions [34][60] - By 2025, the goal is to achieve mutual recognition of all projects within tightly-knit medical alliances, with further expansions planned for 2027 and 2030 [34][60] Key Companies and Dynamics - The report highlights key companies such as Mindray Medical, United Imaging, and New Industries as potential beneficiaries of the mutual recognition policy and domestic substitution trends [5][39] - The report also identifies investment opportunities in innovative companies within the ophthalmic and home medical device sectors, such as Aibo Medical and Yuyue Medical [6][40]