政策支持国产替代，利好头部国产器械份额提升

Market Performance - The pharmaceutical industry index increased by 1.62%, outperforming the CSI 300 index by 0.17 percentage points, ranking 22nd in industry performance this week[1] - Year-to-date, the pharmaceutical industry has declined by 7.82%, underperforming the CSI 300 index by 23.61 percentage points, ranking 32nd[1] - The current valuation level (PE-TTM) for the pharmaceutical industry is 27.53 times, with a premium of 79.9% relative to the entire A-share market, down 2.1 percentage points[1] Subsector Performance - The best-performing subsector this week is medical research outsourcing, which rose by 6.2%[1] - The top three performing subsectors year-to-date are pharmaceutical distribution (+4.8%), chemical preparations (+3.5%), and raw materials (+2.9%)[1] Policy Impact - A new policy from the Ministry of Finance supports domestic product standards in government procurement, potentially benefiting leading domestic medical device companies[2] - The policy allows suppliers whose domestic product costs exceed 80% of total costs to receive a 20% price deduction for evaluation purposes[2] Recommended Stocks - Recommended stocks include: Sino Medical (688108), Enhua Pharmaceutical (002262), Shanghai Laishi (002252), Yihe Jiaye (301367), Meihua Medical (301363), and Yifan Pharmaceutical (002019)[2] - Hong Kong stock recommendations include: Rongchang Bio (9995), Hutchison China MediTech (0013), Kelun-Botai Bio (6990), and others[2] Risk Factors - Risks include unexpected policy changes in the pharmaceutical industry, slower-than-expected R&D progress, and performance not meeting expectations[3]