医疗器械行业深度：政策东风来，医械新机遇

Investment Rating - The industry investment rating is "Outperform the Market" [1][6][89] Core Viewpoints - The medical device sector has faced a weak performance due to multiple factors, including ongoing anti-corruption policies and the implementation of DRG/DIP policies, but recent government initiatives for equipment updates have improved market sentiment [6][11][12] - The government aims to increase equipment investment by over 25% by 2027 compared to 2023 levels, which is expected to drive growth in the medical device sector [6][33][89] - The home medical device market is rapidly maturing, driven by increased consumer health awareness and supportive policies, presenting significant investment opportunities [6][44][50][89] - Comprehensive policy support for innovative medical devices is being implemented across the entire value chain, enhancing the growth potential for companies with strong innovation capabilities [6][55][92] - The stability of centralized procurement policies is reshaping the industry landscape, accelerating domestic substitution and increasing market concentration, which presents new investment opportunities [6][63][74][89] Summary by Sections 1. Industry Overview - The medical device sector has experienced a decline of 12.83% year-to-date, underperforming the broader market [12][18] - The sector's performance is influenced by various factors, including regulatory changes and market sentiment [11][12] 2. Policy Support Directions 2.1 Equipment Updates - The government has launched a large-scale equipment update initiative, with a target to increase investment by 25% by 2027 [33][36][89] - Financial support from the government is crucial for medical institutions to procure expensive medical devices [32][33] 2.2 Home Medical Devices - The home medical device market is projected to grow significantly, with a market size of 234.3 billion yuan in 2023, reflecting a 12.3% year-on-year increase [50][51] - Policies are being implemented to support the inclusion of home medical devices in personal insurance accounts, reducing consumer costs [46][89] 2.3 Innovative Devices - A full-chain policy support system is being established for innovative medical devices, enhancing approval processes and reimbursement mechanisms [55][92] - The number of products approved through the special approval process for innovative medical devices has been increasing steadily [55][56] 3. Centralized Procurement Policies - Centralized procurement has expanded significantly since 2019, with the latest rounds covering a wide range of high-value medical consumables [63][64] - The design of procurement rules has become more reasonable, focusing on price-volume trade-offs and ensuring fair competition [67][70] - Domestic brands are gaining market share due to accelerated domestic substitution driven by centralized procurement [74][83] 4. Investment Strategies - The report suggests focusing on leading domestic medical device companies such as Mindray Medical and United Imaging Healthcare, which are expected to benefit from equipment updates [89] - Investment opportunities in home medical devices are highlighted, particularly for companies like Yuyue Medical and Kefu Medical [89] - The report emphasizes the potential for growth in innovative medical devices, recommending companies with strong innovation capabilities [89] - The stability of centralized procurement policies is expected to reduce valuation pressures on the industry, providing growth opportunities for domestic companies [89]