医疗耗材行业周报：持续关注医疗器械国产替代与创新迭代

Investment Rating - The industry investment rating is maintained at "Overweight" [2][7] Core Viewpoints - The medical consumables sector has shown a fluctuating upward trend, with a recent increase of 1.69% [4] - The current PE (ttm) for the medical consumables sector is 33.75X, which is an increase of 0.54 percentage points from the previous week, while the PB (lf) is 2.38X, remaining at historical lows [5][15] - Recent supportive policies for the consumables industry have been frequent, indicating a clear stance on supporting innovation in product development, review, and market promotion [19] Summary by Sections Industry Performance - The medical consumables sector reported a recent increase of 1.69%, with the overall medical and biological sector rising by 3.21% [4][10] - The sector's performance over the past 12 months shows a relative return of -12% compared to the CSI 300 index [3] Valuation Metrics - The medical consumables sector's PE has ranged from a maximum of 56.19X to a minimum of 25.89X over the past year, while the current PB is at 2.38X, with historical maximum and minimum values of 2.92X and 1.65X respectively [5][15] Industry Dynamics and Company Announcements - The U.S. has placed Illumina, Inc. on an unreliable entity list, affecting normal trade with Chinese companies [6][18] - Boston Scientific reported a 170.6% increase in global net sales for its electrophysiology business in Q4 2024, driven by strong market acceptance of its FARAPULSE™ system [6][18] Investment Recommendations - The report suggests focusing on companies with improving performance in orthopedic consumables and those with rich product lines and high innovation in high-value consumables such as interventional and electrophysiology products [19]