平安证券晨会纪要-20250529

Group 1: Medical Equipment Industry - The medical equipment update is intensively advancing, with a significant recovery in bidding. As of now, the cumulative public bidding amount has reached 11.8 billion yuan, benefiting from the rapid implementation of equipment updates [2][6][7] - The bidding scale for new medical equipment has shown a month-on-month improvement since the beginning of 2025, with procurement amounts in January, February, March, and April being 17.4 billion yuan, 11.2 billion yuan, 14 billion yuan, and 15.3 billion yuan respectively, reflecting year-on-year increases of 42%, 76%, 113%, and 84% [2][6][7] - Leading companies in the industry are benefiting significantly from the recovery of bidding. In April alone, procurement amounts for ultrasound, CT, MRI, DR, DSA, and gastrointestinal endoscopes were 1.371 billion yuan, 2.525 billion yuan, 2.270 billion yuan, 257 million yuan, 769 million yuan, and 391 million yuan respectively, with year-on-year growth rates of 67%, 242%, 191%, 75%, 133%, and 74% [7][8] Group 2: Bond Market - Following the new policy, the issuance of sci-tech bonds has increased significantly, with financial bonds accounting for 65% of the total. In May, the issuance volume of sci-tech bonds reached 333.9 billion yuan, marking a substantial increase compared to previous months [3][8][9] - The average issuance term of sci-tech bonds has slightly decreased from 3.74 years to 3.35 years, while the average term for equity investment institution bonds has increased from 5.16 years to 5.42 years [8][9] - The interest rates of newly issued sci-tech bonds are generally lower than those of unmarked bonds and slightly higher than green bonds, indicating a favorable environment for investors [9][10]