从招投标数据到报表体现还需多久？

Investment Rating - The industry rating is "Outperform the Market" indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 to 12 months [79]. Core Insights - The report highlights a significant increase in bidding data for medical equipment, with monthly bidding amounts showing year-on-year growth rates ranging from 41% to 113% from December 2024 to May 2025, suggesting a robust demand recovery [4][17]. - The report emphasizes the strong performance of innovative drugs, with companies like China Biopharma and Rongchang Bio continuing to see positive developments, supported by government policies optimizing drug procurement [5][41]. - The medical device sector is expected to experience a turning point in financial reporting in Q2 and Q3 2025, as the effects of increased bidding data begin to reflect in company revenues [4][26]. Summary by Sections 1. Weekly Performance Review - The CITIC Medical Index rose by 1.5% during the week of June 9-13, 2025, outperforming the CSI 300 Index by 1.8 percentage points, ranking third among CITIC's primary industry classifications [3][41]. - The top five performing stocks for the week included Yiming Pharmaceutical (+38.49%), Saiseng Pharmaceutical (+36.35%), and Aoyang Health (+35.01%) [59]. 2. Equipment Bidding Data - Bidding amounts for medical equipment have shown a consistent increase, with May 2025 seeing a 69% year-on-year growth, indicating a strong recovery in demand [4][17]. - The report predicts that the financial results for companies involved in equipment installation will begin to reflect this demand surge in Q2 2025, while inventory companies may see performance improvements by Q3 2025 [4][26]. 3. Mid to Long-term Investment Strategy - The report suggests focusing on three main themes: innovation, recovery, and policy support. It highlights the potential for innovative drugs and medical devices to drive growth, particularly in companies with strong international competitiveness [5][6]. - Specific companies to watch include Union Medical, Shanhai Mountain, and Mindray Medical, which are expected to benefit from the ongoing recovery in bidding data and demand [4][6][27].