医药生物行业跨市场周报：政策鼓励高端医疗器械创新发展，看好医疗器械板块结构性投资机会-20250707

Investment Rating - The report maintains an "Overweight" rating for the medical device sector [5]. Core Viewpoints - The report highlights the encouragement of high-end medical device innovation by government policies, indicating a structural investment opportunity in the medical device sector. It anticipates that innovative medical device products will achieve faster commercialization due to policy support [2][21]. - The report suggests increasing allocation to the medical device sector, particularly in areas such as high-end imaging equipment, surgical robots, brain-computer interfaces, and AI in healthcare, where leading companies with strong R&D capabilities and brand recognition are expected to benefit [2][22]. Summary by Sections Market Review - Last week, the A-share medical biotechnology index rose by 3.64%, outperforming the CSI 300 index by 2.10 percentage points and the ChiNext index by 2.75 percentage points, ranking 4th among 31 sub-industries. The Hong Kong Hang Seng Medical Health Index increased by 5%, outperforming the Hang Seng China Enterprises Index by 6.75 percentage points [1][15]. Policy Support and Investment Opportunities - On July 3, the National Medical Products Administration released measures to optimize the lifecycle regulation supporting high-end medical device innovation. Key areas identified include medical robots, high-end medical imaging equipment, AI medical devices, and new biological materials [2][21]. - The report emphasizes that the establishment of a comprehensive standard system for high-end medical devices will be gradually improved, supporting the internationalization and standardization of the industry [22]. Company Recommendations - The report recommends focusing on companies with competitive product advantages, such as Mindray Medical, United Imaging Healthcare, and Yuyue Medical, which are expected to become the next leaders in the sector [23]. - Specific companies highlighted for investment include: - Heng Rui Medicine: Maintain "Overweight" with a target PE of 54 for 2024, 50 for 2025, and 42 for 2026 [4]. - Yuyue Medical: "Buy" rating with a target PE of 20 for 2024, 15 for 2025, and 13 for 2026 [4]. - Mindray Medical: "Buy" rating with a target PE of 23 for 2024, 21 for 2025, and 18 for 2026 [4]. - United Imaging Healthcare: "Buy" rating with a target PE of 83 for 2024, 53 for 2025, and 46 for 2026 [4].