创新器械迎政策拐点，应该如何布局？

Investment Rating - The industry rating is "Outperform the Market" [7][65]. Core Insights - The innovative medical device sector is experiencing a policy turning point, with support from both approval and payment sides, leading to a new phase of price recovery and growth [4][16]. - The medical device market is expected to benefit from the easing of centralized procurement and a shift away from a "low-price only" approach, which will enhance the valuation recovery of bottom assets [4][19]. - The report emphasizes the importance of focusing on high-growth segments and companies with strong performance expectations in the medical device sector [4][19]. Summary by Sections Market Review - The CITIC Medical Index rose by 2.0% during the week of July 21-25, 2025, outperforming the CSI 300 Index by 0.3 percentage points [3][25]. - Since the beginning of 2025, the CITIC Medical and Biological Sector Index has increased by 19.5%, outperforming the CSI 300 Index by 14.6 percentage points [3][25]. - The top five performing stocks during this week were: Haitai Biological (+46.93%), Zhendong Pharmaceutical (+42.89%), Saily Medical (+31.73%), Chenxin Pharmaceutical (+30.75%), and Rendu Biological (+27.82%) [3][43]. Investment Recommendations - The report suggests focusing on the following categories for investment: 1. High-consumption categories benefiting from procurement optimization, such as Anjiasi, Nanwei Medical, Xinmai Medical, and others [4][19]. 2. Medical device policy recovery, with attention to companies like Shanhai Mountain, Kaili Medical, and Mindray Medical [4][19]. 3. Innovative single products, highlighting Huatai Medical and Sainuo Medical [4][19]. 4. Surgical robots, with a focus on Tianzhihang and Weichuang Robotics [4][19]. 5. Companies expected to continuously exceed performance expectations, including Guichuang Tongqiao, Chunli Medical, and others [4][19]. Policy Support - The National Medical Products Administration has introduced measures to support high-end medical device innovation, including optimizing approval processes and enhancing regulatory frameworks [16][17]. - The National Healthcare Security Administration is implementing new pricing policies to empower drug and device innovation, promoting the entry of high-level technological innovations into clinical applications [17][18]. - Recent announcements indicate a clear and consistent policy stance against "involution" in procurement, with expectations for further stabilization in procurement rules [18][19]. Market Performance - The medical device sector is expected to see a significant increase in transaction volume, with the CITIC Medical Sector's total transaction volume reaching 782.8 billion yuan, accounting for 8.5% of the total A-share market [42]. - The overall valuation of the medical sector as of July 25, 2025, is 30.13, reflecting a slight increase, with a valuation premium of 28.83% compared to the broader market [34][42].