政策拉动国内市场有效复苏，医疗设备招采保持快速增长

Investment Rating - The report maintains an "Overweight" rating for the industry [1][5]. Core Insights - The medical device procurement scale continues to grow, driven by ongoing equipment update policies, which are expected to lead to a long-term increase in procurement levels. The report recommends medical device companies that are likely to benefit from these policies, including Mindray Medical, United Imaging, Kaili Medical, and Aohua Endoscopy [3][5]. - In November 2025, the new equipment procurement scale showed significant year-on-year growth: MRI increased by 11.1%, CT by 26.4%, DR by 47.2%, ultrasound by 17.0%, while endoscopes declined by 4.9%, and surgical robots grew by 8.6%. Cumulatively, from January to November 2025, MRI grew by 50.4%, CT by 72.7%, DR by 74.0%, ultrasound by 56.1%, endoscopes by 19.7%, and surgical robots by 32.8% [5]. - The equipment update policy is expected to drive procurement levels significantly, with a target of over 25% growth in medical equipment investment by 2027 compared to 2023. This policy is expected to enhance the configuration of high-end equipment to levels comparable to middle-income countries [5]. - The domestic market is showing signs of recovery, with a notable increase in procurement demand from medical institutions, reflecting a positive trend in the medical equipment industry. For instance, United Imaging reported a revenue of 6.866 billion yuan in the domestic market for the first three quarters of 2025, representing a year-on-year growth of 23.7% [5]. Summary by Sections - Investment Recommendations: The report suggests maintaining an "Overweight" rating and recommends companies likely to benefit from the equipment update policies [5]. - Market Trends: The report highlights the growth in procurement scale for various medical devices, indicating a robust market environment [5]. - Policy Impact: The ongoing implementation of equipment update policies is expected to significantly enhance procurement levels in the medical sector [5].