国泰海通晨报-20260211

Fixed Income Research - The "multiple price bidding" in both reverse repos and MLF only affects the transparency and signal effect of tool interest rates, not the central bank's ability to dynamically adjust the pricing of liquidity tools [2][4][40] Biopharmaceutical Research - The medical device procurement level is expected to be driven by the long-term implementation of equipment update policies, with recommendations for companies likely to benefit from this policy, such as Mindray Medical, United Imaging, and others [8][9] - In January 2026, the procurement scale for new medical devices showed a decline, with MRI down 22.6%, CT down 25.6%, and surgical robots down 20.1% [8][9] Industry Insights - The equipment update policy aims for a 25% increase in medical equipment investment by 2027 compared to 2023, enhancing high-end equipment configuration to match middle-income countries [9] - The release of the "Guidelines for the Establishment of Medical Service Price Projects" for surgical robots is expected to accelerate their penetration and promote the commercialization of innovative medical equipment [10]