生物医药Ⅱ行业周报：一次性手套未来市场持续增长，后疫情时代机遇与挑战并存

Investment Rating - The report maintains a "Positive" outlook for the "Biopharmaceutical II" sector, indicating expected returns above the CSI 300 index by more than 5% over the next six months [31]. Core Insights - The disposable glove market is expected to continue its growth trajectory post-pandemic, driven by increased hygiene awareness and rising penetration rates, with compound annual growth rates (CAGR) for sales volume and revenue projected at 10.0% and 6.0% respectively from 2022 to 2025 [3][10]. - The market share for disposable gloves is dominated by manufacturers from Malaysia and China, holding 65% and 20% of the global market respectively, with companies like Top Glove and Yingke Medical rapidly expanding their production capacity [4][13]. - The geopolitical landscape, particularly the U.S. imposing increased tariffs on Chinese imports, presents both challenges and opportunities for Chinese manufacturers like Yingke Medical, which may leverage the time until 2026 to establish new production bases overseas [5][17]. Summary by Sections Disposable Glove Market Growth - The COVID-19 pandemic has led to explosive growth in the disposable glove industry, with sales volume and revenue CAGR from 2017 to 2021 reaching 14.8% and 37.0% respectively [10][12]. - The post-pandemic period is expected to sustain growth, particularly for nitrile gloves, which are projected to outperform other types [10][12]. Competitive Landscape - Major players in the disposable glove market are expanding capacity to meet clinical demand, with Yingke Medical and Top Glove leading the charge [4][14]. - As demand normalizes, Southeast Asian manufacturers are reducing capacity, while Chinese firms are increasing their market share [4][14]. Geopolitical Factors - The U.S. has announced an increase in tariffs on medical rubber gloves from 7.5% to 25%, effective in 2026, which may not impact short-term performance but provides a buffer for companies to adapt [5][17]. Investment Recommendations - The report suggests focusing on "key players" and seeking opportunities in "single product innovation, overseas expansion, and hospital demand" [7][18]. - Specific companies recommended for investment include Yingke Medical, Mindray Medical, and various innovative pharmaceutical and medical device firms [30].