华创医药周观点：国内TAVR赛道近况更新2025/05/17

Market Review - The CITIC Pharmaceutical Index increased by 1.37%, outperforming the CSI 300 Index by 0.26 percentage points, ranking 10th among CITIC's 30 primary industry indices [5] - The top ten stocks by increase this week include Tuoxin Pharmaceutical, Jiaotong University, Yong'an Pharmaceutical, Senxuan Pharmaceutical, Hasan Medical, Puli Pharmaceutical, Chuaning Biological, Xinganjiang, Haichen Pharmaceutical, and BGI [5] - The top ten stocks by decrease include ST Suwu, Jinkai Biotechnology, Zexing Pharmaceutical-U, Shengda Biological, Zhixiang Jintai-U, ST Chang Pharmaceutical, Kehua Biological, Yuekang Pharmaceutical, Taige Pharmaceutical, and ST Jingfeng [5] Overall Viewpoint and Investment Themes - The current valuation of the pharmaceutical sector is low, with public funds (excluding pharmaceutical funds) having low allocation to this sector. Considering the positive recovery of macroeconomic factors such as US Treasury rates, the industry is expected to see optimistic growth by 2025 [9] - In the innovative drug sector, there is a shift from quantity logic to quality logic, focusing on differentiated domestic and international pipelines. Companies to watch include Baiji, Xinda, Kangfang, Hansoh, Kelun, Betta, Nuocheng Jianhua, Kexin, Kangnuo, Hehuang, Lepu, Gelai, Laikai, Rongchang, and Yiming Anke [9] - In the medical device sector, there is a notable recovery in bidding volumes for imaging equipment, with ongoing updates in equipment. Companies to focus on include Mindray, United Imaging, and Aohua. The home medical device market is also benefiting from subsidy policies, with companies like Yiyue gaining attention [9] - The innovative chain (CXO + life science services) is expected to see a rebound in overseas financing and a bottoming out in domestic financing, indicating a positive trend for the industry [9] - The pharmaceutical industry is expected to enter a new growth cycle, with a focus on specialty raw materials and the gradual realization of formulation products. Companies to watch include Tonghe Pharmaceutical, Tianyu Co., and Huahai Pharmaceutical [9] TAVR Market Update - The TAVR implantation volume continues to grow rapidly, with 17,232 cases performed in 2024, a 14% increase from 2023. The penetration rate for TAVR in China has significant room for improvement [11] - The top ten provinces for commercial TAVR implantation include Shanghai, Sichuan, Beijing, and Guangdong, with the femoral artery approach being the most common [11] - The TAVR market is expected to benefit from the upcoming centralized procurement, which could lower sales costs and enhance market penetration [36] Innovative Drug Sector - Companies like Nuocheng Jianhua are expanding their product indications in the hematological malignancy field, with six products covering various indications. The approval of their BTK inhibitor, Abru, is expected to significantly boost sales [38] - The autoimmune disease market is becoming a new growth curve for companies, with a large patient population and several differentiated small molecule drugs in development [38] Medical Device Sector - The imaging equipment market is recovering, with significant growth expected in 2024 and 2025. Companies like Mindray and United Imaging are well-positioned to benefit from this trend [44] - The home medical device market is also expected to grow due to government subsidies, with companies like Yiyue leading the way [44] Low-Value Consumables - The low-value consumables market is seeing improvements in both domestic and overseas business, with companies like Weili Medical showing strong growth in export revenues [45]