华创医药周观点：微创外科行业专题2025/06/28

Market Overview - The overall market sentiment indicates that the pharmaceutical sector is currently undervalued, with public funds (excluding pharmaceutical funds) having low allocations to this sector. The macroeconomic environment, including the recovery of US Treasury rates, is expected to positively influence the industry growth outlook for 2025 [8][9] - The CITIC Pharmaceutical Index rose by 1.48% this week, underperforming the CSI 300 Index by 0.47 percentage points, ranking 24th among 30 CITIC first-level industry indices [5] Key Stock Performances - Top-performing stocks this week include Shenzhou Cell (+30.45%), Haobio (+27.08%), and Huaren Health (+25.97%). Conversely, stocks that saw the largest declines include Yiming Pharmaceutical (-21.90%), Fuyuan Pharmaceutical (-11.50%), and Boryuan Pharmaceutical (-11.50%) [4][5] Investment Themes - Innovative Drugs: The domestic innovative drug sector is transitioning from a quantity-driven model to a quality-driven model, focusing on differentiated products and international pipelines. Companies that can deliver profitable products are expected to be favored [8] - Medical Devices: The medical device sector is witnessing a recovery in bidding volumes, particularly in imaging equipment. The home medical device market is also benefiting from subsidy policies, with significant growth expected [8][9] - CXO and Life Science Services: The investment landscape for CXO and life science services is showing signs of recovery, with an anticipated return to high growth by 2025. The demand for these services is expected to increase as the industry matures [8][42] Micro-Invasive Surgery Sector - The increasing elderly population and the rising penetration of micro-invasive surgeries are driving growth in this sector. The number of micro-invasive surgeries in China is projected to grow at a CAGR of 11.3% from 2023 to 2028 [12][14] - The market for micro-invasive surgical instruments and consumables is expected to reach 407 billion yuan by 2028, with a CAGR of 11.5% from 2023 to 2028 [19] Domestic Companies to Watch - Kangji Medical: A leading player in the micro-invasive surgical consumables market, Kangji Medical holds a 3.8% market share and is the only domestic company among the top five. The company is expanding its product lines and has a strong presence in over 3,500 hospitals [31] - Mindray Medical: Mindray's micro-invasive surgical business has seen over 30% growth, with significant market expansion opportunities. The company is actively participating in procurement processes to increase its market share [32] Regulatory and Market Dynamics - The ongoing collection and procurement processes are expected to enhance the penetration and domestic replacement rates of micro-invasive surgical products. The market is currently dominated by foreign companies, but domestic players are gaining ground [24][28] - The collection processes have led to price reductions, benefiting local manufacturers and accelerating the shift towards domestic alternatives in high-value consumables [28][30]