国泰海通｜医药：设备更新政策持续落地，医疗设备景气度延续

Core Viewpoint - The medical equipment bidding scale continues to show good growth, driven by the implementation of equipment renewal policies, which is expected to lead to a long-term increase in medical equipment procurement levels [1][3]. Group 1: Investment Recommendations - Maintain an "overweight" rating, recommending medical equipment companies that are likely to benefit from the performance recovery driven by the implementation of equipment renewal policies [2]. - In August 2025, the new equipment bidding scale showed significant year-on-year growth: MR increased by 36.7%, CT by 77.5%, DR by 50.2%, ultrasound by 35.2%, while endoscopes decreased by 2.7% and surgical robots by 51.9% [2]. - Cumulatively, from January to August 2025, the new equipment bidding scale showed substantial growth: MR increased by 83.9%, CT by 93.6%, DR by 85.9%, ultrasound by 64.2%, endoscopes by 31.6%, and surgical robots by 46.5% [2]. Group 2: Policy and Market Trends - The equipment renewal policy is being implemented, which is expected to drive medical equipment procurement levels over a long period. The goal is to increase the investment scale in the medical and health field by over 25% compared to 2023 by 2027 [3]. - In 2024, various provinces and cities are expected to release large-scale procurement plans for domestic medical equipment renewal projects [3]. - Since 2025, the national push for large-scale equipment renewal has become more normalized and specialized, significantly enhancing the procurement enthusiasm of medical institutions [3]. Group 3: Market Characteristics and Funding Structure - The equipment renewal is showing more market-oriented characteristics, with an increasing proportion of self-purchases to meet the upgrading needs of medical institutions in high-end medical imaging and radiation therapy [4]. - The funding structure for equipment renewal is becoming more diversified, with local government funds, county-level medical community special funds, and self-raised funds from medical institutions increasingly contributing to the sustainability of equipment updates [4]. - Since 2025, county-level medical equipment renewal has become one of the more active areas in the market, with the demand driven by county medical community construction occupying a significant share of the overall market [4].