国泰海通｜医药：政策拉动国内市场有效复苏，设备类企业迎来业绩拐点

Core Viewpoint - The medical equipment bidding scale continues to grow, driven by the implementation of equipment renewal policies, which is expected to boost procurement levels over a long period. Companies benefiting from these policies are recommended for investment [1][4]. Summary by Sections Medical Equipment Bidding Scale - The bidding scale for new medical equipment has shown significant growth. In October 2025, the year-on-year growth rates for various equipment types were as follows: MR increased by 2.9%, CT by 49.4%, DR by 54.4%, ultrasound by 59.9%, endoscopes by 11.6%, and surgical robots by 108.9%. Cumulatively, from January to October 2025, MR grew by 59.4%, CT by 81.6%, DR by 77.4%, ultrasound by 62.8%, endoscopes by 24.4%, and surgical robots by 42.7% [3]. Equipment Renewal Policies - The implementation of equipment renewal policies is expected to drive procurement levels in the medical equipment sector. A notice issued by four ministries in 2024 aims for a 25% increase in medical equipment investment by 2027 compared to 2023. This policy is anticipated to enhance the configuration of high-end equipment to levels comparable to middle-income countries. In 2024, significant procurement plans have been announced across various provinces, indicating a robust demand for innovative diagnostic and therapeutic equipment [4]. Market Recovery and Company Performance - The domestic market is showing signs of recovery, supported by macroeconomic policies that favor public welfare and technological innovation. The medical equipment renewal policies are gradually being implemented, leading to increased procurement demand from medical institutions. For instance, in the first three quarters of 2025, the domestic revenue of United Imaging Healthcare reached 6.866 billion yuan, reflecting a year-on-year growth of 23.7%, indicating a recovery and structural upgrade in the medical equipment industry [4].