Macro Information - The State Council has proposed strong support for outbound enterprises participating in international cooperation and competition, with China's outbound direct investment flow in 2024 expected to reach $192.2 billion, a year-on-year increase of 8.4%, maintaining a position among the top three globally for 13 consecutive years [2][3] - The U.S. has seen unemployment numbers exceed job vacancies for the first time in nearly four and a half years, while profits for large tech companies are soaring, indicating that AI is enabling companies to achieve higher profit growth with fewer human resources [2] - Japan's elderly population has reached 36.19 million, accounting for 29.4% of the total population, marking a historical high and the highest proportion among 38 countries with populations over 40 million [2] Industry and Company - The State Council approved the "Implementation Plan for Strengthening the Medical and Health Foundation Project," which includes 12 key tasks aimed at optimizing the layout of grassroots medical and health institutions and enhancing service capabilities [6] - The policy emphasizes the need for resource sharing in medical imaging, electrocardiogram diagnostics, and other areas, which is expected to drive demand for diagnostic consumables, surgical instruments, and mobile medical equipment [6][7] - The policy aims to enhance the quality of county hospitals and township health centers, particularly in services like cataract surgery and blood dialysis, indicating potential growth in the grassroots market for these services [6][7] - The medical consumables industry is expected to benefit from short-term demand growth for equipment and consumables, while long-term trends will push the industry towards grassroots integration and digitalization [7] - Investment recommendations suggest focusing on high-value consumables companies that are innovatively positioned and have a diverse product line, as well as those benefiting from the expansion of grassroots market opportunities [8]

证券研究报告 2025 年 9 月 14 日 湘财证券研究所 行业研究 医疗耗材行业周报 国务院批复同意《医疗卫生强基工程实施方案》 相关研究： | 1. 《第五批耗材国采即将落地执 | | --- | | 行》 2025.02.18 | | 2.《年报披露密集期，耗材板块关 | | 注创新与业绩修复》 2025.04.01 | 行业评级：增持（维持） 近十二个月行业表现 -100.00% 0.00% 100.00% 沪深300 医疗耗材 | % | 1 个月 | 3 个月 | 12 个月 | | --- | --- | --- | --- | | 相对收益 | 1 | 7 | -3 | | 绝对收益 | 1 | 23 | 40 | 注：相对收益与沪深 300 相比 分析师：聂孟依 证书编号：S0500524040001 Tel：(8621) 50299667 Email：nmy06967@xcsc.com 地址：上海市浦东新区银城路 88 号 中国人寿金融中心 10 楼 核心要点： ❑ 医疗耗材板块上周上涨 1.21% 根据 wind，上周，医药生物报收 9157.77 点，下跌 0.36%，涨幅排名位列 ...

Investment Rating - The industry investment rating is "Overweight" (maintained) [4] Core Views - The medical consumables sector saw a 1.08% increase last week, with the overall medical sector performing well [6][14] - The current PE (ttm) for the medical consumables sector is 36.1X, with a PB (lf) of 2.62X, indicating a slight increase in valuation metrics [7][20][21] - The upcoming sixth batch of national procurement for high-value medical consumables is set to begin, with a focus on product information maintenance for drug-coated balloons and urological intervention consumables [8][23] Summary by Sections Industry Performance - The medical consumables sector reported a 1.08% increase, while the broader medical sector outperformed the CSI 300 index by 4.7 percentage points [6][14] - The sector's performance over the past 12 months shows a relative return of 3% compared to the CSI 300 [6] Valuation Metrics - The current PE for the medical consumables sector is 36.1X, up 0.4 percentage points from the previous week, with a one-year range of 28.42X to 41.66X [20] - The current PB is 2.62X, with a one-year range of 1.99X to 2.92X [21] Industry Dynamics and Announcements - A notification was issued regarding the centralized maintenance of product information for drug-coated balloons and urological intervention consumables, starting August 1, 2025 [8][23] - The sixth batch of national procurement is expected to include a wide range of products, with ongoing updates to procurement rules anticipated [8][25] Investment Recommendations - The report suggests closely monitoring the performance forecasts of individual stocks within the medical consumables sector, particularly those showing signs of performance recovery [9][26] - Two main investment themes are highlighted: recovery opportunities post-procurement pressure and increased penetration of innovative products [9][27] - Specific companies to watch include those in orthopedic consumables and leading high-value consumables firms with diverse product lines [9][27]

Group 1 - The core viewpoint of the article highlights that Rui Feng Hui Bang, a well-known private equity firm, has conducted research on a listed company, Weili Medical, focusing on its strategies to address domestic medical consumables procurement and the growing demand for overseas production capacity [1] - Weili Medical is actively establishing a factory in Mexico starting in 2024 to meet production needs and is also preparing a second overseas production base in Indonesia, which is expected to complete its first phase of construction and production by the end of this year [1] - The company is developing key products in its anesthesia line, nursing line, and urology field, aiming to launch these products quickly to better meet clinical needs while expanding its product range through technology transformation [1]