经过历史性的10连阳后，A股最大医疗ETF（512170）迎来回调。7月最后一个交易日（2025年7月31日），大盘午后加速下探，三大指数齐跌逾1%。医疗板 块同步走低，医疗ETF（512170）场内收跌1.6%失守5日线。 512170日内波动加大，全天振幅2.67%，场内筹码交换充分，成交额达10.2亿元，仍处于近期高位。 图片来源：Wind 近期持续领涨的CXO成份股调整居前，巨头药明康德放量下跌2.61%，成交额达94.99亿元创近4个月天量，跻身A股第8；康龙化成跌3.36%。此外，医疗器 械巨头迈瑞医疗、眼科龙头爱尔眼科及医美龙头爱美客均跌逾2%。 | 图片来源：Wind | | --- | 【"七翻身"！医疗ETF累涨11.48%强势跑赢】 7月正式收官。这个7月，医疗板块上演了精彩的"七翻身"行情。23交易日里，医疗ETF（512170）仅有6日收跌，7月场内价格累计上涨11.48%，强势跑赢沪 指（+3.74%）及创业板指（+8.14%），且月线斩获三连阳。 图：医疗ETF（512170）上市以来月K走势 医疗行情持续修复，当前位置走还是留？拉长时间线来看，尽管医疗ETF（512170）目前 ...

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [5] Core Views - The pharmaceutical sector is experiencing a strong performance compared to the overall market, driven by policies aimed at reducing price competition and supporting innovative drugs and medical devices [2][11] - The recent policy changes in centralized procurement are expected to alleviate the low-price competition dilemma in the industry, allowing for a shift towards quality and value-based competition [2][11] - There is a growing support for innovative drugs and medical devices from regulatory and payment policies, which is likely to accelerate the development of high-end domestic medical devices [18] Summary by Sections Market Performance - The overall A-share market increased by 1.70%, with the biotechnology sector rising by 1.90%, outperforming the market [23] - The medical services sector led the gains with a 6.73% increase, while chemical pharmaceuticals saw a decline of 1.23% [23] Centralized Procurement Policy - The 11th batch of centralized procurement emphasizes a "reverse involution" approach, moving away from simple lowest price considerations [17] - The average bidding amount for selected products has decreased significantly, indicating a trend towards smaller-scale submissions [11] - The average price drop for the 10th batch reached a historical high of 72.5% [11] Support for Innovation - The National Medical Products Administration has announced measures to enhance the regulatory framework for high-end medical devices, aiming to accelerate their development [18] - The average annual growth rate of spending on innovative drugs by medical insurance is projected to be 40% from 2020 to 2024 [18] Company Recommendations - **Mindray Medical (300760.SZ)**: Strong growth potential due to its leading position in the medical device sector and international expansion [33] - **WuXi AppTec (603259.SH)**: Positioned to benefit from the rapid growth of the global new drug development outsourcing market [33] - **Aier Eye Hospital (300015.SZ)**: Dominates the domestic eye care service market with a robust expansion strategy [33] - **New Industries (300832.SZ)**: A leader in the field of chemiluminescence immunoassay, with strong growth prospects [33] Valuation Metrics - The current price-to-earnings (P/E) ratio for the pharmaceutical sector is 37.98x, compared to the overall A-share market P/E of 20.19x [28]

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [5] Core Insights - The pharmaceutical sector is experiencing a shift from price competition to quality and value competition due to the new procurement policies aimed at alleviating the low-price competition dilemma [2][11] - There is increasing policy support for innovative drugs and medical devices, which is expected to accelerate the development of high-end domestic medical devices [18] Summary by Sections Market Performance - The overall A-share market rose by 1.70%, with the biotechnology sector outperforming at a 1.90% increase [23] - The medical services sector led the gains with a 6.73% increase, while chemical pharmaceuticals saw a decline of 1.23% [23] Procurement Policy Changes - The 11th batch of centralized procurement emphasizes "anti-involution," allowing medical institutions to choose based on brand and requiring the lowest bidders to justify their pricing [17][15] - This policy aims to shift focus from aggressive price competition to quality and value, benefiting leading companies in the industry [15][17] Support for Innovation - Recent announcements from the National Medical Products Administration and the National Healthcare Security Administration indicate a commitment to support the innovation of high-end medical devices and drugs [18] - The average annual growth rate of healthcare spending on innovative drugs is projected at 40% from 2020 to 2024 [18] Company Earnings Forecasts and Ratings - Major companies such as Mindray Medical, WuXi AppTec, and Aier Eye Hospital are rated as "Outperform" with projected earnings growth [4] - Mindray Medical is expected to see a rise in net profit from 116.7 billion in 2024 to 161.9 billion by 2027, with a PE ratio decreasing from 24.1 to 17.4 over the same period [4] Recommended Stocks - Mindray Medical is highlighted for its strong R&D and sales capabilities, benefiting from domestic healthcare infrastructure and product upgrades [33] - WuXi AppTec is noted for its comprehensive service capabilities in the new drug development sector, poised to benefit from the global outsourcing market [33] - Aier Eye Hospital is recognized for its rapid expansion in the eye care sector, supported by a strong brand and operational capabilities [33]

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [10]. Core Insights - The National Healthcare Security Administration (NHSA) has clarified its stance on centralized procurement, emphasizing a "anti-involution" principle, which is expected to stabilize drug prices and improve profitability in the pharmaceutical sector [1][2]. - The NHSA's new procurement rules aim to enhance the quality of drugs and ensure that companies provide reasonable pricing justifications, which is anticipated to lead to a gradual recovery in the profitability of pharmaceutical companies [1][2]. - The pharmaceutical sector is expected to gradually emerge from the impacts of centralized procurement, with a focus on valuation re-evaluation opportunities as policies and corporate earnings improve [1][2]. Summary by Sections Section: Centralized Procurement - The NHSA has initiated the 11th batch of centralized procurement, adhering to principles of stability, quality assurance, and anti-involution, with specific measures to optimize procurement rules [1][2]. - Previous procurement methods primarily focused on price reduction, adversely affecting company profitability and drug quality, but the new measures are expected to foster a healthier competitive environment [1][2]. Section: Investment Opportunities - The report suggests focusing on three main investment lines: 1. Areas with stable growth, particularly in medical devices and pharmaceuticals, where the impact of centralized procurement is gradually dissipating [1][3]. 2. The CXO sector and medical equipment, which are expected to see a reversal due to favorable domestic financing and fiscal policies [1][3]. 3. Innovative fields that are entering a phase of realization or expansion, particularly companies with international capabilities [1][3]. Section: Recommended Stocks - Suggested stocks in the medical device sector include: - Medical consumables: Bairen Medical, Sanyou Medical, Kangwei Century, Dabo Medical, Aikang Medical, Weigao Orthopedics - Ophthalmology: Aibo Medical - Cardiovascular: Huitai Medical, Xinmai Medical, Lepu Medical - In the pharmaceutical sector, recommended stocks include: - Heng Rui Medicine, Xin Li Tai, Jingxin Pharmaceutical, Xianju Pharmaceutical, Kangchen Pharmaceutical [1][3].

Core Viewpoint - The recent optimization of drug procurement rules in China aims to prevent excessive competition and ensure reasonable price reductions in the pharmaceutical industry, reflecting a shift towards a more sustainable market environment [1][2][3]. Group 1: Policy Changes - The new drug procurement rules will no longer solely rely on the lowest bid as the benchmark, requiring companies to justify their pricing and ensure it does not fall below cost [1]. - The optimization of procurement rules is seen as a necessary response to the negative impacts of excessive competition, particularly in high-value medical consumables [2][3]. - The shift in policy is part of a broader strategy to enhance procurement evaluation and promote standardized practices, indicating a consensus at the national level [3]. Group 2: Market Impact - Following the announcement, companies like Nanwei Medical and Anjisi, which were significantly affected by low-price competition, experienced positive stock performance [2]. - The changes in procurement policy are expected to create a more favorable competitive environment for companies, moving towards a "post-price reduction era" where quality development is emphasized [3]. Group 3: Company Performance - BluFan Medical, a key player in the cardiovascular high-value consumables sector, is anticipated to achieve better performance due to the "anti-involution" policy shift, with projected sales exceeding 690 million yuan in the first half of 2025, representing over 20% growth year-on-year [4]. - The company has built a comprehensive product matrix in the cardiovascular medical device field, which has allowed it to significantly increase its market share despite previous price pressures from procurement policies [4][6]. - With a cumulative R&D investment of 2 billion yuan from 2018 to 2024, BluFan Medical is positioned to benefit from recent innovations and policy support for high-quality drug and device development [5][6]. Group 4: Industry Outlook - The ongoing reforms in the medical industry are expected to accelerate recovery in the high-value consumables market, with BluFan Medical leading the narrative of valuation recovery and business growth [7]. - Other companies in the sector, such as Sanyou Medical and Nanwei Medical, are also experiencing improved market conditions due to the easing of procurement pressures and the introduction of new products [6][7].

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 2025年7月24日，国家医保局局长章轲等出席国务院新闻办公室新闻发布会介绍"十四五"时期深化医保改革， 服务经济社会发展有关情况。 集采"反内卷"重塑行业生态，优质企业迎来价值重估。国家第11批药品集采规则优化，提出"稳临床、保质 量、防围标、反内卷"原则：报量环节允许医疗机构按具体品牌报量，中选规则不再简单以最低价为锚点，同 时要求报价最低企业公开说明报价合理性并承诺不低于成本，同时强化药监部门对集采中选企业检查和产品抽 检的"两个全覆盖"。此外，医保局探索医保基金对集采和国谈药品耗材企业的直接结算，推动药企的回款周期 从6个月努力缩短到30天以内。 创新药械获多层次政策加持，研发实力成核心竞争力。医保政策对创新药的支持呈现"全链条 ...

2025年7月24日，国家医保局局长章轲等出席国务院新闻办公室新闻发布会介绍"十四五"时期深化医保改革， 服务经济社会发展有关情况。 "十四五"期间全国医疗保障系统圆满完成了各项医保改革发展任务，主要体现在五个方面：推进公平可及、推 进法治建设、维护基金安全、推进科技赋能、推进协同发展。 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 医保政策对创新药的支持呈现"全链条、高强度"特征。"十四五"以来累计402种新药纳入医保目录，2024年创 新药医保支出达2020年的3.9倍，年均增速40%，彰显医保基金对临床价值突出的创新成果的快速接纳。商业 健康保险创新药目录的设立，更将为未进入国家医保目录的创新药提供补充支付通道，目前已有超100个药品 申报，预计将加速创新成 ...

Core Viewpoint - The article discusses the recent developments in China's healthcare reform, particularly focusing on the medical device industry, highlighting the shift towards quality-driven procurement, credit evaluation systems, and the integration of innovative technologies into the healthcare payment system. Group 1: Procurement and Quality Control - The 11th batch of national drug procurement has been officially launched, emphasizing four principles: stabilizing clinical use, ensuring quality, preventing collusion, and countering internal competition [2] - New rules require that production lines must not have GMP violations within two years, and all selected companies must undergo comprehensive inspections [3] - The trend of "de-emphasizing low prices" is accelerating in high-value consumables procurement, with new mechanisms like clinical recommendations and quality reviews being introduced [3] Group 2: Credit Evaluation System - A dual-dimensional credit evaluation system has been established to address issues of market manipulation and excessive pricing by some companies [4] - By the end of 2024, 735 companies have been identified as untrustworthy, leading to restrictions on their procurement qualifications [4] - The new market entry logic emphasizes compliance and quality-driven operations, marking a shift from previous practices [4] Group 3: Pricing and Payment Reforms - The National Healthcare Security Administration (NHSA) is actively managing price risks, having completed eight rounds of price checks involving 566 companies and 726 product specifications [5] - The payment model has shifted from a "post-payment" to a "pre-payment" system, with total healthcare expenditure expected to reach 2.98 trillion yuan in 2024, reducing patient out-of-pocket expenses by approximately 5% [9] - The integration of innovative technologies into the payment system is accelerating, particularly for companies involved in AI imaging and interventional consumables [10] Group 4: Immediate Settlement and Direct Payment - The immediate settlement mechanism has been implemented in 91% of the national healthcare areas, reducing the settlement cycle from 30 to 20 working days [11] - The direct payment mechanism for selected companies is being promoted, which could significantly benefit cash-sensitive small and medium-sized medical device companies [11] Group 5: Regulatory Oversight and Compliance - The NHSA is enhancing its regulatory oversight, with a focus on compliance and transparency in the supply chain [12] - The establishment of big data models for monitoring healthcare practices is underway, with a focus on identifying and addressing fraudulent activities [14] - Future regulations will emphasize the tracking of medical devices and the ability to close data loops, which will directly impact market performance [17] Group 6: Innovations in Medical Services - The NHSA is accelerating reforms in medical service pricing, with over 100 projects focusing on cutting-edge technology and urgent clinical needs [18] - This creates a pathway for the integration of innovative medical devices into clinical use, payment, and service pricing [19] Group 7: Strategic Directions for Medical Device Companies - The article outlines five key areas for medical device companies to focus on in light of the ongoing healthcare reforms, emphasizing the need for quality, compliance, and value recognition [20][23]