Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Views - The medical consumables sector saw a 3.77% increase last week, outperforming the CSI 300 index by 2.1 percentage points, indicating a positive trend in the sector [4][12] - The current PE ratio for the medical consumables sector is 32.6X, with a PB ratio of 2.37X, reflecting a slight increase in valuation metrics [5][18] - Recent favorable policies in the pharmaceutical sector are expected to boost market confidence and support the recovery of the medical consumables industry, particularly high-value consumables affected by national procurement policies [6][24] Summary by Sections Industry Performance - The medical consumables sector reported a 3.77% increase, with the overall medical sector also trending upwards [4][12] - The sector's PE ratio has increased by 1.24 percentage points compared to the previous week, with a one-year range of 28.42X to 41.66X [5][17] Industry Dynamics and Key Announcements - The National Healthcare Security Administration issued guidelines for the adjustment of the 2025 basic medical insurance directory, emphasizing the role of commercial health insurance in the multi-tiered medical security system [20][21] - The adjustment of the medical insurance directory is expected to enhance the market entry of innovative drugs, which is a significant step for commercial health insurance [20][21] Investment Recommendations - The report suggests focusing on two main lines for investment: 1. Opportunities for performance recovery post-collection pressure, particularly in orthopedic consumables [24] 2. Increased penetration of innovative products in high-value consumables, such as electrophysiology and interventional devices [24] - The recommendation to maintain an "Overweight" rating on the medical consumables sector highlights the potential for growth in companies with improving performance metrics and innovative product lines [24]

文章来源：心未来；编辑：Sophia 转载要求：如在文首标明文章来源，可直接转载 心未来 在临床实践中，医生和患者常常面临一个选择：是使用进口耗材还是国产耗材。 不同品牌产品之间的主要差异往往体现在"精细程度"上 。国产外周支架 的一个明显劣势在于缺乏长期使用数据和临床积累，尤其是在产品售后和随访方面，往往只是"走个形式"。 从国家层面来看，政府已经给予了国内企业足够长的时间来发展和成长。 然而，在市场竞争中，不可能永远保护国内企业，它们必须学会独立面对各种 挑战。 # 外企低价领跑全场 相比人工耳蜗，外周血管支架的降价幅度更大一些。外周血管支架的作用机理与心脏支架类似，通过支撑、扩张狭窄或堵塞的外周血管改善血流供应状况，帮 助患者恢复行动能力。在集采之前，外周支架的价格从1万多元到5万元不等。 此次外周血管支架集采中，需求量达25.8万个，18家企业中标 ，包括美国康蒂思、柯惠、雅培、波士顿科学等全球知名外资企业，以及上海美创医疗、归创 通桥等内资企业，其中 外资企业占据主导地位，超过90%的份额 。在三个外周血管支架组别中，康蒂思以2280元的最低价中标，波士顿科学在静脉支架A竞 价单元中给出3080元的 ...