中国医学装备协会根据中国海关进出口贸易数据整理显示，2025年1-6月中国医疗器械进出口贸易额 382.56亿美元，与去年同期水平基本持平（-0.09%），其中我出口217.94亿美元，同比增长4.78%，进口 164.62亿美元，同比下降-5.87%。 受中美贸易关税影响，今年上半年中国医疗器械出口美国同比下降6.34%，但是降幅好过预期，下降比 较明显的是无刚性需求的按摩保健器具类产品，医疗机构用产品美国市场仍保持了一定需求。出口前10 大市场中除了荷兰有小幅下降，其他市场实现了不同程度的增长。出口"一带一路"国家同比增长明显高 于整体增速，达到9.35%，出口额82.86亿美元，已经占到出口总额的38%。 | 排名 | 商品名称 | 出口额 | 同比 | | --- | --- | --- | --- | | 1 | 按摩器具 | 21. 14 | -6. 45% | | S | 其他医疗、外科或兽医用仪器及器具 | 13.25 | 15.32% | | 3 | 其他针、导管、插管及类似品 | 12.07 | 10.94% | | র্ব | 未列各矫正视力、护目等用途的眼镜等物品 | 8.96 | - ...

Investment Rating - The report assigns an "Overweight" rating to the pharmaceutical industry, indicating that the industry is expected to outperform the benchmark index over the next 12 months [33]. Core Insights - The pharmaceutical sector is experiencing a recovery, with significant growth in sub-sectors such as internet healthcare, biotechnology, and medical devices, which saw increases of 36%, 34%, and 24% respectively in February 2025 [3][6]. - The report highlights the government's encouragement of innovative drug development, including discussions on expanding payment channels for innovative drugs and the potential establishment of a category for innovative drugs in the insurance framework [4][24]. - The medical device market is showing signs of recovery, with the domestic medical imaging equipment market growing over 47% year-on-year in January 2025, and an increase in the number of CT devices awarded contracts by 4.2% compared to the previous year [4][30]. Market Review - In February 2025, the Hang Seng Composite Industry Index rose by 12.8%, while the Hang Seng Healthcare Index increased by 16.3%, outperforming the market by 3.5 percentage points [3][6]. - The A-share market saw the Shanghai and Shenzhen 300 Index decline by 3% in January, with the pharmaceutical and biotechnology index dropping by 3.8%, but rebounding in February with a 5.1% increase [14]. - The report notes that all 13 sub-sectors in the pharmaceutical industry experienced declines in January, but several sub-sectors, including hospitals and medical devices, showed significant gains in February [14]. Industry Data Update - The report indicates that the basic medical insurance revenue for January 2025 reached 314.3 billion yuan, a year-on-year increase of 10.4%, with expenditures growing by 8.5% [17]. - The commercial health insurance sector is also expanding, with original premium income reaching 977.3 billion yuan in 2024, reflecting an 8.2% year-on-year growth [20]. - Medical device exports, particularly for ECG recorders, ultrasound diagnostic devices, and CT machines, have accelerated in both quantity and value since the second half of 2024 [21]. Industry News Summary - The National Healthcare Security Administration held a meeting to support innovative drug development, engaging with major pharmaceutical companies to discuss strategies for enhancing the market for innovative drugs [23][24]. - A draft opinion on improving the drug pricing mechanism has circulated, proposing measures to support innovative drug development and enhance drug accessibility [28]. - The report mentions ongoing efforts to regulate prices in the healthcare sector, including a comprehensive governance initiative for central venous catheter pricing, which has led to significant price reductions for related medical services [29][30].