12月22日，国家组织高值医用耗材联合采购办公室发布《国家组织药物涂层球囊类、泌尿介入类医用耗 材集中带量采购文件（GH-HD2025-1）》（以下简称"《采购文件》"）的公告，采购范围涵盖药物涂层 球囊类和泌尿介入类两大品类，这意味着第六批国家组织高值医用耗材集中带量采购正式开启。2026年 1月13日，第六批国家组织高值医用耗材集中带量采购将在天津开标。 12个核心品种需求规模可观 《采购文件》显示，本次第六批国家组织高值医用耗材集中带量采购明确纳入12个重点品种。其中，药 物涂层球囊类耗材包含冠状动脉药物涂层球囊、外周血管药物涂层球囊（用于动静脉瘘透析通路、膝上 部位、膝下部位）4个品种；泌尿介入类则涵盖输尿管介入导丝、输尿管介入鞘、输尿管球囊扩张导管 （含测压与非测压功能）、泌尿取石网篮、一次性输尿管软镜导管（含测压与非测压功能）、肾造瘘套 件等8个品种。对输尿管介入导丝、泌尿取石网篮的芯丝材质明确要求为钛合金。 依据《采购文件》，本次集采中选规则设置了A、B两个竞价单元，实行分单元竞价的中选机制。 在单元划分上，同一品种内，累计需求量前85%且具备全国供应能力的企业，将进入A竞价单元；若该 单元企业 ...

Core Viewpoint - The National Organization for High-Value Medical Consumables Joint Procurement Office has initiated the centralized procurement of drug-coated balloons and urological intervention medical consumables, marking a shift towards quality competition rather than price competition in the industry [1][3]. Group 1: Procurement Details - The sixth batch of procurement will cover two main categories: drug-coated balloons and urological intervention consumables, with specific subcategories defined for each [3][4]. - The procurement volume is set at 80% of the total reported demand from medical institutions, a slight adjustment from previous batches which had a higher percentage [5][6]. - The procurement process is becoming more refined, allowing for adjustments in reported demand based on clinical needs [5][6]. Group 2: Pricing Mechanisms - The "maximum effective bid price" has been clearly defined, with standards based on provincial procurement prices and other market data [6][9]. - The introduction of the "anchor price" concept aims to stabilize expectations and ensure that bids are reasonable, requiring companies to justify any bids below this price [9][11]. - The procurement rules allow for a multi-round revival mechanism, ensuring that companies can remain competitive as long as they maintain quality and adjust pricing [9][12]. Group 3: Market Dynamics - The price of drug-coated balloons has significantly decreased from around 20,000 yuan to approximately 6,000 yuan due to previous rounds of procurement [7][8]. - Domestic companies have gained market share in the drug-coated balloon sector, previously dominated by foreign firms, due to competitive pricing and rapid product iteration [8]. - The urological intervention consumables market is still largely controlled by foreign brands, but the upcoming national procurement may provide opportunities for domestic brands to increase their market presence [8].

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]