医疗设备行业10月更新：招采金额环 比同比均恢复增长态势 长江证券研究所医药研究小组 2025-11-23 %% %% %% %% research.95579.com 1 分析师 彭英骐 分析师 徐晓欣 SAC执业证书编号：S0490524030005 SAC执业证书编号：S0490522120001 SFC执业证书编号：BUZ392 分析师及联系人 证券研究报告 • 证券研究报告 • 评级 看好 维持 %% %% %% %% research.95579.com 2 01 设备招采：持续恢复，看好业绩释放 02 集采：县域市场集采占比较低，降幅缓和 03 风险提示 目 录 %% research.95579.com 3 01 设备招采：持续恢复，看好业绩释放 医疗设备行业月度数据跟踪 %% %% %% %% research.95579.com 4 2025年医疗设备招采恢复正增长 医疗设备行业历经2023-2024年连续两年下滑后，于2025年迎来拐点，行业回归正增长，主要是由于设备更新政策带动的 医院设备采购的需求增加，未来行业有望回归稳健增长。 图1：2019-2025H1设备招采总金额情况 图2： ...

Investment Rating - The report maintains a "Positive" investment rating for the medical device industry [3]. Core Insights - The medical device industry is expected to return to positive growth in 2025 after two consecutive years of decline, driven by increased demand for hospital equipment due to equipment update policies [9]. - The procurement scale for medical devices in the first half of 2025 is projected to be between 187.6 billion to 241.1 billion yuan, indicating a potential for rapid growth [13]. - The domestic production rate of medical devices has increased significantly from 19% in 2019 to 47% in September 2025, with varying rates across different categories [21][22]. Summary by Sections Equipment Procurement: Continuous Recovery, Positive Performance Release - The medical device procurement market is showing signs of recovery, with a projected procurement scale of 845 billion yuan in the first half of 2025, indicating a strong growth trajectory [13]. - Monthly procurement data shows that the procurement amount in September 2025 experienced a slight decline due to seasonal factors, but the overall trend remains positive [16][17]. - The domestic production rate of medical devices has risen to 47% as of September 2025, with ultrasound and CT devices leading the way [21][22]. Equipment Updates: Continuous Implementation, Expected Acceleration in Procurement - The total intended procurement and planned project amounts for equipment updates reached 905 billion yuan from April to December 2024, with 401 billion yuan in the first eight months of 2025 [39]. - The majority of equipment updates are led by tertiary hospitals, accounting for 61% of the intended procurement projects [43]. - Large equipment such as ultrasound, CT, and MRI are prioritized in the equipment update projects, with an increase in demand for endoscopes noted [47]. Monthly Procurement Performance of Key Equipment - Ultrasound procurement in September 2025 reached 1.619 billion yuan, showing a year-on-year increase of 37.46% [26]. - CT procurement in September 2025 was 1.651 billion yuan, with a year-on-year growth of 31.96% [27]. - MRI procurement in September 2025 was 1.512 billion yuan, reflecting a year-on-year increase of 6.34% [30]. - Digestive endoscope procurement in September 2025 was 578 million yuan, with a year-on-year growth of 4.05% [36].

Investment Rating - Industry investment rating is "Outperform the Market" (expected to outperform the CSI 300 index by more than 5% in the next 6 months) [2][24] Core Insights - The bidding environment for medical equipment remains robust, with strong demand for procurement in county-level medical communities driven by ongoing equipment update policies since 2025 [4][22] - The procurement scale for medical devices has maintained a high level, with notable monthly figures in July, August, and September 2025 being 12.8 billion, 13.1 billion, and 12.7 billion respectively, showing year-on-year growth rates of +21%, +18%, and -21% [4][13] - Major companies are benefiting significantly from the recovery in equipment update bidding, with procurement figures for September showing ultrasound at 1.646 billion (yoy +30%), CT at 1.717 billion (yoy +29%), and MRI at 1.512 billion (yoy +6%) [5][14] Summary by Sections Equipment Bidding Trends - The bidding environment for medical equipment has been consistently high, with a diverse range of procurement preferences emerging, particularly in county-level medical communities [4][9] - The procurement scale for September 2025 indicates a strong recovery, with various equipment categories showing significant year-on-year growth [5][14] Company Performance - Leading domestic companies are aligned with industry trends, with procurement figures for September showing Mindray at 0.924 billion (yoy +6%), United Imaging at 0.804 billion (yoy +18%), and Kaili at 0.163 billion (yoy +67%) [19][22] - The focus on high-end and intelligent medical devices is expected to drive performance for leading domestic enterprises such as Mindray, United Imaging, and Kaili [6][22] Future Outlook - The ongoing equipment update policies are anticipated to positively impact the bidding market, with expectations for a new round of equipment updates to stimulate demand [22] - The approval of the "Implementation Plan for Strengthening Basic Medical and Health Services" by the State Council is expected to enhance the capabilities of grassroots medical institutions, further opening up the market [22]

Investment Rating - Industry investment rating: Stronger than the market (maintained) [1][23] Core Viewpoints - The demand for medical equipment bidding continues to be strong, with a significant recovery in procurement activities expected to improve company financial performance [3][5] - The overall market size for medical device bidding in China exceeded 80 billion yuan in the first half of 2025, showing a year-on-year growth of over 60% [3][11] - Major provinces driving the procurement include Liaoning, Hainan, Ningxia, Fujian, and Shanxi, with imaging equipment being the core focus of upgrades [3][5] Summary by Sections Market Trends - The procurement scale for medical devices has remained high since 2025, with June procurement figures showing significant year-on-year increases across various categories, such as ultrasound (1.391 billion yuan, +49%), CT (1.938 billion yuan, +59%), and MRI (1.531 billion yuan, +64%) [4][12][15] - The bidding recovery is evident, with monthly procurement figures for 2025 showing consistent growth, despite a slight slowdown in June [3][11] Company Performance - Leading companies are expected to benefit significantly from the recovery in equipment bidding, with firms like Mindray Medical projecting a noticeable recovery in overall performance starting from Q3 2025 [3][5][21] - In June 2025, the bidding amounts for major domestic companies were as follows: Mindray (623 million yuan, +15%), United Imaging (769 million yuan, +35%), and Kaili Medical (102 million yuan, +73%) [4][18] Investment Recommendations - The report suggests focusing on domestic leading enterprises that are enhancing their high-end and intelligent medical equipment layouts, such as Mindray Medical, United Imaging, Kaili Medical, and Aohua Endoscopy [5][21] - The continuous support for equipment updates from government policies is expected to positively impact the industry, with a projected increase in procurement activities [21]

Group 1: Non-Bank Financial Sector - The China Securities Regulatory Commission (CSRC) is seeking public opinion on the revised "Securities Company Classification Evaluation Regulations," aiming to optimize the classification and regulatory system for securities companies, enhancing their functional roles and professional capabilities [6][7][8] - The revised regulations will integrate business scoring indicators to support the differentiated development of small and medium-sized institutions, promoting a more efficient operational direction [7][8] - Investment recommendations focus on leading securities firms such as CITIC Securities, Huatai Securities, China Galaxy, and CICC, which are expected to benefit from the ongoing reforms in the capital market and securities industry [6][8] Group 2: Bond Market - The new special bond uses include addressing local government arrears to enterprises, with an estimated scale of 760 billion yuan for this year, indicating a shift in the focus of special bonds towards debt repayment [9][11] - The total issuance of special bonds for stabilizing growth is expected to be 5.08 trillion yuan in the second half of the year, reflecting a year-on-year decrease of 0.7 trillion yuan [9][11] Group 3: Medical Equipment Sector - The medical equipment update is deepening, with county-level medical communities actively engaging in procurement projects, leading to significant orders for various medical devices [12][13] - The procurement scale for new medical equipment has shown a month-on-month improvement, with January to May 2025 procurement amounts reaching 174 billion yuan, 113 billion yuan, 140 billion yuan, 153 billion yuan, and 134 billion yuan, respectively, indicating a strong recovery trend [13][14] - Investment suggestions include focusing on leading domestic companies in high-end and intelligent medical equipment, such as Mindray Medical, United Imaging, and others [15] Group 4: Real Estate Sector - The real estate sector is expected to maintain a volatile trend, with a recent decline of 1.69% in the sector, underperforming the CSI 300 index [17][18] - Recommendations emphasize focusing on companies with strong inventory structures, land acquisition capabilities, and product strength, which are likely to benefit from market stabilization [18] Group 5: Commodities Sector - Gold prices are expected to maintain a strong trend due to ongoing geopolitical issues, with the COMEX gold futures price recently at 3384.4 USD/oz [20] - Copper and aluminum inventories are at low levels, suggesting potential price increases, with LME copper and aluminum prices at 9660.5 USD/ton and 2561.5 USD/ton, respectively [21][22] - Investment recommendations include focusing on gold, copper, and aluminum sectors, with specific companies highlighted for their strong market positions [22][24]

Investment Rating - Industry investment rating: Outperform the market (expected to outperform the CSI 300 index by more than 5% in the next 6 months) [23] Core Insights - The medical device sector is experiencing a significant recovery in bidding activities, driven by ongoing equipment updates and the active participation of county-level medical communities [3][5] - The overall scale of new equipment bidding in China has shown a month-on-month improvement since January 2025, with procurement amounts reaching 174 billion, 113 billion, 140 billion, 153 billion, and 134 billion yuan from January to May, respectively, reflecting year-on-year growth rates of +41%, +77%, +113%, +85%, and +69% [3][10] - Major companies in the industry are benefiting significantly from the recovery in bidding activities, with notable increases in procurement amounts for ultrasound, CT, MRI, and other imaging devices [4][11] Summary by Sections Equipment Update and County Medical Community Efforts - Since March 2025, numerous county medical communities have initiated medical equipment update projects, leading to large-scale procurement orders worth billions of yuan [3][10] - The procurement scope includes various imaging devices such as CTs, ultrasound diagnostic equipment, and MRIs, with significant activity reported in several provinces [3][10] Procurement Scale and Growth - In May 2025, procurement amounts for various devices were as follows: ultrasound 16.63 billion yuan (yoy +103%), CT 18.54 billion yuan (yoy +108%), MRI 15.06 billion yuan (yoy +102%), DR 4.12 billion yuan (yoy +236%), DSA 6.96 billion yuan (yoy +79%), and gastrointestinal endoscopes 3.81 billion yuan (yoy +58%) [4][11][14] Domestic Company Trends - Domestic companies are showing a bidding trend that aligns with the overall industry, with notable performances in May 2025: Mindray 8.19 billion yuan (yoy +56%), United Imaging 7.83 billion yuan (yoy +11%), Kaili 1.10 billion yuan (yoy +137%), and Aohua 0.35 billion yuan (yoy +242%) [4][17] Investment Recommendations - The report suggests focusing on leading domestic companies that are enhancing their high-end and intelligent medical device offerings, such as Mindray, United Imaging, Kaili, and Aohua [5][21]

Group 1 - The government plans to issue 1.3 trillion yuan of ultra-long-term bonds in 2025 to support key areas such as equipment upgrades, along with allocating 72.26 million yuan for healthcare institution capacity building [1] - The demand for medical equipment is accelerating, with public bidding for new equipment showing a significant recovery, reaching a total of 118 billion yuan from January to April 2025 [1] - High-end imaging equipment procurement in April 2025 included CT at 25.25 billion yuan, MRI at 22.70 billion yuan, and ultrasound at 13.71 billion yuan, indicating a clear trend towards high-end products [1] Group 2 - The ChiNext Medical ETF (159377) tracks the ChiNext Medical Index (399275), which reflects the overall performance of listed companies in the medical and healthcare sector on the ChiNext market [1] - The ChiNext Medical Index is characterized by significant growth and innovation, selecting companies engaged in biopharmaceuticals, medical services, and medical devices [1]

Investment Rating - Industry investment rating: Stronger than the market (expected to outperform the CSI 300 index by more than 5% in the next 6 months) [23] Core Viewpoints - The medical device bidding and procurement are significantly recovering, with a notable trend towards domestic substitution. Since the beginning of 2025, there has been a concentrated push for medical device updates, leading to a substantial increase in public bidding amounts, reaching a cumulative total of 11.8 billion yuan [3][10] - The procurement scale for medical devices has shown a month-on-month improvement since January 2025, with procurement amounts in January, February, March, and April being 17.4 billion yuan, 11.2 billion yuan, 14 billion yuan, and 15.3 billion yuan respectively, reflecting year-on-year growth rates of +42%, +76%, +113%, and +84% [10][3] - Major companies in the industry are benefiting from the recovery in bidding and procurement, with significant increases in procurement amounts for various devices in April 2025, including ultrasound (1.371 billion yuan, +67% YoY), CT (2.525 billion yuan, +242% YoY), and MRI (2.270 billion yuan, +191% YoY) [4][11][13] Summary by Sections Medical Device Update and Bidding Recovery - The medical device update projects are intensively advancing, with many provinces initiating collective procurement, leading to a surge in orders. The bidding process is similar to collective procurement, giving significant bargaining power to the purchasers, which benefits leading companies with comprehensive and high-end product lines [3][10] Procurement Scale and Trends - The overall scale of new medical device bidding in China is benefiting from the rapid implementation of device updates, showing a month-on-month improvement trend since the beginning of 2025. The procurement scale in April 2025 has nearly returned to the level of the same period in 2023 [10][3] Leading Companies' Performance - The bidding trends for domestic companies align closely with industry trends, with some companies showing slightly better performance. In April 2025, major domestic companies like Mindray (624 million yuan, +51% YoY), United Imaging (1.187 billion yuan, +207% YoY), and others have reported significant increases in their bidding amounts [4][17] Investment Recommendations - The report suggests focusing on leading domestic companies in the medical device sector that are enhancing their high-end and intelligent product layouts, such as Mindray Medical, United Imaging, and others. The government’s support for long-term special bonds for equipment updates is expected to positively impact industry bidding growth [5][21]

Investment Rating - Industry investment rating: Outperform the market (expected to outperform the CSI 300 index by more than 5% in the next 6 months) [26] Core Insights - The medical device sector is experiencing a significant recovery in bidding activities, with a notable increase in procurement scale and project implementation since 2025. The demand that was previously suppressed is now being released, leading to a faster pace of project rollouts and bidding processes [3][4] - The procurement scale for new medical devices in December 2024 reached 27.7 billion yuan, a year-on-year increase of 60%. In January, February, and March 2025, the procurement scales were 17.36 billion yuan, 11.26 billion yuan, and 13.69 billion yuan, reflecting year-on-year increases of 41%, 77%, and 108% respectively [3][4][12] - Leading companies in the medical device sector are benefiting significantly from the recovery in bidding activities, with major players showing substantial year-on-year growth in procurement amounts [4][20] Summary by Sections Medical Device Update and Bidding Recovery - Medical device updates are intensively advancing, with significant bidding recovery observed. The projects are entering the implementation phase, and many provinces are starting to conduct centralized procurement [3][11] - The bidding scale for new medical devices has shown a marked improvement, with March 2025's bidding scale nearly returning to the levels seen in March 2023 [3][11] Procurement Scale and Growth Rates - In March 2025, the procurement scale for ultrasound reached 1.548 billion yuan (yoy +145%), CT at 2.037 billion yuan (yoy +140%), MRI at 3.520 billion yuan (yoy +138%), DR at 211 million yuan (yoy +124%), DSA at 650 million yuan (yoy +107%), and gastrointestinal endoscopes at 495 million yuan (yoy +142%) [4][12][16] Investment Recommendations - The report suggests focusing on leading companies that are enhancing their high-end and intelligent medical device layouts, such as Mindray Medical, United Imaging, KaiLi Medical, and Aohua Endoscopy. The 2025 government work report indicates increased funding support for key areas of equipment updates, which is expected to positively impact industry bidding growth [5][24]

Investment Rating - Industry investment rating: Outperform the market (expected to outperform the CSI 300 index by more than 5% in the next 6 months) [1][44] Core Viewpoints - The overall procurement scale in 2024 is expected to be 137.1 billion yuan, a year-on-year decrease of 20%, primarily due to the pace of equipment updates at the beginning of 2024. However, a significant improvement is anticipated in Q4 2024 and Q1 2025 due to rapid implementation of equipment updates and accelerated budget usage by hospitals [3][11] - High-end imaging equipment is experiencing a notable recovery in bidding activities, with significant year-on-year growth rates observed in CT and MRI equipment procurement in late 2024 and early 2025 [5][19] - The domestic equipment localization rate is steadily increasing, driven by intensified price competition and supportive policies for domestic medical devices. Leading domestic companies are gaining market share in key equipment categories [6][31] Summary by Sections Procurement Scale and Trends - The procurement scale for medical devices in 2024 is projected to be 137.1 billion yuan, down 20% year-on-year, with a recovery expected in Q4 2024 due to equipment updates and budget utilization [3][11] - In December 2024, procurement reached 25.3 billion yuan, a 49% increase year-on-year, and in January 2025, it reached 16.9 billion yuan, a 40% increase year-on-year [3][11] High-end Imaging Equipment - High-end imaging equipment, particularly CT and MRI, is seeing a resurgence in procurement, with December 2024 CT procurement growing by 70% year-on-year and MRI by 55% [5][19] - PET equipment also shows significant growth, with December 2024 procurement increasing by 200% year-on-year and January 2025 by 546% [5][19] Localization Rate - The localization rate for major medical equipment is expected to improve in 2024, supported by competitive pricing and government policies favoring domestic products [6][30] - Leading domestic companies such as Mindray, United Imaging, and others are expected to increase their market share in key segments like CT, MRI, and PET equipment [31][30] Investment Recommendations - Looking ahead to 2025, the ongoing equipment update policies are expected to positively impact industry bidding growth. Key companies in high-end and intelligent medical equipment should be closely monitored [40][41]