Group 1 - The core viewpoint is that hypertension is a significant health issue in China, with an estimated 245 million patients, making hypertension control crucial for reducing cardiovascular risks [1] - Renal denervation (RDN) is highlighted as a minimally invasive intervention that effectively controls blood pressure, with its efficacy validated through multiple clinical trials [1] - The approval of Medtronic's Simplicity Spyral and ReCor Paradise by the FDA marks a significant milestone for RDN therapy, indicating growing acceptance and potential for market expansion [1] Group 2 - Four RDN products have been approved in China, with domestic manufacturers innovating in electrode design and access methods to create differentiated advantages [1] - As evidence from evidence-based medicine accumulates, RDN is expected to become a first-line treatment for drug-resistant hypertension, with more multi-energy products being approved domestically and internationally [1] - The Guotai ETF (159377) tracks the Chuangyi Pharmaceutical Index (399275), which includes stocks from the pharmaceutical, medical device, and healthcare services sectors, reflecting the overall performance of innovative growth companies in the biotech industry [1]

Investment Rating - The report maintains a recommendation for the industry, indicating a positive outlook for investment opportunities in the renal denervation (RDN) sector [5]. Core Insights - The report highlights the significant burden of hypertension in China, with an estimated 245 million individuals affected, emphasizing the need for innovative treatment options beyond traditional medication [2][16]. - RDN is presented as a groundbreaking therapy for hypertension, demonstrating effective and safe long-term blood pressure control through various techniques, primarily radiofrequency and ultrasound ablation [3][33]. - The approval of RDN devices by the FDA marks a pivotal moment for the commercialization of this therapy, with multiple products already approved in China, indicating a growing market potential [4][37]. Summary by Sections Section 1: Hypertension and RDN - Hypertension is a leading risk factor for cardiovascular diseases, with a rising prevalence due to aging and lifestyle factors [2][16]. - Current pharmacological treatments face adherence issues and limited efficacy for resistant hypertension, necessitating new therapeutic approaches [26][22]. Section 2: Breakthroughs in RDN Therapy - RDN has evolved from initial surgical techniques to a minimally invasive procedure, with significant clinical trials validating its effectiveness [37][38]. - The report discusses the challenges faced in earlier trials, such as the SYMPLICITY HTN-3 study, and the subsequent improvements in trial design and device technology [42][43]. Section 3: Market Development and Competition - The report outlines the competitive landscape, noting that several RDN products have received regulatory approval, with domestic companies innovating to differentiate their offerings [4][9]. - The potential for market expansion is underscored by the increasing number of approved RDN devices and the anticipated growth in patient numbers requiring treatment [4][9]. Section 4: Related Investment Targets - Key investment targets include companies like 百心安, which is noted as a leading domestic RDN manufacturer, and 微电生理, which offers advanced visualization solutions for RDN procedures [9].