2025年，中国经济"稳"的格局持续巩固，"进"的势头不断增强，"韧"的特性日益凸显，为世界经济增添 宝贵信心。不少外资企业持续加码投资中国市场，"看好中国"成为共识。接受本报记者采访的在华外资 企业负责人表示，2025年中央经济工作会议、"十五五"规划建议释放出中国进一步扩大开放、吸引外资 等积极信号。外企坚定继续投资中国的信心，期待更多合作共赢的机遇，为世界经济发展注入更多动 力。 "中国经济表现出显著的韧性，成为全球经济的稳定之锚" 2025年前11个月，中国全国新设立外商投资企业61207家，同比增长16.9%；11月当月新设立外商投资 企业7425家，同比增长35.3%。 毕马威日前发布的《2025年跨国企业中国展望》显示，大多数行业的跨国企业对未来3至5年在中国的收 入增长前景持更为乐观的态度，94%的受访企业表示会继续投资中国市场。"尽管面临各种挑战，中国 经济表现出显著的韧性，成为全球经济的稳定之锚。"毕马威中国客户及业务发展主管合伙人江立勤表 示，"根据调查，相较于全球经济，跨国公司对中国经济前景更为乐观。" 在施耐德电气上海普陀工厂里，机器学习支持的数字快速原型制作、智能规划与排程及生成式 ...

医疗设备行业11月更新： 招采金额环比延续增长态势 长江证券研究所医药研究小组 2025-12-17 %% %% %% %% 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 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 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。 %% %% %% %% research.95579.com 4 2025年医疗设备招采恢复正增长 图1：2019-2025H1设备招采总金额情况 图2：201 ...

报告导读： 医疗设备招投标规模延续较好增长，伴随设备更新政策持续落地，有望长周期 拉动医疗设备采购水平，推荐有望受益设备更新政策落地带动业绩复苏的医疗设备企业。 以上内容节选自国泰海通证券已发布的证券研究报告。 报告名称： 政策拉动国内市场有效复苏，医疗设备招采保持快速增长；报告日期：2025.12.10 报告作 者： 江珅（分析师），登记编号：S0880525090001 赵峻峰（分析师），登记编号：S0880519080017 余文心（分析师），登记编号：S0880525040111 重要提醒 本订阅号所载内容仅面向国泰海通证券研究服务签约客户。因本资料暂时无法设置访问限制，根据《证 券期货投资者适当性管理办法》的要求，若您并非国泰海通证券研究服务签约客户，为保证服务质量、 控制投资风险，还请取消关注，请勿订阅、接收或使用本订阅号中的任何信息。我们对由此给您造成的 不便表示诚挚歉意，非常感谢您的理解与配合！如有任何疑问，敬请按照文末联系方式与我们联系。 法律声明 投资建议：维持"增持"评级。 推荐有望受益设备更新政策落地带动业绩复苏的医疗设备企业。 医疗设备招投标规模保持增长， 25 年新一轮医疗设备更新 ...

Core Viewpoint - Lumexa Imaging Holdings is set to raise $463 million by issuing 25 million shares at a price of $18.50 each, with a market capitalization of $1.8 billion post-listing [1] Company Overview - Lumexa Imaging Holdings is a national provider of outpatient diagnostic imaging services in the United States, operating 184 imaging centers across 13 states through wholly-owned sites and joint ventures with healthcare systems [1] - The company offers a range of advanced and routine imaging equipment, including MRI, CT, PET scans, X-rays, ultrasounds, and mammography [1] Financial Projections - For the 12 months ending September 30, 2025, Lumexa is projected to achieve sales of $1 billion [1] Listing Details - The company plans to list on NASDAQ under the ticker symbol "LMRI" [1] - The joint bookrunners for this offering include Barclays, JPMorgan, Jefferies, Deutsche Bank, Wells Fargo Securities, Leerink Partners, William Blair, Capital One Securities, Fifth Third Securities, and Raymond James [1]

[Table_Invest] 评级： 增持 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 江珅(分析师) | 021-23185638 | jiangshen@gtht.com | S0880525090001 | | 赵峻峰(分析师) | 0755-23976629 | zhaojunfeng@gtht.com | S0880519080017 | | 余文心(分析师) | 021-38676666 | yuwenxin@gtht.com | S0880525040111 | 本报告导读： 请务必阅读正文之后的免责条款部分 股 票 研 究 政策拉动国内市场有效复苏，医疗设备招 采保持快速增长 投资要点： [Table_Report] 相关报告 医疗器械《政策拉动国内市场有效复苏，设备类 企业迎来业绩拐点》2025.11.11 医疗器械《政策资本多重共振，脑机商业化有望 加速》2025.10.22 医疗器械《医疗设备招投标规模保持增长，25 年 新一轮医疗设备更新有望来临》2025.10.13 医疗器械《设备更新政策持续落 ...

Core Viewpoint - The article discusses the ongoing price war in the medical equipment industry due to centralized procurement, leading to significant price drops and market share losses for some multinational companies [1][2][3]. Group 1: Market Dynamics - The centralized procurement of medical devices began in 2020 in provinces like Anhui and Fujian, but has recently expanded nationwide, affecting market dynamics significantly [2][13]. - Prices for various medical devices have plummeted, with examples including digital X-ray (DR) prices dropping from over 1 million to 200,000, and CT prices falling to historical lows of 600,000 [3][11]. - The procurement process has become more competitive, with many projects being canceled or re-tendered due to complaints from companies, indicating a turbulent market environment [9][10]. Group 2: Impact on Distributors - Medical equipment distributors are facing severe challenges, with many considering transitioning to other business areas due to shrinking profit margins from centralized procurement [4][5]. - The profit margins for distributors have drastically decreased, with potential earnings from projects dropping from millions to tens of thousands [5][6]. - It is estimated that only about 10% of medical equipment distributors will remain in the industry post-procurement, primarily focusing on after-sales services [6][7]. Group 3: Competitive Landscape - Domestic companies are gaining market share at the expense of smaller multinational firms, with companies like Wandong Medical achieving high bid rates in centralized procurement [10][11]. - The article highlights that while domestic companies are performing well, the overall profit margins in the industry are under pressure due to the aggressive pricing strategies adopted during centralized procurement [11][12]. Group 4: Future Trends - The trend of centralized procurement is expected to continue expanding across provinces, with most regions likely to implement such measures in the next 3 to 5 years [15][16]. - The article suggests that centralized procurement for medical devices is simpler to implement compared to pharmaceuticals due to fewer product categories and more straightforward technical specifications [15][16].

Core Insights - The medical device distribution industry is facing significant challenges due to the expansion of centralized procurement, which has intensified price competition and reduced profit margins for distributors [2][3][4][5]. Group 1: Industry Trends - Centralized procurement for medical devices began in 2020 in Anhui and Fujian, but has recently expanded to most provinces in China, leading to a significant shift in the market landscape [2][10]. - The prices of major medical devices have drastically decreased, with examples including digital X-ray (DR) prices dropping from over 1 million to 200,000, and CT prices falling to historical lows of 600,000 [3][9]. - The ongoing anti-corruption campaign in the medical sector has heightened scrutiny on procurement practices, contributing to the rapid expansion of centralized procurement initiatives [3][12]. Group 2: Distributor Challenges - Many medical device distributors are considering transitioning to other business models, such as focusing on devices that are not yet subject to centralized procurement or moving upstream to manufacturing [4][5]. - The profit margins for distributors have significantly decreased, with some reporting earnings dropping from several million to only tens of thousands due to the competitive bidding process [4][5]. - It is projected that only about 10% of current medical device distributors will remain in the industry post-procurement expansion, primarily focusing on after-sales services [5][8]. Group 3: Manufacturer Responses - Major international manufacturers like GE and Philips are experiencing market share losses due to intensified competition from local companies, which are increasingly winning bids in centralized procurement [6][8]. - Local companies such as Wandong Medical and Mindray have shown strong performance in procurement bids, with Wandong achieving a 47% bid success rate for CT devices [8][9]. - Despite the increased competition, some manufacturers like United Imaging have managed to grow their revenue and profits, indicating that innovation may provide a competitive edge in this challenging environment [9]. Group 4: Future Outlook - The trend of centralized procurement is expected to continue expanding across provinces, with most regions likely to implement such measures within the next 3 to 5 years [12]. - The complexity of nationwide centralized procurement is acknowledged, with regional differences in medical device usage making it more feasible to conduct procurement at the provincial level [12].

张英 医疗反腐风暴渐渐平息，医疗设备经销商却未能放松，他们面临更大的考验——集采。 11月，多位医疗设备经销商找到张震，想聊聊转型的可能。几年前，当安徽、福建率先开展医疗设备省 级集采时，张震就决定陆续放弃医疗设备经销业务，现在已转型到投资行业。 医疗设备集采最初于2020年开始在安徽、福建施行，不过此后几年跟进的省份较少，直至近一年来情况 出现变化——据经济观察报统计，全国至少已有14个省份开展医疗设备集采。 医疗设备包括常见的超声、CT、数字X线（DR）、呼吸机，也包括一般人不太了解的磁共振（MR）、 血管造影系统、手术机器人、放疗设备等。 与药品和耗材直接用于治疗患者不同，医疗设备多是医生诊断的辅助工具，相当于医生的眼睛。 患者对医疗设备的价格感知较弱，它的价格直接影响到的是医疗机构的采购成本，进而常以间接的方式 影响患者的检查等费用。 在2023年开始的医疗反腐风暴中，医疗设备采购中存在的贪腐受到高度关注。多位受访者认为，这是近 一年来多省陆续开展医疗设备集采的重要背景，未来医疗设备集采会持续扩围。 这场集采浪潮正重塑医疗设备万亿市场，那些曾价值上百万元、千万元的大块头设备在这场集采中不断 刷新最低价 ...

Core Insights - Exercise is essential for heart health, but it should be approached scientifically to prevent cardiovascular incidents [1] - Individuals should start with low to moderate intensity workouts and gradually increase duration and intensity over 4 to 6 weeks [2] - Medical screening for cardiovascular risks is recommended, especially for those new to exercise or with existing health conditions [3] Group 1: Exercise Recommendations - Individuals should begin with low to moderate intensity exercises and avoid pushing themselves too hard initially [2] - Common aerobic exercises include jogging, brisk walking, swimming, cycling, and dance, while anaerobic exercises include sprinting, weightlifting, and various athletic activities [2] Group 2: Risk Assessment - Cardiovascular risks can be categorized into low and high-risk states based on 11 variables, with 4 core and 7 non-core variables [4] - Low-risk individuals typically do not require special assessments, while high-risk individuals need thorough evaluations, including a cardiopulmonary exercise test [4] Group 3: Cardiovascular Risk Evaluation - Cardiovascular risk assessment focuses on heart structure, coronary blood supply, arrhythmias, and heart function [5] - Standard tests like ECG and ultrasound can identify congenital heart abnormalities, while advanced imaging techniques are necessary for early coronary artery disease detection [5]

Investment Rating - The report rates the medical device industry as "Outperforming the Market" [1][5]. Core Insights - 2026 is expected to be a year of value reconstruction for China's medical device sector, driven by policy support, innovation, and recovery of domestic demand [1][3]. - The industry is witnessing a shift from "approval optimization" to "payment optimization," with regulatory improvements supporting the innovation of high-end medical devices [1][3]. - The current market fundamentals show signs of a turning point, while institutional holdings are at historical lows, indicating potential investment opportunities [1][3]. Summary by Sections Overall Medical Device Situation - In the first three quarters of 2025, the SW medical device index reported total revenues of 178.4 billion yuan, a year-on-year decrease of 2.29%, primarily affected by low-value consumables and IVD [15]. - The overall net profit for the same period was 26.7 billion yuan, down 13.99%, with high-value consumables showing improved profitability [15][20]. Medical Equipment - The recovery of procurement orders is expected to peak in Q4 2025 to Q1 2026, driven by improved funding and the "old-for-new" policy [66]. - The domestic government procurement income is stabilizing, while overseas revenue is still in a low base phase, indicating significant growth potential [66]. - The report highlights that the economic benefits of equipment procurement are becoming evident, with domestic high-end equipment showing competitive pricing [71]. Innovation in Medical Devices - The report emphasizes three main investment themes: government support, recovery of domestic demand, and accelerated overseas expansion [3][66]. - The innovation cycle is expected to accelerate, with a focus on companies that possess core competitiveness and a global perspective [3][66]. Market Trends - The report notes that the medical device sector is gradually stabilizing, with companies adapting to procurement pressures and showing signs of performance recovery [54]. - The overseas revenue share for medical device companies is increasing, with significant growth opportunities in regions with lower per capita equipment numbers [32][66].