Group 1: Industry Overview - The medical device industry is experiencing unprecedented growth opportunities driven by the government's "old-for-new" policy, which injects strong momentum into the sector [1] - The market for medical equipment procurement has seen explosive growth, with a 58.87% increase in public tender announcements from 2,412 last year to 3,832 this year by the end of May [3] - Significant increases in procurement amounts have been reported, with Fujian province's budget for CT and MR equipment reaching 897 million yuan, and Hubei province's investment for equipment upgrades rising to 260 million yuan [3] Group 2: Market Demand and Growth - The demand for medical devices is robust, with various segments showing substantial growth: medical imaging equipment up 106%, radiation therapy equipment up 83%, surgical equipment up 80%, life support equipment up 73%, and in vitro diagnostic equipment up 44% in the first four months of the year [3] - By 2025, the demand for medical equipment updates is expected to reach approximately 30 billion yuan, in addition to 40 to 50 billion yuan of unexecuted orders from 2024, leading to a total order volume in the hundreds of billions [3] Group 3: Policy Support - The State Council's plan aims for a 25% increase in medical equipment investment by 2027 compared to 2023, coinciding with the need to replace aging medical imaging devices [4] - Various policies, including special bonds and financial incentives for upgrading medical equipment, are being implemented to support the construction of public health and grassroots medical institutions [4] - The industry is expected to enter a new cycle of growth lasting about ten years, driven by the implementation of supportive policies and funding [4] Group 4: Company Strategies and Performance - Medical device companies are actively preparing for market expansion, with high levels of engagement in procurement projects, achieving over 60% success rates in recent tenders [5] - Companies like Super Research and Mindray are reporting multiple successful bids for their medical devices, indicating strong market recognition and competitive advantages [5][6] - The industry anticipates a significant improvement in overall performance starting in the third quarter of this year, as many previously announced procurement plans are expected to materialize [6]

"以旧换新"正为医疗器械行业注入强劲动能。今年来，各地卫健委密集开展市场调研，医疗设备集采大 单频传。截至5月底，相关招标公告数量同比增近六成。据统计，前4个月，多个细分领域医疗设备市场 规模显著上扬，业内人士预计，全年设备更新订单总量有望达数百亿元。 政策东风之下，一轮新的增长周期开启，医疗器械板块上市公司摩拳擦掌抢占市场。随着订单陆续落 地，业内预计三季度行业营收将迎来较为明显的增长。 集采大单频现 2025年是医疗器械公司的市场经理们异常忙碌的一年。一个令他们十分熟悉的场景是，在给定的20分钟 时间内，快速介绍公司产品的核心技术和先进性，并宣讲公司的服务能力、售后维保、市占率等情况， 接受采购方的询问，在互动答疑中发现市场需求点，并快速调整方案。 今年以来，类似这样的市场调研活动在全国各地密集展开。这类活动的发起方，通常是各省市卫健委。 通过市场调研，各地卫健委可以全面掌握市场信息，为后面的集采方案做准备。企业通过采购单位发布 的预算价，可以提前准备更适配的产品，提高中标概率。 据证券时报记者从中国政府采购网上统计，截至5月31日，中央和地方的医疗设备采购公开招标公告共 计3832条，相比去年同期的24 ...

Macro Strategy and North Exchange - The macro policy remains stable with LPR unchanged at 3.10% for 1-year and 3.60% for 5-year [5] - Industrial enterprise profits showed a year-on-year increase of 2.60% in March, marking the first positive growth since the previous year [5] - The Central Political Bureau emphasized the need for high-quality development to address international economic and trade struggles, focusing on "Four Stabilities" [7][8] - The government plans to accelerate the issuance of special bonds and long-term bonds, with a deficit rate set at around 4% and a total deficit scale of 5.66 trillion yuan, an increase of 1.6 trillion yuan from 2024 [8] - Monetary policy will include timely reductions in reserve requirements and interest rates, along with new structural monetary policy tools to support innovation and consumption [10][11] A-Share Market Overview - From April 21 to April 27, 2025, most A-share indices rose, with the Shanghai Composite Index increasing by 0.56% and the Shenzhen Component Index by 1.38% [15] - The market is expected to maintain a narrow fluctuation state due to the recent "reciprocal tariffs" imposed by the US and the upcoming May Day holiday [15][23] - The report indicates a "slow bull" market trend for A-shares in 2025, with a focus on technology, green energy, consumption, and infrastructure sectors [23] North Exchange Market Overview - As of April 25, 2025, the North Exchange had 265 listed stocks, with an average total market value of 755.47 billion yuan, an increase of 1.53% from the previous week [24] - The liquidity in the North Exchange decreased, with average trading volume dropping by 9.79% to 1.384 billion shares [25] - The North Exchange's 50 Index closed at 1300.19 points, down 2.16% from the previous week [26] Industry Insights: Food and Beverage - Salted Fish reported a revenue of 5.304 billion yuan and a net profit of 640 million yuan for 2024, reflecting a year-on-year increase of 28.89% and 26.53% respectively [34] - The company is focusing on core product categories with strong growth, particularly in spicy snacks and baked goods, with significant revenue increases [35] - Salted Fish is accelerating its overseas expansion, with a projected revenue of 6.678 billion yuan in 2025, growing at 25.9% year-on-year [38] Industry Insights: Medical Devices - The sales of ultrasound imaging devices showed a significant recovery in Q1 2025, with sales revenue increasing by 87.95% year-on-year [40] - The report highlights a shift towards domestic brands, with domestic sales accounting for 37.79% of the market share in 2024, up from 34.20% in 2023 [42] - The report suggests a positive outlook for domestic ultrasound device manufacturers like Mindray and KAILI Medical, as the market for these devices is expected to continue recovering [48]

1月22日，汕头市超声仪器研究所股份有限公司（股票代码：301602 简称：超研股份）将在深交所创业板上 市。作为国内超声诊断设备三巨头中成立时间最早的企业，超研股份已走过四十多个春秋，其发展历程正是中 国超声诊断设备自主创新不断发展的缩影。如今，随着医疗、基建相关重大设备"进口替代"进程的加快，以超 研股份为代表的国产超声诊断及工业检测设备厂商正迎来更加广阔的发展空间。 国产超声设备先驱，横跨医疗、工业两大领域 1. 中国医学超声鼻祖，超声影像设备销量排名前三 超研股份成立于1982年，公司前身超声研究所则成立于1978年，是国内唯一一家长期专注于超声设备及无损检 测设备开发的独立研究机构。 医学影像设备主要包括超声、X 射线、CT、MRI 和 PET。其中 超声医学影像设备 （B 超和全数字彩超）及 X 射线设备 （包括 CR、DR 设备等）应用最为广泛，行业内这两种设备占据了医学影像设备约30%以上的市场 份额。 我国医学影像设备行业起步较晚，直到1983年才出现第一台自主研制并量产的B超设备"中华B超"，其正是出 自超研股份之手，因此将超研股份称为中国医学超声鼻祖并不为过。 经过多年发展， 超研股份已 ...