（编辑 袁冠琳） 证券日报网讯 建发致新11月19日在互动平台回答投资者提问时表示，福建地区目前是公司的一个重要 收入来源省份，公司在福建设立和运营十多家业务子公司，实现福建省医疗器械"属地配送"要求，直销 网络覆盖福建地区各地级市，终端客户以地区医院客户为主，经营品种主要包括高值耗材和IVD诊断产 品等。 ...

智通财经APP获悉，中信建投发布研报称，短期来看，随着政策缓和、集采出清、新产品新业务拓展和 出海布局，预计26年多家医疗器械龙头公司迎来业绩拐点，建议把握业绩估值修复投资机会，以及脑机 接口、AI医疗等医疗新科技方向投资机会。医疗器械板块的长期投资机会来自创新、出海和并购整 合，板块的创新性和国际化能力逐步得到认可、估值正在被重估。 低值耗材：展望2026年，预计国内业务将保持平稳增长;随着企业海外产能陆续投产及中美关税形势缓 和，海外产能释放贡献业绩增量。 家用医疗器械：2026年行业有望延续平稳增长趋势，国内家用医疗器械龙头有望通过自建团队、投资并 购等方式持续加快国际化步伐。 风险提示：招采及控费政策严于预期、行业竞争激烈程度强于预期、器械审批进度不及预期，外部环境 变化难以判断。 中信建投主要观点如下： 医疗设备及上游：今年招标大幅改善，2026年的招标景气度需根据政策来判断，各公司情况有所分化， 部分龙头公司有望收入稳定增长或提速改善。医疗设备上游部分公司在新业务、新订单、新客户的驱动 下，有望加速增长。 高值耗材：受集采政策落地执行时间差异等因素的影响，板块内部公司的业绩拐点出现时间节点先后有 ...

Core Viewpoint - The article emphasizes the acceleration of innovation in the pharmaceutical and medical device industries in China, driven by supportive policies and a shift from generic to innovative drug development, which is expected to enhance the industry's quality and global competitiveness [2][3][5]. Policy Support for Innovation - Since 2020, numerous favorable policies have been introduced to improve the ecosystem for innovative drugs, focusing on research standards, review and approval systems, patent protection, and reimbursement mechanisms [2]. - The "14th Five-Year Plan" highlights the importance of supporting innovative drugs and medical devices, indicating their critical role in national health and economic development [3][5]. Clinical Trials and Market Dynamics - The number of clinical trials for innovative drugs in China has surpassed 1,900, outpacing the US, Europe, and Japan, reflecting a significant increase in research quality and efficiency [3][8]. - By 2024, 39 innovative drugs approved for the first time in China were domestically developed, increasing from 31% in 2020 to 42% in 2024, indicating a strong trend towards domestic innovation [3][5]. Medical Insurance and Payment Systems - The narrowing surplus of the national medical insurance fund has created a mismatch between the commercialization of innovative drugs and their approval timelines, necessitating improvements in the commercial insurance system [8][27]. - The "15th Five-Year Plan" aims to establish a multi-tiered medical insurance system, which is expected to enhance the role of commercial health insurance in providing payment support for innovative drugs [27][32]. Medical Devices and Technological Innovation - The approval of innovative medical devices has increased by 43% from 2016-2020 to 2021-2024, driven by improved regulatory mechanisms and support for high-end medical device innovation [10][13]. - The article notes that while domestic brands are gaining global competitiveness, the industry still faces challenges in achieving systematic original innovation and key technology breakthroughs [13][19]. Emerging Technologies - The application of AI and brain-machine interfaces in healthcare is progressing towards industrialization, with the establishment of preliminary frameworks for clinical applications and payment rules [14][18]. - The integration of high-quality data flow in healthcare is anticipated to enhance the clinical benefits of new technologies, improving resource utilization and patient outcomes [18][19]. Biomanufacturing Developments - The biomanufacturing sector in China is transitioning from a "follower" to a "runner" stage, with significant advancements in technology and policy support, laying a solid foundation for future growth [19][20]. - The article highlights the importance of focusing on high-value, environmentally friendly products, such as biodegradable materials, to expand market opportunities [22][26].

Core Viewpoint - The global competitiveness of Chinese medical device companies is continuously improving, with some companies already ranking among the top three in global market share in relatively mature fields [1] Industry Summary - In the IVD (in vitro diagnostics) sector, the export of Chinese medical device companies is just beginning, and the related business currently occupies a low proportion within listed companies but is experiencing rapid growth [1] - The advantages of Chinese medical devices include cost-effectiveness and quick response times, which support the optimistic outlook for the international expansion of these companies [1] - Despite impressive bidding data this year, the medical device sector faces inventory reduction pressures, leading to continued performance challenges for listed companies [1] Company Summary - As inventory in the medical device industry gradually decreases, the performance of listed companies is expected to improve, with current market valuations being relatively low [1] - The long-term outlook remains positive as the global competitiveness of Chinese medical device enterprises continues to rise [1]

Core Viewpoint - Mindray Medical has announced plans for a secondary listing in Hong Kong to enhance its international strategy and capital strength, aiming to further its global business expansion and innovation investment [1][2] Group 1: Listing Announcement - The company intends to issue H-shares to support its international strategy, global business layout, and increase R&D investment [1] - The funds raised will be used for various purposes, including advancing international strategy and supplementing operational funds [1] - This move is seen as a significant step in strengthening the company's international influence and aligning with its global development strategy [1] Group 2: Financial Performance - Since its IPO in 2018, Mindray has not conducted any refinancing and has consistently paid dividends, totaling 35.7 billion yuan, which is six times its IPO fundraising amount of 5.934 billion yuan [1] - As of mid-2023, the company reported that overseas revenue accounted for 50% of its total revenue, marking a continuous growth in international business over the past seven years [1] Group 3: Global Strategy and Market Position - Mindray Medical has established a comprehensive product line across three main business areas: in vitro diagnostics, life information and support, and medical imaging [1] - The company has a presence in 14 countries with production bases and 64 overseas subsidiaries, employing over 3,000 staff globally [1] - Mindray has made strategic acquisitions to enhance its global competitiveness and fill business gaps [1] Group 4: Innovation and R&D - The company emphasizes autonomous innovation as a core development strategy, with R&D investment reaching 1.777 billion yuan in the first half of 2025, accounting for 10.61% of its revenue [1] - Mindray has been a pioneer in integrating devices with IT and AI, completing its smart medical ecosystem by 2025 [1] - The company aims to address the long-standing challenges in the medical field by leveraging AI technology to improve quality, efficiency, and cost [1] Group 5: Future Outlook - The secondary listing in Hong Kong is expected to provide multiple incentives for Mindray to accelerate its global and capital strategies, aiming to achieve its goal of becoming a top ten global player [2]

Core Viewpoint - The report from CITIC Securities indicates that Hong Kong medical device companies performed well during the National Day holiday, with several leading companies seeing stock price increases. The medical device sector is expected to show quarter-on-quarter improvement in Q3 due to the launch of new products and business lines, potentially achieving high growth compared to the low base from the same period last year [1]. Summary by Category Market Performance - During the National Day holiday, the overall performance of Hong Kong medical device companies was strong, with multiple leading firms experiencing stock price increases [1]. Sector Analysis - The medical device sector is anticipated to benefit from the release of new products and business lines, leading to quarter-on-quarter improvements and high growth rates based on last year's low base [1]. - High-value consumables and certain companies in the medical equipment and upstream sectors are expected to achieve significant growth [1]. - The IVD (in vitro diagnostics) industry is facing short-term pressure due to the impact of medical insurance DRG (Diagnosis-Related Group) reforms and centralized procurement policies [1]. - The low-value consumables sector shows varied performance among different companies [1]. Investment Recommendations - In the short term, it is suggested to capitalize on the rotational upward opportunities of stocks with improving performance [1]. - In the long term, the focus should be on opportunities related to innovation, international expansion, and mergers and acquisitions [1].

Core Viewpoint - The report from CITIC Securities indicates that Hong Kong's medical device companies performed well during the holiday period, with several leading companies seeing stock price increases. [1] Industry Summary - The medical device sector is expected to show quarter-on-quarter improvement in Q3, benefiting from the launch of new products and business lines, and achieving high growth compared to a low base from the previous year. [1] - High-value consumables and certain companies in the medical equipment and upstream sectors are projected to experience significant growth. [1] - The IVD (in vitro diagnostics) industry faces short-term pressure due to policies such as DRG (Diagnosis-Related Group) and centralized procurement, impacting some enterprises. [1] - The low-value consumables sector shows varied performance among companies. [1] Investment Recommendations - In the short term, it is suggested to capitalize on the rotation of stocks with improving performance. [1] - In the long term, the focus should be on opportunities related to innovation, international expansion, and mergers and acquisitions. [1]

Summary of the Conference Call on the Pharmaceutical Industry Industry Overview - The pharmaceutical industry experienced a profit decline in 2019 due to centralized procurement policies, but demand growth during the pandemic provided some relief. By the first half of 2025, segments such as innovative drugs, pharmaceutical commerce, and CXO showed positive growth, although overall profit levels continued to decline [1][2]. Key Insights and Arguments - **Centralized Procurement Impact**: The centralized procurement of medical consumables began in 2020, leading to negative revenue growth for two consecutive quarters by Q4 2023. However, Q1 2024 saw a return to positive revenue growth, indicating a stabilization in high-value consumables [3][4]. - **Sector Performance**: The chemical preparations sector saw significant revenue declines in Q3 and Q4 of 2023, directly linked to centralized procurement policies. The medical consumables sector has faced revenue and profit pressures since 2022, with in vitro diagnostics (IVD) expected to face challenges starting Q4 2024 [5][6]. - **Future Outlook**: The worst period for the pharmaceutical industry is believed to be over, with price issues being resolved. The price levels are relatively low compared to international markets, and a return to positive growth is anticipated in Q2 2025, potentially leading to an overall positive growth for the year [6][7]. Segment-Specific Insights - **CXO Sector**: The CXO sector is divided into demand-driven and supply-driven enterprises. The latter has benefited from the recovery of overseas markets, while domestic demand-driven companies are beginning to show signs of recovery, as evidenced by the performance of companies like Tigermed and Northstar [7][8]. - **IVD Sector**: The IVD sector is under significant pressure due to policy impacts, with a notable 20% decline in Roche's domestic luminescence business. The overall industry growth rate is approximately -15% [12][13]. - **Medical Equipment**: The medical equipment sector has faced continuous declines since Q4 2023, but signs of recovery were noted in the first half of 2025, with companies like United Imaging and Mindray showing varying degrees of recovery [17][18]. Additional Important Points - **High-Value Consumables**: The high-value consumables sector has undergone multiple rounds of centralized procurement, leading to stable or improved performance for many companies. The gross margin levels for high-value consumables have reached a bottom, with certain products like artificial crystals beginning to see the effects of procurement policies [19][20]. - **Internationalization of Domestic Companies**: Domestic high-value consumables companies are enhancing their international capabilities, with significant clinical data published and FDA certifications obtained for products aimed at the U.S. market [23]. - **Market Competition**: The competition in the luminescence industry is intense, particularly among companies outside the top three, which are resorting to price cuts to gain market share, resulting in significant declines in gross margins [13][14]. This summary encapsulates the key points discussed in the conference call regarding the pharmaceutical industry, highlighting the challenges and opportunities within various segments.

Core Viewpoint - The domestic medical device industry is in a rapid development phase, with short-term negative impacts from medical insurance cost control, but the company remains optimistic about innovation-driven import substitution and globalization development, expecting a potential turning point in the medical device sector by Q3 2025 [1] Group 1: Industry Performance - In H1 2025, revenue for medical device listed companies was 121.296 billion yuan, a year-on-year decline of 6.32%, while net profit excluding non-recurring items was 15.831 billion yuan, down 23.07% [1] - Revenue growth rates for different sub-sectors in H1 2025 were as follows: high-value consumables (+3.99%), low-value consumables (+0.31%), medical equipment (-5.84%), and in-vitro diagnostics (-15.72%) [1] - The high-value consumables sector is entering a post-collection phase, showing significant improvement, especially in categories like orthopedics and electrophysiology [1] Group 2: High-Value Consumables - The high-value consumables sector showed a revenue growth of 3.99% in H1 2025 and a net profit increase of 1.97% [2] - In Q2 2025, revenue growth for high-value consumables was 7.61%, with net profit growth of 10.46%, indicating a robust performance compared to other sectors [2] - The sector is expected to benefit from collection optimization and continuous innovation, with key companies to watch including Microelectrophysiology, Huatai Medical, and Sanyou Medical [2] Group 3: Medical Equipment - In H1 2025, the medical equipment sector experienced a revenue decline of 5.84% and a net profit drop of 24.94% [3] - The sector is expected to see a recovery in Q3 2025 as tendering processes resume and low base effects kick in, although inventory digestion will take time [3] - Future performance may vary across different sub-sectors due to differences in demand release post-pandemic [3] Group 4: Low-Value Consumables - The low-value consumables sector saw a revenue increase of 0.31% in H1 2025, but net profit fell by 21.56% [4] - In Q2 2025, revenue declined by 1.63%, with net profit down 42.37%, highlighting the need to assess geopolitical risks for companies with significant overseas exposure [4] - Companies with established customer bases and overseas production capabilities are expected to achieve sustained growth [4] Group 5: In-Vitro Diagnostics - The in-vitro diagnostics sector faced a revenue decline of 15.72% in H1 2025, with net profit down 40.68% [4] - The decline is attributed to multiple negative policies, including DRGs and collection, leading to a drop in both volume and price [4] - The sector is expected to stabilize by mid-2026, with long-term growth potential driven by innovation and international expansion [4]

Group 1 - The Shanghai government is promoting the full-chain development of the high-end medical device industry, emphasizing the need for innovation and focusing on key product directions to achieve significant results [1] - Huajin Securities believes that the medical device sector is experiencing a policy shift, with improved profitability for related companies due to optimized procurement rules, and the sector is expected to undergo valuation recovery as it is currently at a relatively low valuation [1] - Key areas of focus include: 1) Medical equipment driven by replacement policies and reduced compliance impacts, leading to a potential performance turnaround as inventory clears [1] 2) High-value consumables where procurement impacts are gradually dissipating, with attention on companies showing fundamental improvements [1] 3) New technology directions such as AI in healthcare and brain-computer interfaces, with favorable policies accelerating product commercialization [1] Group 2 - Caixin Securities notes that large models like DeepSeek are enhancing medical efficiency and resource optimization, indicating that the AI healthcare sector is expected to continue expanding as procurement impacts are gradually absorbed [2] - The domestic market share in orthopedic consumables and electrophysiology is steadily increasing, suggesting a positive trend for local manufacturers [2] - The medical device industry is anticipated to achieve multidimensional development through technological platformization, AI diagnostics expansion, and consumer healthcare extensions, transitioning from scale expansion to higher-level development stages [2]