请务必阅读正文后的声明及说明 [Table_Title] 证券研究报告 / 行业动态报告 价格立项落地，手术机器人迎来收费模式突破 事件： [Table_Summary] 2026 年 1 月 20 日，国家医保局发布《手术与治疗辅助操作类医疗服务 价格项目立项指南（试行）》，为手术机器人、能量设备专用耗材及远程 手术等创新医疗技术明确了全国统一的价格立项规范。 点评： 具体定价预计年内各省陆续制定并落地。参考历史经验，从国家医保局 发布到各省陆续发布项目和具体价格，通常需要半年到一年时间。 明确收费目录，利好创新设备全国进院与耗材销售放量。以往机器人与 专耗设备需要医疗机构申请自主定价备案或由省市牵头定价，影响临床 推广积极性。本次国家确定收费目录，打通各省市终端收费模式"最后 一公里。以价格立项引领医疗技术升级并扩大先进技术可及性，引导"传 统治疗"向"精准医疗"转型。 主要涉及上市公司： 风险提示：政策落地不及预期、研发与竞争风险、产品与出海风险等。 [Table_Market] 行业数据 成分股数量（只） 478 总市值（亿） 68,578 流通市值（亿） 33,826 市盈率（倍） 53.35 市净 ...

Core Viewpoint - Enovis has completed the divestiture of its foot care brand Dr. Comfort, marking a strategic shift to focus on its core business segments of "Prevention & Recovery" and "Reconstructive" [2][4]. Transaction Structure and Use of Funds - The total transaction amount for Dr. Comfort is up to $60 million, including a $45 million upfront payment and up to $15 million in milestone payments based on future performance [3]. - Proceeds from the sale will be used to accelerate debt reduction, improve profit margins by divesting low-margin businesses, and reinvest in high-growth segments [3]. Strategic Focus - Enovis is transitioning from a diversified industrial and medical device company to a focused medical technology firm, emphasizing technology differentiation and product optimization [4]. - The divested Dr. Comfort business was part of the Prevention & Recovery segment but did not align with the current focus on orthopedic rehabilitation [5]. Characteristics of Dr. Comfort - Dr. Comfort specializes in foot care products for diabetic patients and those with foot diseases, offering therapeutic footwear and accessories [7]. - Despite its brand recognition, Dr. Comfort's growth potential and profit structure are limited, especially compared to Enovis's focus on innovative medical solutions [7]. Core Retention - Enovis retains its "Prevention & Recovery" segment, which aligns more closely with modern orthopedic and rehabilitation practices, focusing on preoperative prevention and postoperative recovery [8][11]. - This segment emphasizes collaboration with healthcare professionals and has a higher contribution to overall business synergy and profitability compared to Dr. Comfort [11]. Growth Engine - Enovis is accelerating its "Reconstructive" business, which includes a recent acquisition of LimaCorporate, enhancing its capabilities in custom implants and 3D-printed products [13]. - The revenue from the reconstructive segment has reached approximately $1 billion, positioning it as a strategic investment priority for the company [13]. Summary of Strategic Decisions - The divestiture of Dr. Comfort, despite a lower transaction value compared to its acquisition price, signals Enovis's commitment to building a synergistic network between its prevention and reconstruction business lines [14].