东北证券发布研报称，国内市场历经多年的高速放量，在医保资金压力凸显、医保支付改革全面落地的 大背景下，逐步回归稳健成长;设备与耗材的全面集采倒逼企业寻找新利润增长点，"出海"已是国产先 进厂商的战略必然。中国医疗器械行业已具备全球竞争的硬实力，高端装备、高值耗材的产品输出与全 球供应链建设快速落地;随着国内医疗市场支付端逐步成熟，海外收入占比将逐渐成为衡量医疗器械公 司成长性与估值的核心指标。 东北证券主要观点如下： 医疗设备：高端装备率先突围，迈向全球第一梯队 高端突破：国产医疗设备已经摆脱中低端替代的刻板印象，以联影医疗、迈瑞医疗（300760）、微创机 器人为代表的国产尖端设备公司凭借5TMR、长轴MI、超高端彩超、腔镜手术机器人等创新产品，进军 欧美顶尖医疗体系。 本地化运营：全球化的营销网络和供应链体系是医疗设备国际业务做大做强的必经之路。通过在海外建 立营销网络(如鱼跃医疗（002223）泰国子公司已经形成"从产品输出到生态共建"的本土化路径模板)、 仓储基地、生产基地及研发中心(如联影医疗在美国建立休斯顿、西雅图双研发中心和休斯顿生产基地; 海泰新光、美好医疗（301363）海外产能持续扩张)， ...

Core Viewpoint - The Chinese medical device industry is transitioning from domestic substitution and penetration to internationalization and technological innovation, leading to a valuation reshaping as companies enhance their product competitiveness [1] Group 1: Industry Trends - The medical device sector has experienced a continuous decline from 2021 to 2024, but signs of a performance turning point are emerging in the second half of 2023 due to improved procurement policies and declining channel inventory [1] - High-value consumables are expected to see long-term penetration growth, while medical equipment is projected to stabilize and recover starting from Q4 2024 [1] - The in-vitro diagnostics (IVD) sector remains under pressure in the short term, but there is significant potential for domestic substitution in the medium to long term [1] Group 2: Company Strategies - Companies are focusing on cost reduction and efficiency improvement through automation and optimized production processes [2] - Strategic shifts include technological innovation and product differentiation to mitigate procurement risks, with expectations of favorable reimbursement policies for innovative devices [2] - Many companies are pursuing international expansion, leveraging supply chain advantages and stable pricing in overseas markets [2] Group 3: Innovation and Global Competitiveness - Chinese medical device companies are achieving global leadership in certain innovative products, such as the world's first full-body PET/CT and advanced chemical luminescence instruments [3] - The industry is witnessing a trend of mergers and acquisitions as companies seek new growth avenues amid limited domestic market ceilings [4] - The potential for license-out strategies is being explored to accelerate international market entry for innovative products [4] Group 4: Investment Opportunities - In the Hong Kong stock market, there are opportunities in companies with strong innovation capabilities and those poised for profitability recovery or high growth [6] - A focus on A-share companies that are expected to reach performance turning points and possess strong internationalization capabilities is recommended [7]