中国将在不远的未来成为全球最大医疗市场 GE医疗的全球创新版图上，中国已经成为不可或缺的重要部分。近年来，GE医疗持续扩大在华投资，已在中国设立六大生产基地（内含 七大工厂），拥有员工约7000人。与此同时，中国本土研发团队已扩至1800人，自2011年起，该团队已成功推动超过160款本土创新产品上 市。近三年来，GE医疗进一步加大对华投资，显示出对中国市场的强烈信心。安杜尼表示，"这些举措与我们的产品创新紧密相关，我们正在 研发的许多新产品，其零部件采购和投资布局都与中国基地息息相关"。 G 1122 8 e all and 1 m 11:5 s P r H HT e H H H 24 981 t 11 HH 882 a HE BHH H HELL HHHHHHHHHHHH HARRANAS HARRESSES HERRERS HHHHHHHHH BHAHHHHH HHHHHHH HHHHHH HHHHH I H H H H B H H H B S . HHHHH B H H H H H them H Ha 4 HE HHE 488 美国通用电气医疗（GE医疗）全球总裁兼首席执行官彼得·安杜尼。GE医疗供图 ...

Investment Rating - Industry investment rating: Outperform the market (expected to outperform the CSI 300 index by more than 5% in the next 6 months) [1][44] Core Viewpoints - The overall procurement scale in 2024 is expected to be 137.1 billion yuan, a year-on-year decrease of 20%, primarily due to the pace of equipment updates at the beginning of 2024. However, a significant improvement is anticipated in Q4 2024 and Q1 2025 due to rapid implementation of equipment updates and accelerated budget usage by hospitals [3][11] - High-end imaging equipment is experiencing a notable recovery in bidding activities, with significant year-on-year growth rates observed in CT and MRI equipment procurement in late 2024 and early 2025 [5][19] - The domestic equipment localization rate is steadily increasing, driven by intensified price competition and supportive policies for domestic medical devices. Leading domestic companies are gaining market share in key equipment categories [6][31] Summary by Sections Procurement Scale and Trends - The procurement scale for medical devices in 2024 is projected to be 137.1 billion yuan, down 20% year-on-year, with a recovery expected in Q4 2024 due to equipment updates and budget utilization [3][11] - In December 2024, procurement reached 25.3 billion yuan, a 49% increase year-on-year, and in January 2025, it reached 16.9 billion yuan, a 40% increase year-on-year [3][11] High-end Imaging Equipment - High-end imaging equipment, particularly CT and MRI, is seeing a resurgence in procurement, with December 2024 CT procurement growing by 70% year-on-year and MRI by 55% [5][19] - PET equipment also shows significant growth, with December 2024 procurement increasing by 200% year-on-year and January 2025 by 546% [5][19] Localization Rate - The localization rate for major medical equipment is expected to improve in 2024, supported by competitive pricing and government policies favoring domestic products [6][30] - Leading domestic companies such as Mindray, United Imaging, and others are expected to increase their market share in key segments like CT, MRI, and PET equipment [31][30] Investment Recommendations - Looking ahead to 2025, the ongoing equipment update policies are expected to positively impact industry bidding growth. Key companies in high-end and intelligent medical equipment should be closely monitored [40][41]