医疗耗材行业周报：政策面迎来利好，关注高值耗材优势领域

Industry Rating - The report maintains an "Overweight" rating for the medical consumables industry [8][33] Core Views - The medical consumables sector experienced a correction last week, with a decline of 3.93% [5] - The sector's PE (ttm) is 34.82X, and PB (lf) is 2.46X, indicating valuations are at historical lows [6][21] - Policy support is improving, with the establishment of a medical insurance prepayment system, which benefits the cash flow of medical consumables companies [6][26] - The sector's performance in the first three quarters of 2024 remains strong, particularly in interventional and electrophysiological consumables [7][32] - The orthopedic consumables sector is gradually recovering from the impact of centralized procurement, with marginal improvements in performance [9][32] - Low-value consumables are seeing a rebound in orders and performance recovery after the high inventory impact from the pandemic [9][32] Sector Performance - The medical consumables sector fell 3.93% last week, underperforming the CSI 300 by 0.63 percentage points [5][13] - The sector's relative returns over 1 month, 3 months, and 12 months are -1%, -6%, and -21%, respectively, compared to the CSI 300 [5] - Top-performing companies in the sector include Kaili Medical (+2.5%) and Cainiao Medical (+1.9%), while underperformers include Saike Medical (-10%) and Guanhao Biotech (-8.1%) [18][20] Policy and Industry Dynamics - The medical insurance prepayment system has been established to alleviate the financial pressure on medical institutions, with some regions reducing payment cycles to around one month [6][26] - Beijing has introduced a policy to support the medical device industry, aiming to achieve a total scale of over 50 billion yuan by 2026, with a focus on high-end medical consumables [27] Investment Recommendations - Focus on high-value consumables companies with rich product lines and high innovation, such as interventional and electrophysiological consumables leaders [9][33] - Pay attention to orthopedic consumables companies showing marginal performance improvements [9][33] - Long-term growth is expected in the sector, driven by high clinical value and innovation, with a recovery in hospital demand [9][33]