GTHT has released a research report noting that the ongoing implementation of equipment renewal policies is expected to drive long-term increases in medical equipment procurement levels. The brokerage recommends medical equipment companies that are likely to benefit from these policies and see a recovery in performance.

GTHT鈥檚 key observations are as follows: In July 2026, the monthly procurement of large medical equipment continued to show marginal improvement. According to data from Zhongcheng Digital, July year-on-year growth in equipment winning bids was as follows: CT grew by 43.2%, MR by 65.1%, DR by 24.9%, and ultrasound by 22.4%. Endoscopy fell by 2.5%, hemodialysis equipment declined by 9.9%, and surgical robots dropped by 11.9%. For the cumulative period from January to July 2026, year-on-year changes in winning bids were: CT down 6.0%, MR down 9.8%, DR down 3.8%, ultrasound down 21.0%, endoscopy down 15.7%, hemodialysis equipment up 7.1%, and surgical robots down 25.0%.

Domestic medical equipment manufacturers are growing faster than their foreign counterparts. In July 2026, the year-on-year growth in winning bids for key companies was: Mindray Medical up 27.8%, United Imaging up 29.5%, SonoScape up 60.7%, Aohua Endoscopy down 1.5%, Shanwaishan up 25.5%, GE Healthcare up 113.4%, Siemens Healthineers up 60.3%, Philips up 98.9%, Olympus up 26.1%, and Intuitive Surgical down 48.6%. For the cumulative January to July 2026 period, year-on-year winning bid growth was: Mindray Medical up 3.7%, United Imaging up 23.5%, SonoScape up 16.1%, Aohua Endoscopy down 2.2%, Shanwaishan up 58.3%, GE Healthcare up 2.2%, Siemens Healthineers up 1.0%, Philips up 11.1%, Olympus down 1.4%, and Intuitive Surgical down 48.4%.

The continued implementation of equipment renewal policies is expected to sustainably boost medical equipment procurement. In 2024, four government departments jointly issued the "Notice on Promoting the Implementation Plan for Equipment Renewal in the Medical and Health Sector," which explicitly set a target for medical equipment investment in the sector to grow by more than 25% from 2023 levels by 2027, aiming to raise high-end equipment configuration to the level of upper-middle-income countries. Additionally, throughout 2024, various provinces and cities nationwide announced large-scale procurement plans for domestic medical equipment renewal projects. Since 2025, the large-scale equipment renewal initiatives promoted by the state have gradually become more normalized and specialized, significantly enhancing the purchasing enthusiasm of medical institutions at all levels. The demand for upgrades of innovative diagnostic and therapeutic equipment, such as imaging and radiotherapy, is rapidly being unleashed.

Investment Recommendation: Maintain an "Overweight" rating. GTHT recommends medical equipment companies that are expected to benefit from the implementation of equipment renewal policies.

Risk Warning: Risks include weaker-than-expected recovery in equipment procurement, slower-than-expected policy implementation, and product price fluctuations.