According to a research report, the medical device sector is currently facing a dual opportunity of "fundamental recovery" and "valuation system reconstruction." The investment rationale has shifted from simple domestic substitution to two core directions with global competitiveness: "innovation" and "global expansion." As the impact of centralized procurement in China diminishes at the margin, companies with strong innovative attributes and international capabilities are being revalued by capital. It is recommended to focus on segment leaders whose performance is expected to accelerate in 2026.

Sinolink Securities Co., Ltd.'s main views are as follows: Current investment in the medical device sector should closely adhere to the dual themes of global expansion and innovation. Global expansion not only helps high-quality companies break through domestic growth ceilings but also leverages overseas markets with higher pricing to improve profitability. Innovative products with clinically differentiated value are the core moat for resisting domestic price pressures.

In the medical equipment field, overall domestic bidding demand remains relatively weak. In the short term, it is advisable to focus on the surgical robot track, which benefits from technological substitution. This type of product has low penetration rates, significant import substitution potential, and a business model driven by both equipment and consumables, which is expected to deliver performance elasticity under policy support.

For medical consumables, focus on export-oriented companies with a high proportion of overseas revenue and mature channels, as their profitability is less affected by domestic policy fluctuations. In the domestic market, centralized procurement remains a key variable affecting the competitive landscape. Companies with cost advantages and product iteration capabilities are expected to achieve market share leaps after price reductions.

In the in-vitro diagnostics sector, domestic demand is still relatively weak. However, with the recovery of routine diagnosis and treatment volumes and hospital purchasing willingness bottoming out, the sector is expected to gradually enter a recovery channel within the next year. Leading companies with core in-house production capabilities in areas such as chemiluminescence and molecular diagnostics are likely to experience dual recovery in valuation and performance after industry consolidation.

Relevant stocks include: Mindray Bio-Medical Electronics Co., Ltd., Yuyue Medical Equipment & Supply Co., Ltd., Hui Tai Medical Technology Co., Ltd., Micro-Tech (Nanjing) Co., Ltd., and Shanghai MicroPort Endovascular MedTech Co., Ltd..

Risk warnings: Foreign exchange risk; volatility risk of domestic and international policies; cyclical fluctuations in investment and financing; risk of mergers and acquisitions falling short of expectations.