锦欣生殖更新报告:晚育、中美政策红利有望改善需求和支付端

海通国际
Jul 14, 2025

国内辅助生殖需求有望迎来拐点,政策红利逐步释放。中国平均生育年龄已接近 30 岁,高龄产妇占比持续提升,对辅助生殖技术需求显著增加。2023-2025 年辅助生殖纳入医保从区域试点扩展至全国,政策落地后需求释放可期。同时,我们认为行业供给侧格局趋稳,牌照发放收紧,公司作为民营辅助生殖龙头,有望通过三代试管婴儿牌照等技术优势和案例积累,优先承接增量需求。海外业务增长强劲,政策利好加码。公司的美国业务...

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