industryviewindustrystrategy:we20142thefirstmonthmarketthemostdepth"comb"healthservicesforthewholeindustrychainreport,theinvestmentopportunityisdividedinto:mainbody,supportingsystem,threekindsofbasicindustries.InMarch,http://www.jiningtx.com/wMcms_GuestBook.asp,wecompletedthearticleonthemainbodyofthehospital,4,andcompletedthe"bloodflowthroughtherelatedsystem"indecember.Thismonthwehaveofficiallylaunchedthearticleonbasicindustries.Inthecurrentmarketofequipmentindustryareworriedaboutthesituation,weissuedaclearvoice:wecontinuetobeoptimisticabouthealthservices(includingequipment)investmentopportunities,thissegmentwillbethefutureforalongtimethemaininvestment.accordingtoourdefinitionofthehealthserviceindustry:themainbodyofthesystem,supportingsystems,basicindustriesthreedimensions,webelievethatthescopeofmedicaldevicesisoneofthemostdeterminedsubplates.Thefocusoftheintroductionof"healthservicesofmedicalequipmentarticles",focusingonthemedicalequipmentindustryinvestmentlogic.investmentlogicoptimisticlogic;1:medicalequipmentindustrymarketspace.Industryintheearlystagesoftheindustrycycle,isexpectedtoreproducethedrugmarketexpansionpath,http://www.gyjzgl.com/E_GuestBook.asp,fromthelifecycleoftheindustrypointofview,http://concrete-fem.com/forum/E_GuestBook.asp,webelievethatthenext10years,medicaldeviceswillbemoreattractivethantraditionalmedicinecomparativeadvantages.optimisticaboutthelogical2:medicaldeviceindustrysecuritymargin.Incentivepoliciesarestilldominant,andtheoperatingenvironmentislooserthandrugs.Fromthepolicyinterferencepointofview,wejudgethemedicaldeviceindustryinthefuturewillbemorepolicysupport,instrumentsthandrugshavecomparativeadvantages.forpropertymarketexpansionspaceandpolicyaboutlogic3:medicaldevices,determinesthecomparisonofspeakingofthemedicinehasastrongcomparativeadvantage,http://www.admindoc.ru/eobi/E_GuestBook.asp,"importsubstitution,incrementalmarket,productupgrading,demandforthecreationof"fourlogiccanbringtotheindustrygrowthinexcessofrevenue.medicalequipmentindustrychainecosystem:uniqueniche,diversification,innovationandcross-borderdifficult,whilethedomesticmedicalequipmentindustryinearlystageofindustrylifecycleandtheattributesoftheindustryundertheinterference,http://www.lbeyzy.com/guestbook.asp,wedonotseethesizeofthelargecompaniescanthereforeignoreindustrythevalueof.Webelievethattheinvestmentintheinstrumentindustrymustalsobedifferentfromthatofthedrug,whichgivesusanopportunitytounderstandthedifferencesinourinvestment.fromwhatangletodigtheinvestmentvalue;medicalequipmentcompany'sonlydevelopmentpath:birthspecialty,castplatform:formedicalequipmentcompany,specializationandplatformisitssurvivalrisk行业观点行业策略:我们2014年2月发布市场首份最具深度的《健康服务全产业链梳理》报告,把投资机会划分为:机构主体、配套系统、基础产业三类。3月我们完成《机构主体之医院篇》、4月完成《配套系统之血透篇》。本月我们正式推出《基础产业之器械篇》。在市场目前对器械行业普遍担忧的情况下,我们发出明确的声音:我们继续看好健康服务(包含器械)的投资机会,这一细分领域会是未来很长一段时间的投资主线。根据我们对健康服务业的定义:机构主体、配套系统、基础产业三个维度,我们认为,医疗器械范畴是确定性最强的子版块之一。此次重点推出《健康服务之医疗器械篇》,重点阐述医疗器械行业的投资逻辑。投资逻辑看好逻辑1:医疗器械行业的市场空间大。行业处在产业周期早期,有望再现药品市场扩容路径,从产业的生命周期来看,我们认为未来10年医疗器械会比传统医药具有更吸引人的比较优势。看好逻辑2:医疗器械行业的安全边际足。鼓励性政策依然占主导,经营环境比药品要宽松。从政策干扰的角度来看,我们判断医疗器械行业未来会更多的受到政策的扶持,器械比药品有比较优势。看好逻辑3:医疗器械的市场扩容空间和政策优待属性,决定了相比较医药而言具有很强的比较优势,“进口替代、增量市场、产品升级、需求创造”四大逻辑能够给行业带来超额成长收益。医疗器械产业链生态系统独特:小众、多样化、创新快、跨界难,而国内医疗器械行业又处在产业生命周期的早期,在上述行业属性干扰下,我们暂时看不到成规模的大的公司,也可能因此忽视行业的价值。我们认为对器械行业的投资理解,也必须与药品不同,这为我们投资带来了理解差异机会。从什么样的角度挖掘投资价值?医疗器械公司唯一发展路径:出身专业、铸就平台:对于医疗器械公司,专业化和平台化是其生存的两条路径,分化明显。两类公司的价值,最终借助并购,http://www.jzagile.com/E_GuestBook.asp,铸就平台化价值,产生行业的大型公司。我们研究了海外公司的路径,上述逻辑得以验证。至于如何成功实现平台的价值,我们将在《医疗器械专题研究之二:平台的路径》中详细阐述,敬请期待。