> 数据图表如何解释医疗器械：行业调整期，短期指数稳中有升2025-12-2医疗器械：行业调整期，短期指数稳中有升截至2025/12/3，器械板块（申万）股价上涨4.8%，整体表现稳中有升。子板块中表现最好的是医疗耗材（10.6%），其次为体外诊断（+8.0%），医疗设备招标数据明显回暖，但业绩端预计将在25Q4后兑现，年初至今下跌0.4%。医疗器械各子板块涨跌幅申万分类子行业20152016201720182019202020212022202320242025截至12/3一级二级三级医药生物56.7%-13.5%3.6%-27.7%36.8%51.1%-5.7%-20.3%-7.0%-14.3%15.4%医疗器械73.5%-23.8%-9.7%-28.6%43.4%83.8%-7.2%-21.2%-7.6%-14.9%4.8%医疗耗材100.7%-33.2%3.1%-40.8%36.1%81.0%-17.8%-19.2%-7.9%-14.3%10.6%体外诊断91.8%-16.0%-1.9%-13.3%64.9%59.1%-18.4%-32.3%-16.0%-9.8%8.0%医疗设备55.8%-27.7%-23.3%-26.6%26.3%92.2%10.4%-15.3%-2.3%-18.0%-0.4%申万分类子行业2025/12025/22025/32025/42025/52025/62025/72025/82025/92025/102025/112025/12一级医药生物-3.8%5.1%1.2%-2.1%6.4%0.7%13.9%2.6%-1.7%-1.8%-3.6%-1.2%二级医疗器械-4.3%6.3%-2.2%-4.0%3.6%0.4%8.3%6.3%-0.2%-3.6%-3.6%-1.2%体外诊断-5.2%6.3%0.4%-6.9%4.6%1.8%9.8%2.3%-4.0%0.7%-0.1%-0.6%三级医疗耗材-2.0%-0.1%0.5%-5.3%2.7%4.0%11.5%8.1%-0.6%-1.8%-4.7%-0.8%医疗设备-5.3%10.5%-4.9%-1.7%3.8%-2.3%5.5%7.0%1.9%-6.7%-4.7%-1.8%数据来源：wind，西南证券整理（加粗表示跑赢上级分类,截至2025/12/3）105西南证券健康医疗
