[CITIC Construction Investment: The turning point of the medical device sector is coming] On September 29, CITIC Securities Research Report believed that long-term investment opportunities in the medical device sector come from innovation, overseas expansion and mergers and acquisitions. The sector’s innovation and internationalization capabilities have been recognized, and valuations are being re-evaluated. After the surge in the innovative drug sector, the medical device sector's globally competitive products with improved innovation and breakthrough innovation are gradually being recognized. There are also a number of companies that are actively strategically expanding the second growth curve and achieving high growth in overseas business, and their valuations are rising. It is recommended to continue to pay attention to the innovative medical device track with large market space and low localization rate, as well as investment opportunities in themes such as mergers and acquisitions, brain-computer interfaces, AI medical care, surgical robots, and exoskeleton robots. It is recommended to pay attention to the related catalysts in the clinical, registration, volume, and overseas expansion of innovative medical devices, such as PFA, RDN, TAVR and other products. The directions with more potential catalysts are expected to see individual stocks rise several times. In the future, AI medical care, brain-computer interfaces, etc. are also expected to become new technological directions that investors will focus on.