<p><strong>关税、去库存、美国融资风险以及中国因素在 2025 年对欧洲医疗科技股造成影响，但挑战已被市场定价，Exane BNP Paribas 在挑选该行业的优选股时表示</strong></p>
<p><strong>该券商表示，重新评级将在 2026 年下半年实现</strong></p>
<p><strong>BNP 的首选股票是 Essilorluxottica、Sartorius Stedim 和 Fresenius</strong></p>
<p><strong>它将 Straumann 的评级从 “表现不佳” 上调至 “表现优异”，预计销售将反弹且估值较低</strong></p>
<p><strong>它将 Sartorius 的评级从 “中性” 上调至 “表现优异”，原因是设备趋势改善和融资环境更好</strong></p>
<p><strong>它将 Siemens Healthineers 的评级从 “表现优异” 下调至 “中性”，原因是母公司存在不确定性、诊断业务退出的时机和结构不明，以及对市场共识的上行空间有限</strong></p>
<p><strong>它还将 Gerresheimer 的评级从 “中性” 下调至 “表现不佳”，原因是终端市场疲软、高杠杆和自由现金流恢复路径不明</strong></p>
<table>
<thead>
<tr>
<th>公司</th>
<th>评级</th>
<th>旧评级</th>
<th>目标价</th>
</tr>
</thead>
<tbody>
<tr>
<td>Alcon</td>
<td>表现优异</td>
<td>表现优异</td>
<td>84 瑞士法郎</td>
</tr>
<tr>
<td>Demant</td>
<td>表现优异</td>
<td>表现优异</td>
<td>285 丹麦克朗</td>
</tr>
<tr>
<td>Essilorluxottica</td>
<td>表现优异</td>
<td>表现优异</td>
<td>365 欧元</td>
</tr>
<tr>
<td>Fresenius Med</td>
<td>中性</td>
<td>中性</td>
<td>45 欧元</td>
</tr>
<tr>
<td>Fresenius SE</td>
<td>表现优异</td>
<td>表现优异</td>
<td>60 欧元</td>
</tr>
<tr>
<td>Gerresheimer</td>
<td>表现不佳</td>
<td>中性</td>
<td>22 欧元</td>
</tr>
<tr>
<td>GN Store Nord</td>
<td>表现优异</td>
<td>表现优异</td>
<td>145 丹麦克朗</td>
</tr>
<tr>
<td>Lonza</td>
<td>表现优异</td>
<td>表现优异</td>
<td>701 瑞士法郎</td>
</tr>
<tr>
<td>Philips</td>
<td>表现优异</td>
<td>表现优异</td>
<td>30 欧元</td>
</tr>
<tr>
<td>Sartorius pref</td>
<td>表现优异</td>
<td>中性</td>
<td>296 欧元</td>
</tr>
<tr>
<td>Sartorius Stedim Biotech</td>
<td>表现优异</td>
<td>表现优异</td>
<td>275 欧元</td>
</tr>
<tr>
<td>SCHOTT Pharma</td>
<td>表现优异</td>
<td>表现优异</td>
<td>22 欧元</td>
</tr>
<tr>
<td>Siemens Healthineers</td>
<td>中性</td>
<td>表现优异</td>
<td>48 欧元</td>
</tr>
<tr>
<td>Straumann</td>
<td>表现优异</td>
<td>表现不佳</td>
<td>110 瑞士法郎</td>
</tr>
</tbody>
</table>

<p>BNP Paribas 预计尽管 2025 年面临挑战，欧洲医疗科技股票将在 2026 年下半年重新评级。首选股票包括 Essilorluxottica、Sartorius Stedim 和 Fresenius。由于销售恢复和低估值，Straumann 被升级为 “跑赢大盘”。由于设备趋势改善，Sartorius 被升级为 “跑赢大盘”。由于母公司负担，Siemens Healthineers 被下调至 “中性”。由于市场疲软和高杠杆，Gerresheimer 被下调至 “跑输大盘”</p>

<p>** Tariffs, destocking, US funding risk and China hit European medtech stocks in 2025 but challenges are priced in, says Exane BNP Paribas as it picks its favourites in the sector</p>
<div class="lb-trans"><p><strong>关税、去库存、美国融资风险以及中国因素在 2025 年对欧洲医疗科技股造成影响，但挑战已被市场定价，Exane BNP Paribas 在挑选该行业的优选股时表示</strong></p>
</div><p>** According to the brokerage, re-rating will materialize in the second half of 2026</p>
<div class="lb-trans"><p><strong>该券商表示，重新评级将在 2026 年下半年实现</strong></p>
</div><p>** BNP top picks are Essilorluxottica , Sartorius Stedim  and Fresenius</p>
<div class="lb-trans"><p><strong>BNP 的首选股票是 Essilorluxottica、Sartorius Stedim 和 Fresenius</strong></p>
</div><p>** It double upgrades Straumann  from &#34;underperform&#34; to &#34;outperform,&#34; seeing sales bouncing back and low valuation</p>
<div class="lb-trans"><p><strong>它将 Straumann 的评级从 “表现不佳” 上调至 “表现优异”，预计销售将反弹且估值较低</strong></p>
</div><p>** It upgrades Sartorius  to &#34;outperform&#34; from &#34;neutral&#34; on improving trends in equipment and a better funding environment</p>
<div class="lb-trans"><p><strong>它将 Sartorius 的评级从 “中性” 上调至 “表现优异”，原因是设备趋势改善和融资环境更好</strong></p>
</div><p>** It downgrades Siemens Healthineers  to &#34;neutral&#34; from &#34;outperform&#34; given the parent firm's overhang, unclear timing and structure for a Diagnostics exit, and a limited upside to consensus</p>
<div class="lb-trans"><p><strong>它将 Siemens Healthineers 的评级从 “表现优异” 下调至 “中性”，原因是母公司存在不确定性、诊断业务退出的时机和结构不明，以及对市场共识的上行空间有限</strong></p>
</div><p>** It also cuts Gerresheimer's  rating to &#34;underperform&#34; from &#34;neutral&#34; on weakening end-markets, high leverage and unclear path to FCF recovery</p>
<div class="lb-trans"><p><strong>它还将 Gerresheimer 的评级从 “中性” 下调至 “表现不佳”，原因是终端市场疲软、高杠杆和自由现金流恢复路径不明</strong></p>
</div><table>
<thead>
<tr>
<th>COMPANY</th>
<th>RATING</th>
<th>OLD RATING</th>
<th>PT</th>
</tr>
</thead>
<tbody>
<tr>
<td>Alcon</td>
<td>Outperform</td>
<td>Outperform</td>
<td>84 Swiss francs</td>
</tr>
<tr>
<td>Demant</td>
<td>Outperform</td>
<td>Outperform</td>
<td>285 DKK</td>
</tr>
<tr>
<td>Essilorluxottica</td>
<td>Outperform</td>
<td>Outperform</td>
<td>365 euros</td>
</tr>
<tr>
<td>Fresenius Med</td>
<td>Neutral</td>
<td>Neutral</td>
<td>45 euros</td>
</tr>
<tr>
<td>Fresenius SE</td>
<td>Outperform</td>
<td>Outperform</td>
<td>60 euros</td>
</tr>
<tr>
<td>Gerresheimer</td>
<td>Underperform</td>
<td>Neutral</td>
<td>22 euros</td>
</tr>
<tr>
<td>GN Store Nord</td>
<td>Outperform</td>
<td>Outperform</td>
<td>145 DKK</td>
</tr>
<tr>
<td>Lonza</td>
<td>Outperform</td>
<td>Outperform</td>
<td>701 Swiss francs</td>
</tr>
<tr>
<td>Philips</td>
<td>Outperform</td>
<td>Outperform</td>
<td>30 euros</td>
</tr>
<tr>
<td>Sartorius pref</td>
<td>Outperform</td>
<td>Neutral</td>
<td>296 euros</td>
</tr>
<tr>
<td>Sartorius Stedim Biotech</td>
<td>Outperform</td>
<td>Outperform</td>
<td>275 euros</td>
</tr>
<tr>
<td>SCHOTT Pharma</td>
<td>Outperform</td>
<td>Outperform</td>
<td>22 euros</td>
</tr>
<tr>
<td>Siemens Healthineers</td>
<td>Neutral</td>
<td>Outperform</td>
<td>48 euros</td>
</tr>
<tr>
<td>Straumann</td>
<td>Outperform</td>
<td>Underperform</td>
<td>110 Swiss francs</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>公司</th>
<th>评级</th>
<th>旧评级</th>
<th>目标价</th>
</tr>
</thead>
<tbody>
<tr>
<td>Alcon</td>
<td>表现优异</td>
<td>表现优异</td>
<td>84 瑞士法郎</td>
</tr>
<tr>
<td>Demant</td>
<td>表现优异</td>
<td>表现优异</td>
<td>285 丹麦克朗</td>
</tr>
<tr>
<td>Essilorluxottica</td>
<td>表现优异</td>
<td>表现优异</td>
<td>365 欧元</td>
</tr>
<tr>
<td>Fresenius Med</td>
<td>中性</td>
<td>中性</td>
<td>45 欧元</td>
</tr>
<tr>
<td>Fresenius SE</td>
<td>表现优异</td>
<td>表现优异</td>
<td>60 欧元</td>
</tr>
<tr>
<td>Gerresheimer</td>
<td>表现不佳</td>
<td>中性</td>
<td>22 欧元</td>
</tr>
<tr>
<td>GN Store Nord</td>
<td>表现优异</td>
<td>表现优异</td>
<td>145 丹麦克朗</td>
</tr>
<tr>
<td>Lonza</td>
<td>表现优异</td>
<td>表现优异</td>
<td>701 瑞士法郎</td>
</tr>
<tr>
<td>Philips</td>
<td>表现优异</td>
<td>表现优异</td>
<td>30 欧元</td>
</tr>
<tr>
<td>Sartorius pref</td>
<td>表现优异</td>
<td>中性</td>
<td>296 欧元</td>
</tr>
<tr>
<td>Sartorius Stedim Biotech</td>
<td>表现优异</td>
<td>表现优异</td>
<td>275 欧元</td>
</tr>
<tr>
<td>SCHOTT Pharma</td>
<td>表现优异</td>
<td>表现优异</td>
<td>22 欧元</td>
</tr>
<tr>
<td>Siemens Healthineers</td>
<td>中性</td>
<td>表现优异</td>
<td>48 欧元</td>
</tr>
<tr>
<td>Straumann</td>
<td>表现优异</td>
<td>表现不佳</td>
<td>110 瑞士法郎</td>
</tr>
</tbody>
</table>
</div>

法国巴黎银行挑选了医疗技术领域的热门股，并预计将在 2026 年下半年进行重新评级