本报告为瑞银对欧洲医疗科技板块2026年三季度业绩期的前瞻研究。基于近期在欧洲和美国的市场推广反馈，投资者对该板块的情绪是自二季度以来最悲观的，但报告认为三季度可能成为多数覆盖标的的重要拐点：营收和盈利增长有望加速，受益于汇率顺风以及关税高基数效应的消退。风险回报较高的标的包括Convatec（买入）、Smith & Nephew（中性）和Sonova（买入）；风险回报欠佳的标的为Carl Zeiss Meditec（卖出）、Elekta（卖出）和Philips（中性）。
Sentiment towards European MedTech is as negative as it has been since Q2, based on our recent marketing across Europe and the US. However, we think Q3 could mark an important inflection point for much of our coverage, with revenue and earnings growth set to accelerate, supported by FX tailwinds and the annualisation of tariff headwinds. Against this backdrop, we see particularly attractive risk/reward into results for Convatec (Buy), Smith & Nephew (Neutral) and Sonova (Buy). Conversely, we view the setups for Carl Zeiss Meditec (Sell), Elekta (Sell) and Philips (Neutral) as less compelling. Finally, we see full-year results and likely midterm guidance resets at Ambu (Neutral) and Coloplast (Buy) as potential clearing events. The report reviews expectations, positioning and key debates for each of our covered names ahead of the Q3 reporting season, including Alcon, Biomerieux, Coloplast, Demant, Diasorin, Fresenius Medical, Fresenius SE, GE Healthcare, Getinge, Ottobock, Sandoz, Sieme