智通财经网·2026-03-11 06:38Group 1 - The core viewpoint is that the acceleration of provincial coordination of medical insurance funds is expected to enhance the efficiency of fund utilization, potentially becoming a new starting point for investment in the pharmaceutical sector [1] - Recent policies on provincial coordination of medical insurance have been intensively deployed, with significant discussions and implementations scheduled for 2025 and 2026, indicating a strong governmental push towards improving the medical insurance system [1][2] - The medical insurance fund is a core component of China's pharmaceutical payment system, and its growth is highly correlated with the revenue growth of the pharmaceutical manufacturing industry, suggesting that an increase in medical insurance expenditure will positively impact the recovery of the healthcare sector [1] Group 2 - The provincial coordination system aims to address structural issues within the medical insurance fund, redistributing surpluses from economically developed areas to support regions facing financial difficulties, thereby revitalizing existing funds and reversing the trend of slowing expenditure growth [2] - Over 20 provinces are accelerating the transition to a "unified collection and expenditure" model, with several provinces already implementing this system, which is projected to lead to a compound annual growth rate (CAGR) of 10.4% in income and 13.4% in expenditure for the medical insurance fund from 2021 to 2035 [3] - The acceleration of medical insurance expenditure is expected to benefit the recovery of the domestic healthcare industry, particularly in medical services, hospital-based medical devices, diagnostics, and innovative drugs, which are anticipated to see increased demand and improved financial performance [4]