医保政策点评：赋能商业健康险促进支付多元化，医保预付缓解垫资压力

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology sector [5]. Core Insights - The recent healthcare policies reflect that China's medical reform has entered a deep-water zone, impacting the underlying structure of payment systems and reshaping past hospital interests and social structures [4]. - The implementation of the prepayment system is expected to improve the overall cash flow cycle of the industry chain, directly benefiting distribution companies [4]. - The establishment of a diversified payment structure will open up new growth opportunities for innovative drugs and medical devices [4]. Summary by Sections Industry Overview - The national unified medical insurance system and big data are empowering the development of commercial health insurance, promoting the diversification of payment methods [2]. - The lack of medical data has historically hindered the development of commercial health insurance in China [2]. Prepayment System - The prepayment system aims to enhance the efficiency of medical insurance fund usage and alleviate the financial pressure on medical institutions [3]. - Prepayment funds are designated for purchasing drugs and medical supplies, not for non-medical expenses [3]. Investment Recommendations - The report suggests focusing on companies that will benefit from the new policies, including China National Pharmaceutical Group, Shanghai Pharmaceuticals, and China Resources Pharmaceutical [4]. - It also highlights potential growth for innovative drug companies such as Heng Rui Medicine and Innovent Biologics due to the new payment structures [4].