医药：医保预付金制度建立，有望促进企业回款加速

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the pharmaceutical industry, indicating a projected investment return that will exceed the CSI 300 Index by 10% or more over the next six months [8]. Core Insights - The establishment of the medical insurance prepayment system is expected to alleviate financial pressure on medical institutions and accelerate payment collection for pharmaceutical companies. This is particularly relevant given the increasing accounts receivable turnover days in the A-share pharmaceutical distribution sector, which reached approximately 108 days in the first three quarters of 2024, a year-on-year increase of 3 days [3][8]. - The prepayment system is designed to provide liquidity to eligible medical institutions, specifically for the procurement of drugs and medical consumables, thereby enhancing the payment capabilities of these institutions towards pharmaceutical companies [3][8]. Summary by Sections Policy Implementation - Provincial medical insurance departments are required to guide the establishment of prepayment systems based on the surplus of basic medical insurance funds. The prepayment for employee medical insurance can be implemented if the cumulative surplus can cover at least 12 months of payments, while for resident medical insurance, it should cover at least 6 months [2]. Financial Management - The prepayment amount will be determined based on the average monthly expenditure of the medical insurance fund over the past one to three years, with adjustments made according to the comprehensive evaluation and credit rating of the medical institutions [2]. Market Opportunities - The report suggests focusing on leading national and regional pharmaceutical distribution companies, including China National Pharmaceutical Group, Shanghai Pharmaceuticals, and others, as they are likely to benefit from the improved cash flow resulting from the prepayment system [8].