医药生物行业《关于做好医保基金预付工作的通知》点评：缓解医疗机构医疗费用垫支压力，促进药品和耗材企业稳健运行

Investment Rating - The report gives an "Overweight" rating for the pharmaceutical and biotechnology industry, indicating a positive outlook for the sector [2]. Core Insights - The report highlights the implementation of a new policy by the National Healthcare Security Administration and the Ministry of Finance, which aims to alleviate the financial pressure on medical institutions by providing advance payments from the medical insurance fund for drug and medical supplies procurement [2]. - The advance payment system is expected to enhance the cash flow of medical institutions, thereby encouraging them to improve healthcare services and facilitating timely payments to upstream suppliers [2]. - The report identifies that all 31 provincial-level administrative regions meet the conditions for employee medical insurance fund prepayment, with 15 regions also qualifying for residents' medical insurance fund prepayment, indicating a broad coverage of the new policy [2]. Summary by Sections Policy Overview - The advance payment is intended to support designated medical institutions in managing their upfront costs, ultimately benefiting insured individuals by providing better healthcare services [2]. - The conditions for disbursement include that the cumulative balance of the employee medical insurance fund must cover at least 12 months of payments, while the residents' medical insurance fund must cover at least 6 months [2]. Financial Data - The report includes detailed financial data for various provinces, showing the cumulative balance and year-on-year changes in medical insurance funds, indicating overall growth in the sector [3]. - For instance, in 2023, the cumulative balance of employee medical insurance funds in Guizhou was 498 million, with a year-on-year growth of 12%, while Beijing reported a balance of 3,016 million with a 37% increase [3]. Investment Recommendations - The report suggests that the new policy will benefit hospitals and companies with a high proportion of medical insurance, particularly listed companies focused on serious medical care and pharmaceutical distribution, such as International Medicine, New Mileage, and Shanghai Pharmaceuticals [2].