《关于做好医保基金预付工作的通知》文件简评：完善医保预付金制度，回款压力有望减轻

Investment Rating - The report assigns an "Overweight" rating to the pharmaceutical manufacturing and pharmaceutical services industries [1][2]. Core Insights - The recent notification from the National Healthcare Security Administration and the Ministry of Finance aims to improve the medical insurance prepayment system, which is expected to alleviate the repayment pressure on pharmaceutical companies [2][3]. - The overall operation of the medical insurance fund is stable, with a total income of 1,575.5 billion yuan (+4.0%) and total expenditure of 1,382.9 billion yuan (+14.9%) from January to July 2024, resulting in a cumulative surplus of 192.6 billion yuan by July [3]. - The implementation of the prepayment system is anticipated to reduce the financial burden on medical institutions and improve cash flow for pharmaceutical distribution companies [3]. Summary by Sections Medical Insurance Prepayment System - The notification supports regions to enhance the prepayment management approach, allowing eligible medical institutions to apply for prepayments annually in January, with a scale of about one month [3]. - Previous trials of the prepayment system have been conducted in various provinces, indicating a move towards a more structured national implementation [3]. Impact on Pharmaceutical Companies - The report highlights that the repayment pressure on pharmaceutical distribution companies is expected to ease if the prepayment system is implemented nationwide, particularly in 2024 when repayment pressures are projected to be significant [3]. - Beneficiaries identified include Shanghai Pharmaceuticals and China National Pharmaceutical Group [3]. Collection Policies for Procured Drugs - The report notes that the collection policies for procured drugs are being continuously advanced, with a requirement for medical institutions to settle payments within 30 days [3]. - The report maintains "Overweight" ratings for companies such as Hengrui Medicine, East China Pharmaceutical, Enhua Pharmaceutical, and Jingxin Pharmaceutical based on their performance metrics [3][4].