医疗服务行业周报：两部门印发医保预付金制度，可缓解医疗机构垫付压力

Investment Rating - The industry rating is maintained at "Overweight" [4][28]. Core Insights - The medical service sector has shown significant growth, with a recent increase of 10.11% in the medical service sub-sector index, outperforming the broader market [2][9]. - The introduction of a prepayment system for medical insurance funds is expected to alleviate the financial burden on medical institutions, enhancing service quality for insured individuals [3][28]. - Despite recent recovery in the pharmaceutical sector, the valuation of the medical service sector remains at a historical low, indicating potential investment opportunities [12][28]. Summary by Sections Industry Performance - The pharmaceutical and biological sector rose by 6.43%, ranking 14th among 31 primary industries, while the Shanghai and Shenzhen 300 index increased by 5.50% [2][7]. - The medical service sub-sector index reported a significant increase, with leading companies such as Purui Eye Hospital (+30.4%) and Digital Human (+22.5%) showing strong performance [11][12]. Valuation Metrics - The current Price-to-Earnings (PE) ratio for the medical service sector is 37.46X, with a Price-to-Book (PB) ratio of 3.06X. The PE has increased by 3.25X from the previous week [12][20]. - Historical valuation data indicates that the medical service sector is at the 21.61st percentile of its historical valuation range, suggesting it is undervalued compared to its historical performance [12][28]. Policy Developments - The National Healthcare Security Administration and the Ministry of Finance have issued guidelines for the prepayment of medical insurance funds, which are expected to support standardized medical institutions [3][25]. - The prepayment system is designed to provide financial support for medical institutions, allowing them to manage operational costs more effectively [26][28].