医药：医保预付金制度有望提升医疗服务业经营效率

Investment Rating - The report assigns an "Overweight" rating to the healthcare industry [1]. Core Viewpoints - The establishment of the medical insurance prepayment system is expected to enhance operational efficiency in the healthcare sector [1][2]. - The prepayment system will alleviate the financial pressure on medical institutions, thereby improving their operational efficiency and promoting stable operations for pharmaceutical and consumable companies [1][2]. - The report expresses optimism about the development prospects of the healthcare service industry, recommending companies such as Haijia (603939CH, Buy rating, target price RMB 47.90), Gushengtang (2273 HK, Buy rating, target price HK$ 73.95), and Jinxin Reproductive (1951 HK, Buy rating, target price HK$ 4.78) [3]. Summary by Sections Medical Insurance Prepayment System - The prepayment system aims to help medical institutions manage cash flow pressures and enhance service capabilities, specifically for drug and consumable expenditures [2]. - The prepayment amount will be based on the average monthly expenditure of the medical insurance fund over the previous 1-3 years, adjusted according to the annual comprehensive evaluation and credit rating of the medical institutions [2]. Industry Outlook - The report anticipates that the implementation of the prepayment system will accelerate cash flow in the Chinese healthcare service industry, leading to improved operational efficiency [3].