医药生物行业跨市场周报：赋能商业健康险促进支付多元化，医保预付缓解垫资压力

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology sector [1]. Core Insights - The report emphasizes the empowerment of commercial health insurance to promote diversified payment methods and the prepayment system of medical insurance to alleviate the financial pressure on medical institutions [19][20]. - Recent medical insurance policies reflect that China's medical reform has entered a deep phase, impacting the underlying structure of payment systems [20][22]. - The gradual implementation of the prepayment system is expected to improve the overall payment cycle in the industry chain, benefiting distribution companies directly [20][22]. Summary by Sections Market Review - The pharmaceutical and biotechnology index fell by 3.92%, underperforming the CSI 300 index by 0.63 percentage points [7]. - The best-performing sub-sector was pharmaceutical distribution, which increased by 0.06%, while the hospital sector saw a decline of 5.65% [7][10]. Company Announcements - Notable company updates include the acquisition of 100% equity of China New Medicine by Kangyuan Pharmaceutical for 270 million yuan [24]. R&D Progress Updates - Recent clinical applications include the new undertaking of HBM9378 by Kelun-Botai and IBI3014 by Innovent Biologics [25]. Important Database Updates - From January to November 2023, the total number of medical treatments in hospitals reached 3.861 billion, a year-on-year increase of 7.08% [29]. - Basic medical insurance revenue for the first seven months of 2024 was 1.5755 trillion yuan, with expenditures of 1.3829 trillion yuan [34]. Investment Recommendations - The report suggests focusing on companies such as China National Pharmaceutical Group, Shanghai Pharmaceuticals, and Huazhong Pharmaceutical, which are expected to benefit from the evolving payment structures [20][22]. - Key recommended stocks include Heng Rui Medicine, Innovent Biologics, and Mindray Medical [22].