医药生物行业周报：“医保+商保”多元支付有望缓解医疗支付压力

Investment Rating - The report rates the pharmaceutical and biotechnology industry as "Outperforming the Market" [1][44]. Core Insights - The integration of "medical insurance + commercial insurance" is expected to alleviate the financial pressure on healthcare payments, with data sharing between these two systems providing a foundation for one-stop settlement solutions [2][31]. - The pharmaceutical and biotechnology sector has shown resilience, with the Shenwan Pharmaceutical and Biotechnology Index declining by 2.36% from November 18 to November 22, 2024, outperforming the CSI 300 Index by 0.24 percentage points during the same period [1][20]. - The current price-to-earnings ratio (TTM) for the Shenwan Pharmaceutical and Biotechnology sector is 26.79, indicating a significant recovery from the lows observed in July-August 2024 [1][26]. Summary by Sections Industry Performance - The Shenwan Pharmaceutical and Biotechnology Index experienced a decline of 2.36% from November 18 to November 22, 2024, while the CSI 300 Index fell by 2.60%, resulting in a relative outperformance of 0.24 percentage points [20]. - All sub-sectors within the pharmaceutical and biotechnology industry saw declines, but the chemical pharmaceuticals, medical commerce, medical devices, and biological products sub-sectors outperformed the CSI 300 Index [22]. Investment Opportunities - The report highlights promising investment opportunities in innovative medical devices and pharmaceuticals, recommending companies such as Baijun Medical, Sanyou Medical, and Heng Rui Medicine, which are entering rapid sales growth phases [3]. - It also suggests monitoring companies in the traditional Chinese medicine sector, raw materials, CXO services, medical services, vaccines, and retail pharmacies for potential growth [3]. Data Sharing and Insurance Integration - The establishment of a national medical insurance platform aims to address issues such as information asymmetry and high verification costs in the commercial health insurance sector, facilitating the integration of medical and commercial insurance [32][33]. - The report draws parallels with the mature commercial insurance market in the United States, where employer-sponsored insurance plays a crucial role, covering approximately 68.7% of the population as of 2022 [34].