商保有望加速发展，看好优质创新药械及相关产业链

Investment Rating - The report maintains a "Positive" investment rating for the pharmaceutical and biotechnology industry [3]. Core Views - The report suggests that commercial insurance is expected to accelerate its development, playing a more significant role in residents' medical payments, which will foster a positive interaction with basic medical insurance and promote the growth of innovative drugs and medical devices [13]. - It is anticipated that the performance of most pharmaceutical and biotechnology companies has bottomed out in Q3 2024, with potential for recovery as policies are implemented and the impact of anti-corruption measures diminishes [13]. Summary by Sections 1. Industry Weekly Perspective - The pharmaceutical and biotechnology sector achieved a weekly return of +2.95%, outperforming the CSI 300 by +1.63%, ranking 13th among 31 first-level sub-indices [10]. - The chemical pharmaceutical sector had the highest weekly increase of 4.89%, while the medical device sector had the lowest increase of 1.57% [10][11]. 2. Industry Performance and Valuation - The pharmaceutical and biotechnology index has a current PE (TTM) of 27.81, which is below the historical average of 31.65 [22]. - Over the past month, the pharmaceutical and biotechnology sector returned +2.01%, outperforming the CSI 300 by +1.31% [19]. 3. Investment Focus - Key investment themes include: 1. High-quality innovative drugs and medical devices, with companies like Innovent Biologics and Mindray Medical [13]. 2. Beneficiaries of the prepayment system and local government debt relief, including pharmaceutical distribution companies like Sinopharm [13]. 3. Consumer healthcare assets that may benefit from economic recovery, such as Changchun High-tech and Zhifei Biological [14]. 4. State-owned enterprise reforms and mergers expected to accelerate in 2025, focusing on companies like Sinopharm and China Resources [16]. 5. Companies that may benefit from centralized procurement policies, such as Aikang Medical and Fuan Pharmaceutical [16].