医药生物行业：医保个人账户打破地域限制，“家庭共济”模式升级

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Viewpoints - The implementation of the cross-provincial mutual aid policy for personal medical accounts is a significant reform aimed at improving fund utilization efficiency and facilitating the rational allocation of medical resources [2][2] - The personal medical account funds can now be used across provinces for family members, enhancing convenience for insured individuals and their close relatives [2][2] - The pilot program for cross-provincial mutual aid has been launched in 31 regions, with expectations for further expansion across the country [2][2] Summary by Sections Industry Performance - The relative return over the past month is 1.73%, while the absolute return is 1.14%. Over three months, the relative return is -0.93%, and the absolute return is 19.65%. Over twelve months, the relative return is -25.76%, and the absolute return is -12.42% [1] Investment Highlights - The personal medical account income for 2023 is 635.135 billion, with expenditures of 609.795 billion, resulting in a current balance of 25.339 billion and a cumulative balance of 1,395.421 billion [2] - The expected annual cross-provincial mutual aid funds will reach a scale of hundreds of billions, benefiting retail pharmacies and enhancing their business volume and service levels [2][2] - Key retail pharmacy companies to watch include Lao Bai Xing, First Pharmacy, Yi Xin Tang, and Yi Feng Pharmacy [2]