平安证券：晨会纪要-20241216

Group 1 - The core viewpoint of the report emphasizes exploring new growth from payment sources in the pharmaceutical industry, focusing on innovation, overseas expansion, equipment upgrades, and consumption recovery [6][8] - The pharmaceutical sector has underperformed the market year-to-date, with a decline of 9.29% as of November 29, 2024, lagging behind the CSI 300 index by 23.43 percentage points [8] - The report identifies six main cash flow sources for the pharmaceutical industry: medical insurance, commercial insurance, out-of-pocket payments, financing, fiscal input, and overseas expansion, with commercial insurance expected to become a significant new growth area [8][9] Group 2 - The report suggests that the medical insurance system remains the largest single payer in the pharmaceutical market, with marginal improvements expected despite cost control measures [8][9] - Commercial insurance is seen as a crucial part of a multi-tiered protection system, with significant growth potential in China, supported by policy initiatives [8][9] - The report highlights the importance of overseas expansion, which includes product exports and service exports, as a long-term opportunity for the pharmaceutical sector [9] Group 3 - The report recommends focusing on innovative pharmaceutical products with global competitiveness, suggesting specific companies such as Dongcheng Pharmaceutical and Jiutian Pharmaceutical for investment [9] - It also highlights the potential for recovery in consumption-driven sectors like ophthalmology and aesthetic medicine, recommending companies like Purui Eye Hospital and Tongce Medical [9] - The report indicates that fiscal support for medical equipment upgrades is expected to accelerate, with companies like United Imaging Medical and Aohua Endoscopy being potential investment targets [9]