Industry Investment Rating - The report maintains a positive outlook on the Chinese healthcare services industry, recommending stocks such as Haiya (603939CH, Buy, target price RMB44.96), Jinxin Fertility (1951 HK, Buy, target price HK73.95) [2][3] Core Viewpoints - The implementation of immediate settlement of medical insurance funds in Anhui Province, starting from January 1, 2025, is expected to significantly alleviate the financial pressure on medical institutions by reducing the reimbursement cycle from 60 days to 1 day [1] - Immediate settlement is anticipated to improve the cash flow levels of the entire industry, benefiting both medical institutions and the upstream pharmaceutical sector [2] - The reform is seen as a key driver for the sustainable development of medical institutions, enhancing operational efficiency and accelerating reimbursement processes [1][2] Industry Analysis - The reform shifts the settlement model from a "post-payment system" to an "immediate settlement system", where funds are automatically collected and settled on the same day, with payments arriving the next day [1] - This change is expected to streamline cash flow for medical institutions, reducing their reliance on upfront payments and improving overall financial health [1][2] - The report highlights the potential for accelerated reimbursement and improved operational efficiency across the healthcare services industry, driven by the new settlement model [2] Company Recommendations - Haiya (603939CH): Buy rating with a target price of RMB44.96 [2] - Jinxin Fertility (1951 HK): Buy rating with a target price of HK73.95 [2]
医药：医保基金即时结算赋能医疗机构可持续发展
华兴证券·2025-01-16 07:01