医疗服务行业周报：政府工作报告：三医协同，深化医改-2025-03-13

Investment Rating - The industry rating is maintained at "Overweight" [7][10][59] Core Views - The medical service sector showed a significant increase of 2.63%, outperforming other sub-sectors within the pharmaceutical industry [3][25] - The government work report emphasizes the need for coordinated development of medical services, insurance, and pharmaceuticals, aiming to enhance basic healthcare services and improve the quality of medical resources [5][57] - Despite ongoing pressures from medical insurance cost control, the establishment of a multi-tiered payment system and the rigid demand for medical services are expected to stabilize the industry [10][59] Summary by Sections Industry Performance - The pharmaceutical sector rose by 1.06%, ranking 19th among 31 primary industries, while the Shanghai and Shenzhen 300 Index increased by 1.39% [3][13] - The medical service sub-sector reported a closing price of 5556.11 points, with a weekly increase of 2.63% [25][32] Valuation Metrics - The current PE (ttm) for the medical service sector is 37.89X, with a historical maximum of 40.18X and a minimum of 20.88X over the past year [4][32] - The current PB (lf) stands at 3.05X, with historical extremes of 3.37X and 2.06X [4][32] Industry Dynamics - The National Healthcare Security Administration has released guidelines to standardize pricing for orthodontic treatments in public hospitals [5][56] - All secondary and above public hospitals in Ningxia have integrated the DeepSeek domestic medical model, enhancing the digitalization of healthcare services [5][56] Government Initiatives - The government work report outlines strategies for improving healthcare services, including enhancing the quality of public hospitals and optimizing drug procurement policies [5][57] - Increased financial support for residents' medical insurance and public health services is set to improve healthcare accessibility [5][57] Investment Opportunities - The report suggests focusing on high-growth areas such as ADC CDMO in pharmaceutical outsourcing and the peptide CDMO in weight-loss drug supply chains [10][59] - There is potential for recovery in profitability for third-party medical testing laboratories and consumer healthcare sectors like ophthalmology and dentistry [10][59]