Core Insights - The increasing pressure on medical insurance funds is driven by an aging population and rising medical costs, while the demand for innovative drugs and personalized medicine continues to grow [1][2] - Commercial health insurance is seen as a crucial solution to address the payment challenges for innovative drugs and to enhance the multi-tiered medical security system [2][6] Summary by Sections Current State of Medical Insurance - China has established a comprehensive basic medical insurance system, covering a wide range of the population and providing reliable medical security [3] - As of the end of 2023, the fund payment ratio for employee medical insurance in hospitals is 84.6%, while for resident medical insurance, it is 68.1% [3] Personal Medical Expenses - Despite high coverage levels, personal medical expenses remain significant, with personal health expenditure accounting for 27.3% of total health spending in 2023 [4] - Direct medical expenses in 2023 reached approximately 57 trillion yuan, with personal out-of-pocket payments exceeding 25 trillion yuan, representing over 40% [4] Role of Commercial Health Insurance - Commercial health insurance is currently underutilized, covering only about 0.38 trillion yuan of medical expenses, which is less than 7% of total medical costs [4] - Policies have been introduced to emphasize the importance of commercial health insurance and to include innovative drugs in its coverage [5][4] Focus on Innovative Drug Coverage - There is a pressing need for commercial health insurance to focus on covering expenses for innovative drugs that are not included in the basic medical insurance directory [6][8] - The establishment of a commercial health insurance drug directory is crucial for improving access to innovative drugs and high-value medical services [9] Collaboration and Innovation - The construction of a commercial health insurance directory should complement the basic medical insurance directory to effectively support innovative drug coverage [9][10] - Collaboration among insurance companies, pharmaceutical firms, and hospitals is essential for enhancing the accessibility of innovative drugs and addressing payment challenges [10]

重庆正川医药包装材料股份有限公司 www.lhratings.com 联合〔2025〕4103 号 联合资信评估股份有限公司通过对重庆正川医药包装材料股份 有限公司主体及其相关债券的信用状况进行跟踪分析和评估，确定 维持重庆正川医药包装材料股份有限公司主体长期信用等级为 A+， 维持"正川转债"信用等级为 A+，评级展望为稳定。 特此公告 联合资信评估股份有限公司 评级总监： 二〇二五年六月九日 跟踪评级报告 | 2 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日的 独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合资信 基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对象的事 实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵循了真 实、客观、公正的原则。鉴于信用评级工作特性及受客观条件影响，本报告 在资料信息获取、评级方法与模型、未来事项预测评估等方面存在局限性。 二、本报告系联合资信接受重庆正川医药包装材料股份有限公司（以下 简称"该公司"）委托所出具，除因本次评级事项联合资信与该公司构成评 级委托关系外，联合资信、评级人员与该公司不存在任何影响评级行 ...

6月10日，记者从河南省医疗保障局获悉，该局依托全国统一医保信息平台，创新推出医保码"一码 付"服务。参保群众在线下看病就医支付医疗费用时，只需扫一次码，即可快捷完成医保报销和自费支 付，解决了医保患者在各种线上平台来回切换、多次展码、反复操作的麻烦，有效缓解就医高峰时段排 队等待的情况，进一步优化了医保服务，提升了患者就医便利性。(大河财立方) ...

作为国家医保局2024年11月确定的首批试点城市，榆林通过构建"日拨付、月结算、年清算"体系，将传 统结算模式下最长30天的等待周期压缩至24小时。 "下一步将扩大试点范围，让改革成果惠及更多医疗机构和参保群众。"榆林市医保局相关负责人表示， 这项改革不仅为医院减负，更通过"真金白银"的即时兑付推动医疗资源优化配置，其"安全+效率"的双 重突破，为健康中国建设提供了可复制的基层实践样本。 "改革前医院每月垫付医保资金超1000万元，现在患者出院次日就能收到医保回款。"榆林市星元医院院 长王建睿的对比数据，道出了改革的关键成效。截至目前，全市8家试点医疗机构累计申报医保基金 5790.02万元，实际拨付2608.29万元，资金周转率提升30倍。 本报电(记者龚仕建)近日，陕西省榆林市在全国医保基金结算改革中迈出关键一步，首创"T+1"即时结 算模式，将医疗机构原本30天的医保基金结算周期压缩至1个工作日，成为全国首批实现医保资金"出院 次日达"的地区之一。这项改革不仅为医院卸下千万元级垫付压力，更通过全流程数字化重构，为全国 医保基金高效安全运行提供了"榆林方案"。 这种变革源于技术与机制的双重创新。患者出院当 ...

一年关店118家的连锁药房巨头漱玉平民再度遭遇医保解约。近日，山东省医疗保障局的一纸公告显 示，济南两家漱玉平民药房被正式解除省直医保协议关系。 就在消息公布的前三天，漱玉平民大药房连锁股份有限公司（简称"漱玉平民"）创始人兼总裁秦光霞宣 布减持公司3%股份，套现约1.5亿元。这位与董事长李文杰并肩创业26年的元老，在公司遭遇上市首次 年度亏损之后选择减持，引发市场一片哗然。 就在漱玉平民遭遇上市以来首次年度亏损和医保频频解约的敏感时刻，创始人却选择高位套现，这家曾 经风光上市的医药零售巨头如今"屋漏偏逢连夜雨"，正面临着前所未有的生存和信任危机。 医保违规"常客" 漱玉平民作为一家知名连锁药房，在济南、青岛等地区拥有众多门店，此次山东省医保局解除协议的两 家漱玉平民门店未公布具体事由，对此记者致电漱玉平民，对方工作人员表示"不了解详情"。而记者致 电山东省医疗保障局被告知："如果自动选择解除医保协议的话会在通告中体现，如未标明则可能有不 便告知的原因。" "解除医保协议的原因主要可分为两类，一种是医保部门主动解除，一种是药店主动申请解除。如果是 医保部门主动解除原因可能为医保违规或重大信息变更未报备。"医药 ...

Group 1 - The core issue revolves around the investigation into Jia Ying Pharmaceutical for disclosure violations, particularly regarding significant fund transfers to related parties without board approval, which raises concerns about governance and internal controls [1] - In the fourth quarter of 2024, the company engaged in undisclosed related party transactions amounting to 10.39 million yuan with its second-largest shareholder, highlighting a lack of transparency [1] - The independent director's misconduct, including undisclosed shareholdings and illegal stock sales, further illustrates governance failures within the company [1] Group 2 - Despite a revenue increase of 28.83% and a net profit surge of 197.23% in Q1 2025, the company faces long-term structural challenges due to a significant revenue drop of 29.46% in 2024, primarily driven by price cuts in core products [2] - The company's cash flow deteriorated sharply, with a net operating cash flow of -11.83 million yuan in Q1 2025, indicating a decline in profitability quality [2] - Research and development expenditures fell to a record low of 6.76 million yuan in 2024, representing only 1.8% of revenue, which is concerning given the company's reliance on a single product line [2]

Group 1 - The Hong Kong stock market saw a high opening but closed lower, with the innovative drug sector initially weakening before rebounding. Notable stocks included Green Leaf Pharmaceutical rising over 5%, and others like Kangnuo Pharmaceutical-B, United Pharmaceutical, and CSPC Pharmaceutical rising over 2% [1] - The Hong Kong innovative drug ETF (159567) experienced a net inflow of over 80 million yuan in the past 20 trading days, indicating high market interest [1] - Leading domestic innovative pharmaceutical companies showcased their achievements at the ASCO annual meeting, with Heng Rui Pharmaceutical presenting four studies as oral reports and five as rapid oral reports, highlighting their academic and clinical significance [1] Group 2 - The innovative drug ETF (159567) tracks the Guozheng Hong Kong Stock Connect Innovative Drug Index, with 90% of its weight in innovative drug companies, making it the highest among all medical theme indices, poised to benefit from trends like AI-enabled drug development and the international expansion of domestic innovative drugs [2] - The innovative drug ETF (159992) tracks the innovative drug index, which includes leading companies in the innovative drug industry chain, benefiting from AI advancements and the introduction of a new insurance category for high-priced innovative drugs [2] - East Wu Securities noted that China's innovative drug licensing transactions are entering a booming phase, driven by improved internal R&D capabilities and increased international trust in Chinese drug pipelines [2]

今年以来，支付宝的医疗健康业务，其业务动作、声量和产品迭代的速度，让其在医药健康里迅速声名 鹊起。 在互联网医疗的旧战场，支付宝医疗业务的角色一度模糊。同属阿里集团的阿里健康从药品零售切入医 药健康，并一度将支付宝的医疗业务收归旗下，成为阿里医疗体系中更接近医药产业的核心承载，而支 付宝的医疗业务长期以来只集中在支付端。 但在AI医疗的新战场，支付宝不再满足于作为医保支付工具或挂号渠道，而是尝试转型为一体化的医 疗服务平台。 2023年大模型技术爆发后，支付宝相继推出了"安诊儿"、"AI健康管家"等多款AI产品应 用，逐渐覆盖更广阔的医疗健康服务范围，建立起包括医保、挂号、问诊、购药、保险等流程在内的闭 环服务。 在组织内部，今年3月，支付宝拆分了数字政企事业部，将其分为医疗、出行、民生三个独立业务部 门，以强化三个板块的运作独立性、自主性，而随之意味着，医疗健康业务的组织架构和重要性在内部 进一步提升。 在产业端，支付宝医疗业务的动作更为突进，在去年完成了对好大夫在线的收购震惊行业。 这一系列事件发生的更大的背景是，AI医疗行业的变革，正在风起云涌。在互联网医疗时期没有解决 的医疗供给不足、医疗服务走不出医 ...

全程网办"零跑腿"，关系转移"指尖办"。依托全国医保信息平台，青岛市推出医保关系转移"全程网 办"服务。参保人通过"青岛医疗保障局"官网、"青岛医保"微信小程序等线上渠道，可一键提交申请， 无需提供任何纸质材料。系统自动对接全国医保信息平台进行数据流转，业务办理时限由45个工作日压 缩至跨省15个工作日、省内9个工作日，部分业务实现当日办结，效率提升超80%，业务办理进度实时 推送至手机端，全程"可视化、可追踪"。2022年1月至2025年5月，全市通过线上办理医保关系转移超 11.3万人次，线上业务量占比从2022年1月-5月的36.17%提升至2025年1月-5月的98.51%，增幅近 62.34%。 齐鲁晚报·齐鲁壹点 刁明杰 "在手机上点一点就办完了，太方便了！"近日，市民王女士通过"青岛医保"微信小程序，仅用5分钟便 完成了医保关系转移申请。同她一样，市民张先生体验到了"免申即享"服务的便利："参保登记和省内 转移同步完成，还能收到办结短信，全程不用跑腿，太贴心了！"为提升流动就业人员跨省、市转移医 保关系的便捷性和时效性，青岛市医保局以数字化改革为突破，打造"全程网办+智能监测"双服务模 式，推动 ...

截至2025年6月4日 09:53，信达生物(01801)上涨14.37%，再鼎医药(09688)上涨7.45%，诺诚健华(09969) 上涨5.43%，科伦博泰生物-B(06990)，中国生物制药(01177)等个股跟涨。香港医药ETF(513700)上涨 2.55%。 若投资者看好港股医药板块长期发展，可借助相关 ETF 布局。例如香港医药ETF(513700)，能有效跟踪 板块整体表现，分散个股风险。通过这类 ETF，投资者可一键打包众多优质港股医药标的，分享行业 发展红利。 香港医药ETF紧密跟踪中证港股通医药卫生综合指数，中证港股通医药卫生综合指数从港股通范围内选 取50只流动性较好、市值较大的医疗卫生行业上市公司证券作为指数样本，以反映港股通范围内医药卫 生上市公司证券的整体表现。 数据显示，截至2025年5月30日，中证港股通医药卫生综合指数(930965)前十大权重股分别为百济神州 (06160)、药明生物(02269)、信达生物(01801)、石药集团(01093)、康方生物(09926)、京东健康(06618)、 中国生物制药(01177)、三生制药(01530)、翰森制药(03692)、 ...