Investment Rating - The report does not explicitly state an investment rating for the industry [2]. Core Insights - The medical insurance fund income grew steadily from January to October 2025, totaling RMB 2.35 trillion (YoY +2.0%). Urban employee fund income was RMB 1.52 trillion (+5.8%), while urban-rural resident fund income was RMB 836.90 billion (-4.3%) [10][11]. - Expenditure slowed, with total expenditure from January to October 2025 at RMB 1.90 trillion (-0.7%). Urban employee fund expenditure was RMB 1.09 trillion (+2.2%), and urban-rural resident fund expenditure was RMB 809.63 billion (-4.4%) [11][12]. - The accumulated balance from January to October 2025 was RMB 448.40 billion (balance ratio 19.1%), with urban employee fund at RMB 421.12 billion (balance ratio 27.8%) and urban-rural resident fund at RMB 27.27 billion (balance ratio 3.3%) [12]. - Fiscal expenditure grew steadily, with health spending at RMB 1.69 trillion (+2.4%) from January to October 2025 [13]. Summary by Sections Income - Total medical insurance fund income from January to October 2025 was RMB 2.35 trillion, with urban employee fund income at RMB 1.52 trillion and urban-rural resident fund income at RMB 836.90 billion [10][11]. Expenditure - Total expenditure for the same period was RMB 1.90 trillion, with urban employee fund expenditure at RMB 1.09 trillion and urban-rural resident fund expenditure at RMB 809.63 billion [11][12]. Balance - The accumulated balance was RMB 448.40 billion, with urban employee fund balance at RMB 421.12 billion and urban-rural resident fund balance at RMB 27.27 billion [12]. Fiscal Health Spending - Health spending from January to October 2025 was RMB 1.69 trillion, reflecting a growth of 2.4% [13].