金吾财讯 | 交银国际预计2025年商保将有望进一步发展，协助解决创新药支付问题。同时，丙类目录+商保差异化发展的创新支付机制或缓解创新药械企业面临的进院难、报销支付难问题。近期医药板块在大幅震荡后有所回落，考虑到板块估值仍处于历史底部、叠加后续财政、医保/商保利好政策出台+流动性改善，该行认为仍有进一步修复空间。该行继续重点推荐后续政策空间的潜在受益标的，包括：1）康方生物(09926)、传奇生物、云顶新耀(01952)等短期催化剂丰富、盈利高增长或盈亏平衡时间点明确、估值有较大修复弹性的创新药标的；2）先声药业(02096)、中国生物制药(01177)等存在业绩增速+估值倍数共同修复潜力的龙头处方药企。同时建议关注：1）消费属性较强的民营医疗服务和医美标的；2）股息率高、有望受益于行业整体基本面改善的医药商业流通标的。
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