金吾财讯 | 招银国际表示，MSCI中国医疗指数2025年初至今累计上涨5.3%，跑赢MSCI中国指数0.9%。受益于海外降息以及国内宏观环境改善，医药作为高弹性行业有望在2025年跑赢市场。丙类医保目录年内即将落地，创新药将借助商业医疗保险的覆盖获得更好的支付条件。医疗设备招标加速复苏，将推动国产医疗设备企业盈利复苏。该行看好看好行业估值修复。推荐买入药明康德(02359, 603259 CH)、百济神州(ONC US)、信达生物(01801)、联影医疗(688271 CH)、巨子生物(02367)、三生制药(01530)、科伦博泰(06990)。该行提到，创新药持续兑现业绩，龙头公司将进入持续盈利阶段。该行认为，中国将成为海外药企寻找创新药管线的必选之地，中国创新药将在国际舞台扮演愈加重要的角色。丙类医保目录计划年内落地，商业医疗保险助力打开创新药支付天花板。该行认为丙类目录或将优先考虑国谈中通过了形式审查及专家评审，却最终未被纳入基本医保目录的药品，例如CAR-T、ADC等，国内创新药有望打开支付空间。医保预付金和即时结算制度有望缓解产业链资金压力。该行认为，医保预付金和即时结算制度将有效缓解产业链的资金压力，利好商业流通、医疗机构等。
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