CITIC Securities: The commercial health insurance innovative drug catalog has entered a substantial implementation stage. It is recommended to continue to pay attention to the three investment themes brought by the development of commercial health insurance.

CITIC Securities' research report stated that on July 10, 2025, the National Healthcare Security Administration drafted the "2025 National Basic Medical Insurance, Maternity Insurance, and Work-related Injury Insurance Drug Catalogue and Commercial Health Insurance Innovative Drug Catalogue Adjustment Work Plan" and other related documents, marking the substantive implementation stage of the commercial insurance innovative drug catalogue. The current development of the commercial health insurance industry and the release of the commercial insurance catalogue align with CITIC Securities' predictions. It is recommended to continue to pay attention to the following three investment themes brought about by the development of commercial insurance: 1. Innovative drugs and medical devices - The release of the commercial insurance innovative drug catalogue is expected to cover innovative drugs and medical devices. Relevant companies are expected to benefit fully from the incremental payments brought about by commercial insurance, and their valuation systems are expected to improve; 2. Comprehensive service providers for commercial insurance - Empowering insurance companies with the ability to design commercial insurance products and negotiate pricing for medical products; 3. Differentiated medical terminals - Differentiated hospital terminals and pharmacies are expected to attract new payment methods, opening up future growth opportunities in performance and potentially increasing valuation levels.