Citic Securities interprets the catalogue of innovative drugs for commercial insurance: recommends focusing on three major investment themes, integrated service providers such as Meixin Health and Sipai Health may benefit.

CITIC Securities recent research report pointed out that the National Medical Insurance Administration has initiated the adjustment of the commercial insurance innovative drug catalog, marking the substantial landing stage of the commercial insurance innovative drug catalog. The medical and health industry is expected to usher in a "Davis double-click," and the valuation system is expected to be reshaped. It is recommended to continue to focus on the three investment themes brought by the development of commercial insurance: innovative medical devices; comprehensive service providers for commercial insurance; and differentiated medical terminals. It is suggested to pay attention to Spaid Health and Meixin Health under Shanghai Pharmaceuticals. CITIC Securities believes that from 2023 to 2030, the payment amount for innovative medical devices under commercial health insurance is expected to increase from 7.3 billion yuan to 126.2 billion yuan, with a CAGR of 50.3%.