金吾财讯 | 中信证券表示，从医保基金运行情况来看，基本医保基金收支和结余整体保持稳健。2026年2月医保支出同比增速回升，收支剪刀差有所收窄。该机构预计在医保基金监管力度持续加大，DRG/DIP精细化管理的推动下，2026年全年基金结余率或将延续此前节奏略有提升。该机构认为，2026年医保基金将聚焦提升基金管理效能+发展多层次医疗保障+支持创新三大方向，其中：①商业健康险、长护险迎来发展新动能，为医药行业提供新支付增量；②提高管理效能方面将严格医保基金监管，推动基本医保省级统筹，加大对于基层医疗支付；③建议关注医保对于医药领域创新技术的全方位支持，包括创新药械、脑机接口、AI医疗等。医疗健康产业政策改革进入密集期，建议持续关注政策驱动下的医疗健康产业投资机会。
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