Everbright Securities released the investment strategy for the medical and biological industry in 2025. Exploring investment opportunities from a payment perspective: analyzing a series of complex trends such as comprehensive population structure, policy framework, and economic environment, in a situation where demand cannot expand infinitely, it is necessary to selectively identify structural investment opportunities. The core contradiction lies in the willingness and ability to pay. Therefore, from a payment perspective, based on the three payment channels within the medical industry: in-hospital payments, out-of-pocket payments, and overseas payments, they are reviewed separately, bullish on in-hospital policy support (innovative drugs and equipment updates), expansion of people's demand (blood products, home medical instruments, weight-loss drug industry chain), and the upward trend in going global (heparin, respiratory tract joint inspection). Key recommendations: Jiangsu Hengrui Pharmaceuticals, Innovent Bio, Shenzhen Mindray Bio-Medical Electronics, United Imaging Healthcare, Jiangsu Yuyue Medical Equipment & Supply, Beijing Tiantan Biological Products Corporation, Pacific Shuanglin Bio-Pharmacy, Changzhou Qianhong Biopharma, Chongqing Taiji Industry.