昨日(8日)信达生物股价下跌约7%，对比同日恒生医疗保健指数(HSHCI)跌幅为约1.5%，该行相信是与 上周末公布的国家医保药品目录谈判结果有关，投资者感到担忧的包括礼来(LLY.US) 替尔泊肽 (Tirzepatide)糖尿病适应症获纳入医保目录，或对信达生物旗下的玛仕度肽(Mazdutide)销售潜力构成压 力;亦有投资者担心信达生物会否为使小分子抑制剂药物纳入医保目录而进行超出预期的降价。 智通财经APP获悉，摩根大通发布研报称，对礼来替尔帕肽获纳入医保目录并不完全感到意外，相信信 达生物(01801)的玛仕度肽能采取灵活的定价策略来应对，又指中国减重药物市场空间庞大，足够数款 重磅药物的发展，对信达生物给予"增持"评级，看好其产品管线涵盖肿瘤、自体免疫、代谢疾病及眼科 等多个领域，认为短中期投资者或关注资产对外授权的能力。小摩预测于2027年信达将在市面上有十多 款产品，销售额可达170亿元人民币，给予目标价110港元。 ...

Core Viewpoint - UBS reports that Innovent Biologics (01801) has six new products and a new indication for sintilimab included in the latest National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug List (2025) [1] - Innovent Biologics has officially been included in the Hang Seng Index as of today [1] - UBS maintains a "Buy" rating with a target price of HKD 137.4 [1] Group 1 - The new products targeting IGF-1R, EGFR, BTK, ROS1, KRAS G12C, and RET are expected to see rapid sales growth by 2026 [1] - The inclusion of teriparatide for diabetes in the insurance list positively impacts the upcoming launch of masitinib, expected in 2026, although price adjustments need to be monitored [1] - Inclusion in the Hang Seng Index is anticipated to enhance stock liquidity [1]

Core Viewpoint - UBS reports that Innovent Biologics (01801) has six new products and a new indication for sintilimab included in the latest National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug List (2025) [1] - Innovent Biologics has been officially included in the Hang Seng Index as of today [1] - UBS maintains a "Buy" rating with a target price of HKD 137.4 [1] Group 1 - The new products targeting IGF-1R, EGFR, BTK, ROS1, KRAS G12C, and RET are expected to see rapid sales growth by 2026 [1] - The inclusion of teriparatide for diabetes in the insurance list positively impacts the expected launch of masitinib in 2026, although price adjustments need to be monitored [1] - Inclusion in the Hang Seng Index is anticipated to further enhance liquidity for the company's stock [1]

摩根大通发表研究报告指，对礼来替尔帕肽获纳入医保目录并不完全感到意外，相信信达生物的玛仕度 肽能采取灵活的定价策略来应对，又指中国减重药物市场空间庞大，足够数款重磅药物的发展。该行对 信达生物给予"增持"评级，给予目标价110港元，看好其产品管线涵盖肿瘤、自体免疫、代谢疾病及眼 科等多个领域，认为短中期投资者或关注资产对外授权的能力。该行预测于2027年信达生物将在市面上 有十多款产品，销售额可达170亿元。 ...

Core Insights - The conference "2025 Financial Empowerment of the Medical and Health Industry (Guangxi) Innovation Conference" was successfully held in Nanning, focusing on building a closed-loop ecosystem of "technology innovation + capital empowerment + industry landing" to support Guangxi in becoming a healthcare industry hub facing ASEAN [2] - The "2025 China Innovative Drug Industry Investment Blue Book" was jointly released, providing authoritative and practical development trend analysis and investment layout guidance for industry participants, investors, and policymakers [2] Industry Development Background - The demand for innovative drugs is shifting from "curative" to "long-term management" and "precision" due to population aging and chronic diseases [6] - The number of rare diseases is increasing, necessitating the development of effective treatments [6] - AI-driven drug development is shortening research cycles, and innovative biopharmaceutical technologies are flourishing [6] Global Innovative Drug Development Trends - The number of innovative drugs in the oncology field is steadily increasing, with its share rising from 35% in 2020 to 45% in 2024, driven by breakthroughs in targeted therapies and CAR-T cell therapies [8] - From 2015 to 2024, a total of 12,263 innovative drugs are expected to be developed globally, with 9,427 still active by the end of 2024 [10] - China has become the country with the most innovative drugs since 2020, reaching 704 by 2024, surpassing the U.S. [11] China’s Innovative Drug Industry Development - The Chinese innovative drug industry has evolved through four stages: initial stage, combination of imitation and innovation, rise of innovation, and globalization [19] - The policy environment has increasingly focused on supporting innovative drugs, with a systematic policy matrix established to accelerate their transition from laboratory to clinical application [17] Market Size and Financing Trends - The innovative drug market in China is projected to reach CNY 1,620 billion by 2024, with commercial health insurance accounting for only 7.7% of the payment market [25] - The financing landscape has shifted from a focus on quantity to quality, with a notable increase in the proportion of domestic companies' innovative drugs approved in China, rising from under 10% in 2015 to 50% in 2024 [23] Future Opportunities and Challenges - The aging population and the demand for innovative drugs in oncology and chronic diseases are expected to continue growing [69] - The industry faces challenges such as geopolitical tensions, regulatory tightening, and high-risk characteristics of drug development, which typically takes over 10 years and requires substantial investment [71][72]

Core Viewpoint - UBS reports that six new products from Innovent Biologics and the new indications for Sintilimab have been included in the updated National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug List (2025) [1] Group 1: Product Impact - UBS predicts that sales of the new products (IGF-1R, EGFR, BTK, ROS1, KRAS G12C, RET) will experience rapid growth by 2026 [1] - The inclusion of Teriparatide for diabetes indications in the insurance scheme positively impacts the market outlook for Masitinib, which is expected to launch in 2026 [1] Group 2: Market Position - Being included in the Hang Seng Index is expected to enhance the liquidity of the stock [1] - UBS sets a target price of HKD 137.4 for Innovent Biologics, maintaining a "Buy" rating [1]

Core Viewpoint - The release of the 2025 version of the basic medical insurance directory and the first commercial insurance directory is expected to support innovation in the CXO industry, leading to a potential performance recovery in the second half of the year [1] Summary by Categories Industry Outlook - The report indicates that several companies' core innovative products have been included in the medical insurance directory [1] - Despite ongoing pressures on medical insurance revenue due to macroeconomic conditions and aging populations, attention is drawn to the renewal of national centralized procurement [1] Commercial Insurance - The initial commercial insurance directory is expected to have limited short-term impact on product sales due to the small scale of commercial insurance [1] - However, the significance of the commercial insurance directory is highlighted as it may pave the way for the expansion of commercial medical insurance in China, marking the beginning of a diversified payment system development [1] Company Recommendations - The report recommends buying shares in the following companies: - Sanofi (01530) - Genscript Biotech (02273) - WuXi AppTec (02268) - Genor Biopharma (02367) - Innovent Biologics (01801) - China Biologic Products (01177) [1]

Core Insights - Innovent Biologics announced that PECONDLE® (picankibart injection) achieved both primary and key secondary efficacy endpoints in the Phase 3 CLEAR-2 study for moderate-to-severe plaque psoriasis, marking it as the first China-developed IL-23p19 monoclonal antibody to receive market approval from the NMPA in November 2025 [1][11]. Study Design and Results - The CLEAR-2 study was a multicenter, randomized, double-blind, placebo-controlled Phase 3 trial involving 566 participants, focusing on the efficacy of picankibart during maintenance treatment and after withdrawal [2]. - At Week 56, 89.3% of participants in the 100 mg group and 90.1% in the 200 mg group maintained a PASI 90 response, significantly higher than the withdrawal groups [3]. - All key secondary endpoints were met, showing significant improvements in skin clearance and quality of life for participants receiving picankibart compared to those in withdrawal [4]. Efficacy and Safety - Picankibart demonstrated durable efficacy post-withdrawal, with maintenance treatment significantly reducing the risk of losing PASI 90 response compared to withdrawal groups [5]. - The safety profile of picankibart remained favorable throughout the study, with no new safety signals identified [6]. Clinical Implications - The results of the CLEAR-2 study provide critical insights into the necessity of maintenance therapy and the durability of post-withdrawal responses, offering assurance for chronic psoriasis patients [7]. - The successful Phase 3 results validate picankibart's advantages as a next-generation IL-23p19 inhibitor, emphasizing its potential for deep, durable remission and improved quality of life for patients [8]. Background on Psoriasis and Treatment - Psoriasis is a chronic inflammatory disease affecting a significant portion of the population, with moderate-to-severe cases representing nearly 30% of patients [9]. - Current systemic treatments in China include various agents, with biologics, particularly IL-23 inhibitors, gaining prominence due to their efficacy and safety [9]. About PECONDLE® - PECONDLE® is a monoclonal antibody developed by Innovent that targets the IL-23p19 subunit, offering a potential treatment option for psoriasis and other autoimmune diseases [10]. - The product has received approval for treating moderate-to-severe plaque psoriasis in adult patients who are candidates for systemic therapy, with ongoing studies exploring additional indications [11]. Company Overview - Innovent Biologics, founded in 2011, focuses on developing high-quality biopharmaceuticals for various diseases, including cancer and autoimmune disorders, and has launched 17 products to date [12][13].

Core Viewpoint - The Hang Seng Index fell by 1.23% on December 8, with southbound capital recording a total transaction amount of HKD 943.11 billion, resulting in a net inflow of HKD 15.40 billion [1] Group 1: Southbound Capital Transactions - Total southbound capital transactions amounted to HKD 943.11 billion, with buy transactions at HKD 479.25 billion and sell transactions at HKD 463.85 billion, leading to a net buy of HKD 15.40 billion [1] - The Shenzhen Stock Connect recorded a total transaction amount of HKD 381.14 billion, with net buying of HKD 4.32 billion, while the Shanghai Stock Connect had a total transaction amount of HKD 561.97 billion with net buying of HKD 11.08 billion [1] Group 2: Active Stocks - Alibaba-W had the highest transaction amount among southbound stocks at HKD 71.47 billion, followed by Xiaomi Group-W at HKD 49.42 billion and SMIC at HKD 45.85 billion [1] - Xiaomi Group-W led in net buying with HKD 11.73 billion, while Tencent Holdings saw the highest net selling at HKD 7.62 billion [1][2] Group 3: Continuous Net Buying and Selling - Three stocks experienced continuous net buying for over three days, with Xiaomi Group-W leading at 7 days and a total net buy of HKD 62.39 billion [2] - Tencent Holdings and Alibaba-W were among the stocks with the highest continuous net selling, totaling HKD 46.68 billion and HKD 18.81 billion respectively [2]

Market Overview - On December 8, the Hang Seng Index fell by 1.23%, closing at 25,765.36 points, while southbound funds through the Stock Connect recorded a net inflow of HKD 1.54 billion [1][3] Trading Activity - The total trading volume for the Stock Connect on December 8 was HKD 94.31 billion, with a net buy of HKD 1.54 billion. Specifically, the Shanghai Stock Connect had a trading volume of HKD 56.20 billion and a net buy of HKD 1.11 billion, while the Shenzhen Stock Connect had a trading volume of HKD 38.11 billion and a net buy of HKD 0.43 billion [1][3] Active Stocks - In the Shanghai Stock Connect, Alibaba-W had the highest trading volume at HKD 3.564 billion, followed by SMIC and Xiaomi Group-W with trading volumes of HKD 2.962 billion and HKD 2.618 billion, respectively [1][2] - For net buy amounts, SMIC led with a net inflow of HKD 666 million, with its stock price increasing by 2.94%. Conversely, Hua Hong Semiconductor had the highest net sell amount at HKD 221 million, with its stock price rising by 4.47% [1][2] Shenzhen Stock Connect Highlights - In the Shenzhen Stock Connect, Alibaba-W also topped the trading volume with HKD 3.583 billion, followed by Xiaomi Group-W and Tencent Holdings with trading volumes of HKD 2.324 billion and HKD 1.980 billion, respectively [2] - The highest net buy was for Xiaomi Group-W at HKD 972 million, despite its stock price declining by 0.47%. Tencent Holdings experienced the largest net sell at HKD 796 million, with its stock price down by 0.82% [2]