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。 ...

瑞银发布研报称，信达生物(01801)旗下六款新产品及信迪利单抗新适应症已被纳入最新版《国家基本 医疗保险、生育保险和工伤保险药品目录(2025年)》。此外，信达生物已于今日(8日)起正式纳入恒生指 数。瑞银维持其"买入"评级，目标价137.4港元。 瑞银认为，上述消息带来的积极影响主要包括:预计新产品(IGF-1R、EGFR、BTK、ROS1、KRAS G12C、RET等靶点)销售额将在2026年实现快速增长;同时，替尔泊肽糖尿病适应症进入医保目录，对预 计于2026年上市的玛仕度肽具有正面影响，但需关注其价格下调。此外，公司股票纳入恒指有望进一步 提升流动性。 ...

瑞银认为，上述消息带来的积极影响主要包括:预计新产品（IGF-1R、EGFR、BTK、ROS1、KRAS G12C、RET等靶点）销售额将在2026年实现快速增长;同时，替尔泊肽糖尿病适应症进入医保目录，对 预计于2026年上市的玛仕度肽具有正面影响，但需关注其价格下调。此外，公司股票纳入恒指有望进一 步提升流动性。 智通财经APP获悉，瑞银发布研报称，信达生物(01801)旗下六款新产品及信迪利单抗新适应症已被纳入 最新版《国家基本医疗保险、生育保险和工伤保险药品目录（2025年）》。此外，信达生物已于今日(8 日)起正式纳入恒生指数。瑞银维持其"买入"评级，目标价137.4港元。 ...

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]

瑞银发表研报指，信达生物六款新产品及信迪利单抗新适应症纳入新版《国家基本医疗保险、生育保险 和工伤保险药品目录(2025年)》。瑞银认为上述消息的正面影响包括，预测新产品(IGF-1R、EGFR、 BTK、ROS1、KRAS G12C、RET)销售将在2026年快速增长；又指替尔泊肽糖尿病适应症纳入医保对玛 仕度肽(考虑2026年上市)有正面影响；该股被纳入恒生指数有助提升流动性。瑞银予其目标价137.4港 元，评级"买入"。 ...

智通财经APP获悉，招银国际发布研报称，2025年版基本医保目录以及首版商保目录发布，延续支持创 新，料CXO行业有望在下半年迎来业绩修复。推荐买入三生制药(01530)、固生堂(02273)、药明合联 (02268)、巨子生物(02367)、信达生物(01801)、中国生物制药(01177)。 报告表示，多家企业的核心创新品种获纳入医保。该行认为，宏观环境及老龄化的挑战下，医保收支压 力仍在，关注国家集采续约。尽管首版商保目录短期对于产品销售的拉动有限，由于商业保险的规模不 大，认为商保目录的意义重大，或将开启中国商业医疗保险扩容的道路，成为中国多元化支付体系发展 开端。 ...

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].

| 代码 | 简称 | 成交金额（万港元） | 成交净买入（万港元） | 今日涨跌幅（%） | | --- | --- | --- | --- | --- | | 01810 | 小米集团-W | 494218.98 | 117345.71 | -0.47 | | 00981 | 中芯国际 | 458490.71 | 46699.10 | 2.94 | | 09992 | 泡泡玛特 | 362988.11 | 43222.67 | -8.49 | | 01288 | 农业银行 | 144024.83 | 29131.63 | -0.18 | | 03690 | 美团-W | 72299.16 | 12276.63 | 0.45 | | 00883 | 中国海洋石油 | 64948.34 | 3668.70 | -2.26 | | 01801 | 信达生物 | 276969.17 | -1035.91 | -6.96 | | 00939 | 建设银行 | 76783.98 | -3155.42 | -4.01 | | 06869 | 长飞光纤光缆 | 51709.58 | -4098.86 | 3.59 | | ...

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]