Core Viewpoint - Shanghai Junshi Biosciences Co., Ltd. announced the inclusion of its products Tuoyi (Tremelimumab injection) and Junshida (Angrezi monoclonal antibody injection) in the National Medical Insurance Directory, effective January 1, 2026, highlighting the recognition of their clinical value and innovation by the National Healthcare Security Administration [1][6]. Group 1: Product Information - Tuoyi (Tremelimumab injection) has received approval for 12 indications, all of which are now included in the National Medical Insurance Directory, making it the only PD-1 monoclonal antibody drug listed for the treatment of renal cancer, triple-negative breast cancer, and melanoma [1][2]. - Junshida (Angrezi monoclonal antibody injection) is the only domestic PCSK9-targeted drug included in the new insurance directory for patients intolerant to statins, marking its first inclusion [1][5]. Group 2: Market Impact - The inclusion of both drugs in the National Medical Insurance Directory is expected to enhance patient affordability and accessibility, thereby promoting market expansion and increasing sales scale for the company [6]. - The company plans to actively cooperate with the implementation of insurance policies and expand its market coverage to improve patient access to medications [6]. Group 3: Internationalization - Tuoyi has been approved for marketing in multiple countries and regions, including the United States, European Union, and several others, indicating a strong international presence [3].

Group 1 - The National Healthcare Security Administration and the Ministry of Human Resources and Social Security have released the updated National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug Catalog, along with the Commercial Health Insurance Innovative Drug Catalog for 2025, which includes 114 new drugs, 50 of which are Class 1 innovative drugs [1] - The total number of drugs in the National Medical Insurance Drug Catalog will increase to 3,253, with significant improvements in coverage for key areas such as cancer, chronic diseases, mental health, rare diseases, and pediatric medications [1] - The introduction of the Commercial Health Insurance Innovative Drug Catalog is expected to alleviate payment challenges for high-value innovative drugs, providing an additional payment pathway beyond basic medical insurance [1] Group 2 - Zai Lab is in a rapid product expansion phase, with a rich pipeline of projects, and its clinical development of ZG006 is among the global leaders, potentially becoming the best in its class [2] - Zai Lab's self-developed drug, Jikangxi (sodium gikaxtin), has been included in the National Medical Insurance Drug Catalog following negotiations [2] - Junshi Biosciences has four commercialized products included in the 2025 National Medical Insurance Drug Catalog, with two new indications for Tuoyi (Tremelimumab) successfully added, and Junshida (Ongentys) being included for the first time [2]

Core Viewpoint - The 2025 National Medical Insurance Drug List has been announced, including 114 new drugs, with a focus on innovative drugs and significant improvements in coverage for key areas such as oncology and chronic diseases [4][9]. Group 1: Drug List Adjustments - The 2025 National Medical Insurance Drug List will be implemented on January 1, 2026, with a total of 3,253 drugs, including 1,857 Western medicines and 1,396 traditional Chinese medicines [4]. - The list includes 50 first-class innovative drugs and removes 29 drugs that are either not clinically available or can be replaced by better alternatives [4]. Group 2: Impact on A-Share Companies - 15 A-share pharmaceutical companies announced that their products were included in the new drug list, particularly benefiting innovative drug companies [6]. - Zai Lab's drug, Jikaxitinib, was included, which is used for treating specific types of myelofibrosis, enhancing its market accessibility and sales potential [6]. - Junshi Biosciences reported that its products, including Toripalimab and Oncorine, were added to the list, with all four of its commercialized products now covered [6]. Group 3: Major Pharmaceutical Companies - Leading A-share pharmaceutical companies like Fosun Pharma, Hengrui Medicine, and others have also had products included in the new list, with Hengrui having 10 drugs added and several others with new indications [7]. - Hengrui's drugs are projected to generate approximately 8.66 billion yuan in sales for 2024 and about 7.55 billion yuan for the first three quarters of 2025 [8]. Group 4: Complementary Innovations - In addition to the basic medical insurance list, 19 drugs have been added to the first version of the commercial insurance innovative drug list, including treatments for rare diseases and Alzheimer's, providing a complementary framework to the basic insurance [9].

Core Viewpoint - The 2025 National Medical Insurance Drug List has been released, adding 114 new drugs, including 50 innovative drugs, while removing 29 drugs that are no longer clinically available or can be replaced by better alternatives [2][5]. Group 1: New Additions to the Drug List - A total of 15 A-share pharmaceutical companies announced that their products have been included in the new drug list, particularly benefiting many innovative drug companies [5]. - Zai Lab's drug, Jikaxitinib, has been included in the National Medical Insurance Drug List, which is expected to enhance sales and improve patient accessibility [5][6]. - Junshi Biosciences has added two new indications for its drug, Toripalimab, and successfully included another drug, Oncorine, in the Class B category of the National Medical Insurance List [5]. Group 2: Impact on Major Pharmaceutical Companies - Leading A-share pharmaceutical companies such as Fosun Pharma, East China Pharmaceutical, and Hengrui Medicine have also had products included in the National Medical Insurance List [7]. - Hengrui Medicine has 10 drugs newly added to the list, with a total sales revenue of approximately 8.66 billion yuan in 2024 and about 7.55 billion yuan in the first three quarters of 2025 [8]. - The inclusion of these drugs in the National Medical Insurance List is expected to positively impact sales, although the exact effect on operating performance is currently uncertain [8]. Group 3: Overall Changes in the Drug List - The total number of drugs in the National Medical Insurance Drug List has increased to 3,253, with significant improvements in coverage for key areas such as cancer, chronic diseases, mental illnesses, rare diseases, and pediatric medications [2]. - This adjustment marks the 8th update since the establishment of the National Medical Insurance Bureau, indicating ongoing efforts to enhance drug accessibility and affordability [8].

Core Viewpoint - The 2025 National Medical Insurance Drug List has been released, including 114 new drugs, with a focus on innovative drugs and significant improvements in coverage for key areas such as cancer, chronic diseases, and rare diseases [4][5][10]. Group 1: New Drug Inclusion - A total of 15 A-share pharmaceutical companies announced that their products have been included in the new drug list, particularly benefiting innovative drug companies [7]. - Zai Lab's drug, Jikaxitinib, has been included in the list, which is expected to enhance sales and market accessibility for patients [7]. - Junshi Biosciences has multiple products included, with two new indications for its drug Toripalimab and another drug successfully included in the Class B category [7]. Group 2: Impact on Major Pharmaceutical Companies - Leading companies like Hengrui Medicine have had 10 products included in the new list, with an estimated combined sales of approximately 8.66 billion yuan for 2024 and about 7.55 billion yuan for the first three quarters of 2025 [9]. - Other major players such as Fosun Pharma and Huadong Medicine also have products included, indicating a broad impact across the industry [8]. Group 3: Overall Drug List Changes - The total number of drugs in the directory has increased to 3,253, with 1,857 Western medicines and 1,396 traditional Chinese medicines [5]. - The adjustment marks the eighth update since the establishment of the National Medical Insurance Bureau, reflecting ongoing efforts to enhance drug accessibility and affordability [10].

Major Events - Chuangsheng Group-B (06628) announced updated efficacy data for osemitamab triple therapy as a first-line treatment for gastric or gastroesophageal junction adenocarcinoma at ESMO Asia [1] - Strength Development (01277) plans to acquire 100% equity of Taiyuan Shidi for approximately 384 million yuan and acquire Dongzhimen property for a total of 86.33 million yuan [1] - Innovent Biologics (01801) completed a global strategic collaboration with Takeda Pharmaceutical and issued 6.9138 million shares under general authorization [1] - Ascentage Pharma-B (06855) received FDA and EMA approval for global registration of a Phase III clinical trial for Nilotinib as a first-line treatment for Ph+ ALL [1] - Baiao Saitou-B (02315) announced that its business partner IDEAYA received IND approval from the FDA for IDE034 [1] - Jinfang Pharmaceutical-B (02595) initiated a registration clinical trial for GFH375, the world's first oral KRAS G12D inhibitor in a controlled chemotherapy Phase III study [1] - Xixiangfeng Group (02473) signed a business cooperation agreement with Hello Car Rental to develop car rental services in designated cities under a "co-branded store" model [1] - International Commercial Settlement (00147) signed a computer chip sales agreement with Hong Kong Antarctic Light to seize growth opportunities in the IC chip market [1] - CSPC Pharmaceutical Group (01093) received clinical trial approval in the U.S. for a GLP-1/GIP receptor dual agonist injection [1] - MIRXES-B (02629) plans to collaborate with Crystal Technology to build an AI-enabled integrated "diagnosis and treatment" research and industrialization platform [1] - Zhengtong Automobile (01728) intends to invest approximately 816 million yuan to acquire Xiamen Xinda 4S dealership and automotive sales and export business [1] - Guorui Life (00108) plans to acquire 78.3% of Beijing Chunyu Tianxia Software for 269 million yuan [1] - Innovent Biologics (01801) successfully included seven innovative products (including new indications) in the 2025 National Medical Insurance Drug List [1] - Peijia Medical-B (09996) had its registration application for the TaurusNXT® "non-aldehyde cross-linked" transcatheter aortic valve replacement system accepted by the National Medical Products Administration [1] - Fosun Pharma (02196) had new drugs included in the National Medical Insurance Directory and commercial insurance innovative drug directory [1] - Junshi Biosciences (01877) had Tuoyi® new indications and Junshida® included in the National Medical Insurance Directory [1] - Valiant Biotech-B (09887) presented clinical data for LBL-034 at the 67th ASH Annual Meeting [1] - Canfite BioPharma (09926) had all approved indications for five marketed drugs successfully included in the latest National Medical Insurance Drug List [1] - Fuhong Hanlin (02696) had Fuzhuoning® (Citrus Acid Vovizili Capsules) included in the National Medical Insurance Drug List [1] - Green Leaf Pharmaceutical (02186) successfully included five new products in the 2025 National Medical Insurance Drug List or commercial insurance innovative drug directory [1] - Yinnuo Pharmaceutical-B (02591) had its core products included in the National Medical Insurance Drug List [1] Operating Performance - Poly Real Estate Group (00119) reported a contract sales amount of approximately 47.7 billion yuan for the first 11 months, a year-on-year decrease of 8.45% [2] - GAC Group (02238) reported November automobile sales of approximately 179,700 units, a year-on-year decline of 9.72% [2] - Xiehe New Energy (00182) reported an equity power generation of 697.23 GWh in November, a year-on-year increase of 7.77% [2]

Core Viewpoint - Junshi Biosciences has received the acceptance notice from the National Medical Products Administration for its new drug application for JS005, a monoclonal antibody injection for treating moderate to severe plaque psoriasis in adults [1] Group 1 - The product JS005 is a recombinant humanized anti-IL-17A monoclonal antibody injection [1] - The indication for JS005 is for adult patients suitable for systemic therapy or phototherapy for moderate to severe plaque psoriasis [1]

Group 1 - Heng Rui Pharmaceutical has 9 drugs included in the national medical insurance directory for the first time, with an estimated total sales of approximately 8.66 billion yuan for 2024 and 7.55 billion yuan for the first three quarters of 2025 [5] - Junshi Biosciences' products Tuoyi® and Junshida® have been added to the national medical insurance directory, enhancing patient affordability and market promotion [6] - Huadong Medicine's subsidiary has products included in the national medical insurance and commercial insurance innovative drug directories, expected to aid in market promotion [7] Group 2 - Aidi Pharmaceutical's two innovative HIV drugs have successfully renewed their inclusion in the national medical insurance directory, with specific reimbursement prices set [8] - Fuxing Pharmaceutical has multiple products newly included in the national medical insurance directory, which is anticipated to positively impact future performance [9] - Weichuang Biotechnology's product has been included in the national medical insurance directory, which is expected to enhance market promotion and sales [10] Group 3 - Muxi Co., Ltd. announced a final online issuance rate of 0.03348913% after the mechanism was activated, with a total of 22.83 million shares issued [2] - Doushan New Materials reached a consensus on production reduction in the BOPET industry, although the sustainability of long-term price increases remains uncertain [2] - Guanglian Aviation's controlling shareholder has had the detention lifted, allowing normal operations to resume [3] Group 4 - Jiangjian Co., Ltd. clarified that it bears no obligations for any overdue financial products related to its controlling shareholder, confirming normal operations [4] - Tian Ci Materials' controlling shareholder has committed not to reduce holdings, holding 34.35% of the shares [13] - Annie Co., Ltd. is planning a change in control, with stock resuming trading on December 8 [14]

Core Viewpoint - Junshi Biosciences (01877) announced the addition of two new indications for its product Toripalimab (brand name: Tuoyi) and the inclusion of its product Engrezt (brand name: Junshida) in the National Medical Insurance Directory, effective January 1, 2026 [1] Group 1 - The product Toripalimab has received approval for 12 indications in mainland China, all of which are included in the National Medical Insurance Directory, making it the only anti-PD-1 monoclonal antibody in the directory for the treatment of renal cancer, triple-negative breast cancer, and melanoma [1] - Engrezt is newly included in the directory and is the only domestic PCSK9-targeted drug for patients intolerant to statins in the updated list [1]

Core Viewpoint - Junshi Biosciences (01877.HK) announced that its products, Toripalimab Injection (brand name: Tuoyi, product code: JS001) and Engreitzumab Injection (brand name: Junshida, product code: JS002), have been included in the National Medical Insurance Catalog (2025) under Category B, effective January 1, 2026 [1] Group 1 - The inclusion of Toripalimab's two new indications and Junshida in the National Medical Insurance Catalog reflects the National Healthcare Security Administration's recognition of the clinical value, patient benefits, and innovation of these drugs [1] - Toripalimab is the only anti-PD-1 monoclonal antibody in the catalog approved for treating renal cancer, triple-negative breast cancer, and melanoma, with all 12 approved indications included [1] - Junshida is the first domestic PCSK9-targeted drug included in the new catalog for patients intolerant to statins [1] Group 2 - All four commercialized products of the company, including Tuoyi, Adalimumab Injection (brand name: Junmaikang, product code: UBP1211), Dexamethasone Hydrochloride Tablets (brand name: Mindewi, product code: VV116/JT001), and Junshida, are now part of the National Medical Insurance Catalog [2] - The inclusion in the catalog is expected to enhance affordability and accessibility for patients, promoting market expansion and increasing sales scale, positively impacting the company's long-term operational development [2] - The company will actively cooperate to implement the medical insurance policy, continue to advance hospital access, and expand coverage in core and broader markets to improve patient access to medications [2]