Core Insights - The report from CMB International indicates a leading rating for the mainland pharmaceutical industry, following the National Healthcare Security Administration's announcement of the results from the 2025 Innovative Drug High-Quality Development Conference [1] Group 1: Industry Developments - The recent negotiations for the medical insurance and commercial insurance innovative drug catalog have resulted in many innovative pharmaceutical companies covered by CMB International having products newly included or successfully renewed in the insurance coverage [1] - Companies such as Heng Rui Medicine (600276), Innovent Biologics (01801), CanSino Biologics (09926), and China National Pharmaceutical Group (01177) have more than five products that received new coverage or new indications [1] Group 2: Market Outlook - The inclusion of more new drugs in the catalog is expected to enhance clinical medication levels and improve the overall R&D return rates in the innovative drug industry [1] - The introduction of commercial insurance funds is anticipated to provide significant incremental funding for innovative drug payments, paving the way for a diversified payment system alongside basic medical insurance [1] Group 3: Future Growth Potential - CMB International is optimistic about the sales growth potential of newly included products/indications in 2026, particularly for potential blockbuster products from companies like CanSino Biologics [1] - The report emphasizes the importance of monitoring the actual execution and payment situations of the first batch of commercial insurance catalog, as well as the dynamic adjustments in the list and pricing, and the long-term development opportunities arising from real-world data accumulation [1]

Core Insights - The China Securities Association released the results of the "2025 Evaluation of Board Secretaries of Listed Companies," with 282 board secretaries receiving a 5A rating, 589 receiving a 4A rating, and 687 receiving a 3A rating [1] - The evaluation criteria included ten major standards and 67 indicators, covering areas such as compliance, information disclosure, internal control, investor relations management, and social responsibility [1] - Board secretaries play a crucial role in corporate governance, acting as gatekeepers for compliance and as a bridge between the capital market, investors, and company management [1] Group 1 - A total of 282 board secretaries achieved the highest 5A rating, reflecting their exceptional performance and the governance standards of their respective companies [1] - The evaluation emphasizes the importance of board secretaries in maintaining corporate transparency and sustainable development [1] - The recognition of board secretaries is not only a personal accolade but also highlights the benchmark status of their companies in governance and transparency [1] Group 2 - Notable companies with 5A rated board secretaries include COSCO Shipping Energy, Fosun Pharma, and Kweichow Moutai, among others [2] - The list of 5A rated board secretaries includes individuals such as Ni Yidan from COSCO Shipping Energy and Dong Xiaoxian from Fosun Pharma [2] - The evaluation results serve as a reference for best practices in corporate governance and investor relations within the industry [1][2]

撰文丨王聪 编辑丨王多鱼 排版丨水成文 对于即将接受外科手术的患者来说， 术后疼痛 是一个令人担忧的问题 ，据统计， 大约 75% 的患者在术 后会出现中度至重度的急性疼痛，且有 50% 的患者无法获得充分的止痛效果。 目前临床上常用的强效镇痛药主要是 阿片类药物 （例如 吗啡 ） ，但它们带来的恶心、呕吐、呼吸抑制等 副作用同样让人望而生畏。如何在有效镇痛与减少副作用之间找到平衡，一直是医学界面临的挑战。 2025 年 12 月 8 日， 华中科技大学同济医学院附属协和医院 陈向东 主任医师 、天津市南开医院 余剑波 主任医师、 河南省人民医院 张加强 主任医师等，在 Cell 子刊 Cell Reports Medicine 上发表了题为： Tegileridine for moderate-to-severe acute pain following abdominal surgery: A randomized, double- blind, phase 3 clinical trial 的研究论文。 这项随机、双盲、3 期临床试验结果表明 ，新型镇痛药物 Tegileridine （泰吉利定，由恒瑞 ...

Investment Rating - The report maintains a "Positive" investment rating for the pharmaceutical and biotechnology industry, indicating an expected return that is stronger than the market benchmark by over 5% [5]. Core Insights - The National Medical Insurance Administration is strongly encouraging the high-quality development of innovative drugs, with clear policies supporting the payment side for innovative drugs. Domestic leading innovative drug companies are entering a commercial realization phase [3][7]. - The 2025 National Medical Insurance Drug List includes 127 products, with 114 successfully added, of which 50 are innovative drugs, marking a historical high. The overall negotiation success rate reached 90%, the highest in nearly seven years [7]. - The report highlights that the domestic innovative drug market is becoming increasingly concentrated, with leading companies like Heng Rui and Xin Da Biotech significantly benefiting from the new insurance policies [7]. Summary by Sections Investment Recommendations and Targets - Recommended stocks include Heng Rui Pharmaceutical (600276, Buy), Ke Lun Pharmaceutical (002422, Buy), Xin Li Tai (002294, Hold), Ao Sai Kang (002755, Buy), Jing Xin Pharmaceutical (002020, Buy), and others [3]. Market Dynamics - The report notes that the introduction of the commercial insurance directory marks the beginning of a "new golden decade" for Chinese innovative drugs, with a focus on high clinical efficacy and value innovation [7]. - The report emphasizes that the competition in the GLP-1 market remains clear, with the entry of new drugs not significantly altering the competitive landscape for existing treatments [7].

当前，随着创新药的热度从二级市场传导至一级市场，优质资产"争抢"现象凸显，叠加各种疗法的机遇 窗口加速更迭，如何预判下一阶段的赛道风口，成为全行业共同关注的核心议题。 红杉中国合伙人杨云霞在接受21世纪经济报道记者专访时指出，Biotech（生物科技）仍将是未来一段 时间的主流医疗投资方向，尤其值得重点关注的是"第二代技术范式的迭代"，例如从单靶单毒素向双靶 双毒素升级的ADC药物、从简单的双特异性抗体向更复杂的三特异性、多特异性抗体发展的抗体技 术、从自体CAR-T到通用型CAR-T再到体内CAR-T不断迭代的CAR-T疗法等等。 在杨云霞看来，上述技术范式其实都是创新药研发"分子形态"的结构进化和延伸，而在这些新的分子形 态中已上市的成熟产品数量仍相对有限，市场潜藏着大量未被满足的临床需求与未被挖掘的创新空间。 这既为医疗投资赛道提供了丰富的投资主题，也有望催生更多量级的BD案例。 技术迭代驱动创新进阶 麦肯锡有数据显示，截至今年9月，TOP20 MNC（跨国药企）也越来越多地从中国引进创新资产，中国 药企对外授权交易的占比已突破40%，其中1/2为双抗、ADC、RNA等"下一代疗法"。从转让方的角度 来 ...

证券研究报告 | 金融工程 2025 年 12 月 09 日 碳市场新增行业配额方案落地，国际政策分化下绿色金融保持活跃 ——ESG 动态跟踪月报（2025 年 11 月） 本报告重点关注 ESG 领域的监管动态、市场趋势与产品发行情况，系统梳理过去 一个月的重要信息，供投资者参考。 定期报告 相关报告 1、《欧盟 SFDR 2.0 解析：国 际 ESG 投资影响与中国市场启 示——ESG 热点洞察系列报告 之三》2025-11-30 2、《ESG 动态跟踪月报（2025 年 10 月）：宏观锚定加快全面 绿色转型，海外 ESG 信披监管 多方调整》2025-11-05 3、《ESG 动态跟踪月报（2025 年 9 月）：NDC 新目标锚定长 期转型，荷兰养老金战略调整 引关注》2025-10-09 4、《ESG 动态跟踪月报（2025 年 8 月）：全国碳市场纲领性 文件落地，国际气候金融监管 分化》2025-09-05 5、《ESG 动态跟踪月报（2025 年 7 月）：国内绿金标准升 级，海外气候金融热度不减》 2025-08-08 任瞳 S1090519080004 rentong@cmschina. ...

第36届意大利消化外科年会于11月27日至28日在意大利罗马成功举办。作为欧洲规模最大的消化外科学术盛会之一，本届年会吸引了来自全球各地的顶尖 外科专家参与，以手术直播、录播为核心形式，集中展示胃肠、肝胆、胰腺、食管等消化系统领域的最新外科进展，构建起一个真正意义上的跨国界、高 水准学术对话平台。 意大利消化外科年会历经三十余年发展，已成为全球消化外科领域极具影响力的专业会议。本届会议现场参会者近3000人，线上参与逾1.3万人次。值得 一提的是，在第35届会议期间，大会就已吸引全球超过21万用户在线关注，官网页面浏览量突破106万次，体现出其在世界范围内的广泛学术号召力。 本届年会延续其"外科马拉松"的特色，连线美国、中国、日本、法国、英国等全球多国手术中心，实现连续两天不间断手术直播。截至目前，该会议累计 完成手术直播逾6000台，参与主刀医生超3000名，中国医生在其中扮演了日益重要的角色。 作为中国医药行业的领军企业之一，恒瑞医药已连续两届与意大利消化外科年会达成合作，积极搭建中意消化外科高层次交流桥梁，助力中国顶尖医疗技 术登上世界舞台。 01 搭建高水平国际交流平台， 推动中外消化外科技术共进 在 ...

Group 1 - The core viewpoint of the news highlights the significant increase in the success rate of national medical insurance negotiations, reaching a historical high, which is expected to encourage the development of innovative drugs in China [2] - The 2025 National Medical Insurance Drug List will add 114 new drugs, including 50 first-class innovative drugs, with an overall success rate of 88%, marking a notable increase from 76% in 2024 [1] - The new drug list will officially implement on January 1, 2026, expanding the total number of drugs covered to 3,253, enhancing coverage in key areas such as oncology, chronic diseases, mental health, rare diseases, and pediatric medications [1] Group 2 - Citic Securities believes that the successful negotiation rate for national medical insurance has reached a historical high, and the commercial insurance directory is expected to become an important growth driver, promoting the development of innovative drugs [2] - Guotai Junan Securities indicates that the recent press conference and series of discussions by the medical insurance bureau clarify future policies that support companies in "anti-involution," international expansion, and differentiated innovation, which will benefit the high-quality development of the medical device industry [2] - The China Innovation Drug ETF closely tracks the China Innovation Drug Industry Index, which selects up to 50 representative listed companies involved in innovative drug research and development to reflect the overall performance of the innovative drug industry [2]

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]

无论是卫材公司的仑卡奈单抗还是礼来的多奈单抗，患者一年的治疗费用均需超过10万元。高昂的治疗 费用一度让不少阿尔茨海默病（AD）患者家庭在希望与绝望间徘徊，直到首版商保创新药目录为这种 困境带来了转机。 日前，在2025创新药高质量发展大会上，我国首版《商业健康保险创新药品目录》正式发布。两款近年 来最具突破性的阿尔茨海默病对因治疗药物——仑卡奈单抗注射液和多奈单抗注射液双双入选。 复旦大学公共卫生学院副院长、复旦大学医学技术评估研究中心教授陈英耀表示："对于创新药物和疗 法，国家政策是鼓励为有价值的创新买单。多层次医疗保障体系建设的工作持续推进，商业健康保险也 为创新药支付提供了更丰富和多元的支持路径。" 这也映射着我国多层次医疗保障体系在创新药可及性领域迈出的重要一步。自今年起，国家医保部门首 次探索"商业健康保险"联动医保目录机制，聚焦创新程度高、临床价值大、患者获益显著的药物，旨在 通过医保与商业险的协同发力，进一步提高人民群众对重大疾病创新疗法的可负担性和可及性。 面对医保目录"保基本"的定位与突破性创新药高昂价格之间的矛盾，国家医保局作出了制度性回应。 今年6月30日，国家医保局会同国家卫生健康委 ...