Investment Rating - The industry investment rating is "Positive" and the specific company rating for 恒瑞医药 (Hengrui Medicine) is "Buy" [2][55]. Core Insights - The 2025 drug directory negotiations have concluded successfully, with the new basic medical insurance drug directory and the first commercial insurance innovative drug directory expected to be released in December [10]. - Novo Nordisk and Eli Lilly have reached an agreement with the U.S. government to significantly reduce the prices of GLP-1 drugs starting in 2026, enhancing drug accessibility for patients [11]. - Blackstone has invested $700 million in the development of sac-TMT, a significant ADC drug [12]. - Fosun Pharma's MEK inhibitor, Luwomei, is set for priority review for a new indication [13]. Industry News - The negotiations for the 2025 drug directory have been successfully completed, with 120 companies participating [10]. - The new drug pricing agreements aim to improve patient affordability and access, with specific price reductions outlined for various drugs [11]. - The market performance of the pharmaceutical sector shows a slight increase, with the pharmaceutical index rising by 0.32% during the week [46]. Company Announcements - 百济神州 (BeiGene) reported a revenue of 27.595 billion yuan for the first three quarters of 2025, a year-on-year increase of 44.2% [29]. - 晶泰控股 (Jintai Holdings) announced a strategic partnership with Eli Lilly to enhance the development of AI-driven bispecific antibodies [30]. - 恒瑞医药 (Hengrui Medicine) has a drug under review for priority approval for treating patients with paroxysmal nocturnal hemoglobinuria [31]. - 百利天恒 (Baili Tianheng) has its HER2 ADC drug included in the list of breakthrough therapy products [32]. Market Review - The SW pharmaceutical industry’s price-to-earnings ratio (TTM) is 29.97, with a valuation premium of 133% compared to the CSI 300 index [50]. - The overall market performance for the week shows mixed results, with most sub-sectors experiencing gains, particularly traditional Chinese medicine [46]. Weekly Strategy - The report suggests focusing on pharmaceutical companies related to the drug directory negotiations and those showing improved fundamentals and performance reversals, particularly in the CXO and medical device sectors [55].

Group 1 - Core viewpoint: Heng Rui Medicine has received approval for clinical trials of SHR-4610 injection from the National Medical Products Administration [1] - The revenue composition for Heng Rui Medicine in 2024 is 89.37% from pharmaceutical manufacturing and 10.63% from other businesses [1] - As of the report date, Heng Rui Medicine's market capitalization is 408.7 billion yuan [1]

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 江苏恒瑞医药股份有限公司（以下简称"公司"）2022 年员工持股计划第 三个锁定期已于 2025 年 11 月 7 日届满，根据中国证监会《关于上市公司实施员 工持股计划试点的指导意见》以及《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等相关规定，现将本员工持股计划第三个锁定期届满及解锁情 况公告如下： 一、本员工持股计划的实施进展 1、2022 年 8 月 19 日，公司召开第八届董事会第二十二次会议与第八届监 事会第十七次会议，并于 2022 年 9 月 8 日召开 2022 年第一次临时股东大会，审 议通过了公司 2022 年员工持股计划，具体内容详见公司于 2022 年 8 月 20 日、 2022 年 9 月 9 日披露于上海证券交易所网站（www.sse.com.cn）的相关公告。 2、2022 年 11 月 7 日，公司收到中国证券登记结算有限责任公司出具的《过 户登记确认书》，公司回购专用证券账户（B882253860）中所持有的 1,200 万股 ...

证券代码：600276 证券简称：恒瑞医药 公告编号：临 2025-173 江苏恒瑞医药股份有限公司 关于 2025 年 A 股员工持股计划非交易过户完成的 公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据《公司 2025 年 A 股员工持股计划》的相关规定，本次员工持股计划的 存续期为 60 个月，自公司股东会审议通过本员工持股计划且公司公告相应批次 标的股票过户至本员工持股计划名下之日起计算。本次员工持股计划所获标的股 票分三期解锁，解锁时点分别为自公司公告相应批次标的股票过户至本次员工持 股计划名下之日起满 12 个月、24 个月、36 个月，每期解锁的标的股票比例分别 为 40%、30%、30%，各年度实际解锁比例和数量根据公司业绩考核和个人考核结 果计算确定。本次员工持股计划所取得的标的股票，因上市公司分配股票股利、 资本公积转增等情形所衍生取得的股份，亦应遵守上述股份锁定安排。 公司将持续关注 2025 年 A 股员工持股计划的实施进展情况，并按照相关法 律法规的规定及时履行信息披露义务。敬请广大投资者注 ...

证券代码：600276 证券简称：恒瑞医药 公告编号：临 2025-176 江苏恒瑞医药股份有限公司 关于获得药物临床试验批准通知书的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 HRS-2430 注射液为静脉全身麻醉药，已上市的同类产品有依托咪酯、咪达 唑仑、瑞马唑仑等。经查询，2024 年依托咪酯、咪达唑仑、瑞马唑仑全球销售 额合计约为 7.73 亿美元。截至目前，HRS-2430 注射液相关项目累计研发投入约 2,460 万元。 近日，江苏恒瑞医药股份有限公司（以下简称"公司"）收到国家药品监督 管理局（以下简称"国家药监局"）核准签发关于 HRS-2430 注射液的《药物临 床试验批准通知书》，将于近期开展临床试验。现将相关情况公告如下： 一、药物的基本情况 药物名称：HRS-2430 注射液 剂 型：注射剂 申请事项：临床试验 受 理 号：CXHL2500810、CXHL2500811 审批结论：根据《中华人民共和国药品管理法》及有关规定，经审查，2025 年 8 月 4 日受理的 HRS-2430 注射液临 ...

证券代码：600276 证券简称：恒瑞医药 公告编号：临 2025-174 江苏恒瑞医药股份有限公司 2025 年 A 股员工持股计划第一次持有人会议决议 公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、持有人会议召开情况 江苏恒瑞医药股份有限公司（以下简称"公司"）2025 年 A 股员工持股计 划第一次持有人会议于 2025 年 11 月 7 日以通讯会议的方式召开。会议由公司董 事会秘书刘笑含主持。本次会议应出席持有人 1,274 人，实际出席持有人 1,274 人，代表 2025 年 A 股员工持股计划有表决权的份额为 13,511,100 份，占 2025 年 A 股员工持股计划有表决权份额总数的 100%。 本次会议的召集、召开和表决程序符合相关法律法规、规范性文件及公司 2025 年 A 股员工持股计划的有关规定，会议合法有效。 二、持有人会议审议情况 经与会持有人逐项审议，通过以下议案： 根据《江苏恒瑞医药股份有限公司 2025 年 A 股员工持股计划》和《江苏恒 瑞医药股份有限公司 2025 年 A ...

一、药物的基本情况 药物名称：SHR-4610 注射液 江苏恒瑞医药股份有限公司 关于获得药物临床试验批准通知书的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 近日，江苏恒瑞医药股份有限公司（以下简称"公司"）子公司上海盛迪医 药有限公司收到国家药品监督管理局（以下简称"国家药监局"）核准签发关于 SHR-4610 注射液的《药物临床试验批准通知书》，将于近期开展临床试验。现 将相关情况公告如下： 证券代码：600276 证券简称：恒瑞医药 公告编号：临 2025-175 三、风险提示 剂 型：注射剂 根据我国药品注册相关的法律法规要求，药物在获得药物临床试验批准通知 书后，尚需开展临床试验并经国家药监局审评、审批通过后方可生产上市。药品 从研制、临床试验报批到投产的周期长、环节多，药品研发及至上市容易受到一 申请事项：临床试验 些不确定性因素的影响，敬请广大投资者谨慎决策，注意防范投资风险。公司将 按国家有关规定积极推进上述研发项目，并及时对项目后续进展情况履行信息披 露义务。 受 理 号：CXSL2500686 特 ...

Core Viewpoint - Heng Rui Medicine (600276.SH) has received approval from the National Medical Products Administration for clinical trials of HRS-2430 injection, a new intravenous general anesthetic [1] Group 1: Product Development - HRS-2430 injection is designed for intravenous general anesthesia, competing with existing products such as etomidate, midazolam, and remimazolam [1] - The total global sales of etomidate, midazolam, and remimazolam are approximately $773 million in 2024 [1] - The cumulative R&D investment for the HRS-2430 injection project has reached approximately 24.6 million yuan [1]

Core Viewpoint - The Medical Health R Index (480016) closed at 7535.01 points, down 0.39%, with a trading volume of 21.869 billion yuan and a turnover rate of 0.89% on November 7 [1] Group 1: Index Performance - The index had 26 stocks rising, with Xinhecheng leading at a 4.9% increase, while 23 stocks fell, with Zaiqing Pharmaceutical leading the decline at 4.35% [1] - The top ten constituent stocks of the Medical Health R Index are primarily in the pharmaceutical and medical sectors, with notable weights and market capitalizations [1] Group 2: Key Constituents - WuXi AppTec (sh603259) holds a weight of 13.66% with a market cap of 282.98 billion yuan, closing at 94.84 yuan, down 0.89% [1] - Hengrui Medicine (sh600276) has an 11.00% weight, a market cap of 408.72 billion yuan, and closed at 61.58 yuan, down 1.35% [1] - Mindray Medical (sz300760) has a weight of 7.57%, a market cap of 249.51 billion yuan, and closed at 205.79 yuan, down 0.27% [1] - Other notable constituents include United Imaging Healthcare (sh688271), Pianzai Shou (sh600436), and Xinhecheng (sz002001), which saw a 4.9% increase [1] Group 3: Capital Flow - The Medical Health R Index constituents experienced a net outflow of 240 million yuan from institutional investors and 119 million yuan from retail investors, while retail investors saw a net inflow of 359 million yuan [1] - Specific stocks like Huazhong Pharmaceutical (000999) and Yuyue Medical (002223) showed significant net inflows and outflows among different investor types [2]

Core Viewpoint - Heng Rui Medicine's subsidiary has received approval for clinical trials of SHR-4610 injection, an innovative anti-tumor drug developed by the company [1] Group 1: Company Developments - The subsidiary, Shanghai Shengdi Pharmaceutical Co., Ltd., received the clinical trial approval notice from the National Medical Products Administration for SHR-4610 injection [1] - SHR-4610 injection is intended for use in clinical trials for late-stage solid tumors [1] - The total research and development investment for the related project has reached approximately 7.36 million yuan [1] Group 2: Regulatory and Market Context - Following the approval notice, the drug must undergo clinical trials and receive further review and approval from the National Medical Products Administration before it can be manufactured and marketed [1]