南财智讯12月12日电，恒瑞医药公告，恒瑞医药收到国家药品监督管理局核准签发的关于SHR- A1811(sc)注射液的《药物临床试验批准通知书》，同意该药品单药在晚期实体瘤患者中开展临床试 验。SHR-A1811(sc)注射液为公司开发的皮下制剂，是在已获批上市的注射用瑞康曲妥珠单抗（SHR- A1811）基础上优化而来，旨在缩短给药时间、提升便捷性。目前全球尚无同类皮下制剂产品上市。此 前，注射用瑞康曲妥珠单抗已获批用于治疗存在HER2激活突变且既往接受过至少一种系统治疗的不可 切除的局部晚期或转移性非小细胞肺癌成人患者。 ...

恒瑞医药公告称，子公司苏州盛迪亚生物医药有限公司收到国家药监局核准签发关于SHR - A1811(sc)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。公司注射用瑞康曲妥珠单抗（SHR - A1811）已于2025年5月在国内获批上市。SHR - A1811(sc)是皮下制剂，全球尚无同类产品上市。截至 目前，注射用瑞康曲妥珠单抗相关项目累计研发投入约157,417万元。药品研发上市存在不确定性，公 司将推进项目并披露进展。 ...

恒瑞医药公告称，子公司瑞石生物医药收到国家药监局关于RSS0343片的《药物临床试验批准通知 书》，将于近期开展临床试验。该药申请的适应症为慢性鼻窦炎不伴鼻息肉和慢性阻塞性肺疾病。 RSS0343是公司自主研发的小分子1类新药，国内外暂无同类药物获批上市，相关项目累计研发投入约 7228万元。药品研发上市周期长、环节多，存在不确定性，公司将推进项目并披露进展。 ...

恒瑞医药公告称，子公司山东盛迪医药收到国家药监局核准签发的HRS - 1780片《药物临床试验批准通 知书》，将于近期开展临床试验。该药物用于治疗左室射血分数≥40%的成人心力衰竭患者。截至目 前，HRS - 1780片相关项目累计研发投入约6780万元。药品从研制到投产周期长、环节多，存在不确定 性，公司将推进项目并及时披露进展。 ...

Summary of the Conference Call on China Healthcare and Pharmaceuticals Industry Overview - The conference focused on the **China healthcare and pharmaceuticals** sector, specifically discussing the **2025 National Reimbursement Drug List (NRDL)** and the **Commercial Health Insurance Innovative Drug Directory (CHIIDD)** [1][2]. Key Points NRDL and CHIIDD Updates - Approximately **70 innovative drugs** were included in the NRDL, with a **success rate of 88%** for new drug negotiations, an increase from **76% in 2024** [2]. - A total of **114 new drugs** were added to the NRDL, including **50 type 1 innovative drugs**, while **29 drugs** were removed, bringing the total to **3,253 drugs** [2]. - The CHIIDD features **19 expensive innovative drugs** out of **24 candidates**, covering treatments for oncology, Alzheimer’s disease, and rare diseases [2]. Implementation Timeline - The new NRDL and CHIIDD will be implemented on **January 1, 2026**, with new prices for most newly included drugs to be revealed at that time [3]. Company-Specific Insights 1. **Hengrui (600276 CH/1276 HK)**: - Included **10 new drugs** in the NRDL for the first time, such as trastuzumab rezetecan and ivarmacitinib [4]. 2. **Hansoh (3692 HK)**: - Added two new indications for almonertinib to the NRDL [4]. 3. **Sinobio (1177 HK)**: - Three new drugs added: garsorasib, recombinant human coagulation factor VIIa, and penpulimab [5]. 4. **Innovent (1801 HK)**: - New additions include teprotumumab, limertinib, and fulzerasib among others [5]. 5. **BeOne (6160 HK/ONC US)**: - Newly added dinutuximab and zanidatamab in the CHIIDD [5]. 6. **Kelun Biotech (6990 HK)**: - Included sacituzumab tirumotecan and cetuximab N01 in the NRDL [5]. 7. **Akeso (9926 HK)**: - Added new indications for ivonescimab and cadonilimab, along with ebdarokimab and ebronucimab in the NRDL [6]. 8. **Tirzepatide**: - Included in the NRDL for type 2 diabetes, but not for obesity [6]. Market Outlook - The higher success rate and supportive policy trends suggest a **bright sales outlook** for innovative drugs, which are expected to drive growth for the related companies in **2026** [7]. Additional Insights - The report emphasizes the positive implications of the NRDL updates for the growth of covered companies, indicating a favorable environment for innovative drug sales in the Chinese healthcare market [4][7].

Group 1 - The Hong Kong IPO market has raised funds amounting to 2.1 times the total for the entire year of 2024, with expectations for the Hong Kong Stock Exchange to regain the top position in IPO financing by 2025, projecting over HKD 300 billion in IPO fundraising for next year [1] - The trading volume of placement and convertible bond products has significantly increased year-on-year, with major blue-chip companies such as BYD, Xiaomi, Alibaba, China Pacific Insurance, Ping An Insurance, Chow Tai Fook Jewelry, and NIO completing large-scale transactions exceeding USD 1 billion [1] Group 2 - The primary market for Hong Kong stocks is showing a strong recovery, with influential companies actively responding to the national strategy to develop Hong Kong's capital market, leading to the execution of large-scale financing projects [2] - CATL's IPO raised USD 5.3 billion, becoming the largest IPO globally in 2023, and has facilitated other leading companies like Zijin Mining, Sany Heavy Industry, Seres, Hansoh Pharmaceutical, Sanhua Intelligent Controls, Haitian Flavoring and Food, and Chery Automobile to complete financing exceeding USD 1 billion, occupying four spots in the global top ten IPOs [2]

Group 1 - The core viewpoint of the report highlights that the pharmaceutical industry in China is experiencing a reversal in 2025, driven by innovative drugs, with significant benefits observed in the CXO and upstream supply chain sectors, particularly in the Hong Kong stock market where innovative drugs have seen a rise of over 80% year-to-date [1][4] - The report emphasizes that the core catalyst for innovative drugs comes from policy support and the realization of business development (BD) opportunities abroad, with notable transactions exceeding 1 billion USD, validating the international competitiveness of Chinese innovative drugs [1][2] - A significant reform in the payment sector is underway, with the introduction of a dual-track system for medical insurance, allowing for the inclusion of high-value innovative drugs in commercial insurance, addressing the gap in coverage for expensive treatments [1][2] Group 2 - The report indicates a rapid growth trend in the number of license-out transactions by Chinese pharmaceutical companies, with total upfront payments reaching 6.298 billion USD, a 53% year-on-year increase, and total transaction amounts reaching 118.862 billion USD, a 125% increase [2] - Looking ahead to 2026, the report suggests a shift from "BD-driven" to "data-driven" investment in innovative drugs, emphasizing the importance of clinical data validation and commercial capabilities for revenue growth [2] - Recommended stocks for investment include Heng Rui Medicine, Kelun-Biotech, and Teva Biopharmaceuticals, among others, while companies like Kangfang Biotech and Innovent Biologics are suggested for further attention [2][3] Group 3 - The overall profitability of the pharmaceutical sector remains stable, with a gradual improvement in the profitability of the pharmaceutical manufacturing industry, despite a slight decline in revenue growth [11][15] - The report notes a significant divergence within the industry, with the medical services sector performing well, while the profits of the biopharmaceutical sector have seen a substantial decline [28][29] - The report highlights that the medical insurance fund's income and expenditure growth rates are stabilizing, indicating a long-term trend towards cost control in medical insurance, which is essential for the sustainable development of the innovative drug industry [31][36]

Group 1 - The World Bank has raised its economic growth forecast for China in 2025, attributing this to more proactive fiscal policies and moderately loose monetary policies that support domestic consumption and investment [1] - The diversification of China's export markets is expected to enhance export resilience, with future economic growth increasingly relying on domestic demand [1] - The head of the World Bank's China office emphasized that structural reforms and a more predictable business environment will boost confidence and lay the foundation for resilient and sustainable growth [1] Group 2 - The Shanghai 180 Index (000010) includes 180 large-cap, liquid securities from the Shanghai stock market, reflecting the overall performance of core listed companies [2] - As of November 28, 2025, the top ten weighted stocks in the Shanghai 180 Index account for 26.13% of the index, with notable companies including Kweichow Moutai (600519) and Zijin Mining (601899) [2] - The Shanghai 180 ETF (530280) closely tracks the Shanghai 180 Index, with various connection funds available for investors [2]

Core Viewpoint - Jiangsu Hengrui Medicine Co., Ltd. held its 21st meeting of the 9th Board of Directors on December 10, 2025, where significant resolutions were passed, including amendments to the company's articles of association and the convening of the second extraordinary general meeting of shareholders in 2025 [1][2]. Group 1: Board Meeting Resolutions - The Board approved the amendment to the articles of association with unanimous support (11 votes in favor, 0 against, 0 abstentions) [1]. - The Board also approved the convening of the second extraordinary general meeting of shareholders in 2025, with the same unanimous support [1]. Group 2: Shareholders' Meeting Details - The second extraordinary general meeting of shareholders is scheduled for December 31, 2025, at 14:30 [3]. - The meeting will utilize a combination of on-site and online voting methods, with the online voting system provided by the Shanghai Stock Exchange [3][4]. - Voting will be available on the day of the meeting from 9:15 to 15:00, with specific time slots for different voting methods [4]. Group 3: Voting Procedures - Shareholders can vote through the Shanghai Stock Exchange's online voting system, either via trading system platforms or internet platforms [5][6]. - Shareholders holding multiple accounts can aggregate their voting rights across all accounts, but must ensure that votes do not exceed their total eligible votes [6]. Group 4: Meeting Attendance - Shareholders registered by the close of trading on the registration date are entitled to attend the meeting, and they may appoint proxies to represent them [7][8]. - The registration period for attending the meeting is set for December 23, 2025, from 9:30 to 16:00 [10]. Group 5: Other Matters - The company will provide a reminder service for shareholders to facilitate attendance and voting, utilizing smart messaging services [12]. - Contact information for the company's securities affairs department is provided for any inquiries related to the meeting [12].

Core Viewpoint - In 2025, the Chinese A-share market is showing a steady upward trend supported by favorable policies, with the China Securities Regulatory Commission urging listed companies to increase dividends, buybacks, and shareholdings to solidify their value foundation [1] Group 1: Executive Buybacks - Since 2025, 27 companies in the A-share market have seen significant executive buybacks, particularly in high-growth sectors like healthcare, new energy, and semiconductors [2] - For instance, Kelly Tai's executives increased their holdings by 2.3 million shares, a 14% increase, benefiting from the growing orthopedic medical demand due to an aging population [2] - DeYe shares' executives bought 120,000 shares, while Tuojing Technology's executives increased their holdings by 210,000 shares, a 12% rise, aligning with national policies on technological self-reliance [2] Group 2: Policy Support - Multiple significant policies in 2025 have led to a surge in positive announcements from listed companies, with 14 companies benefiting from adjustments in the national medical insurance catalog and the encouragement of private investment [3][5] - The national medical insurance catalog added 114 new drugs, including 50 innovative drugs, significantly enhancing the market accessibility and sales scale for companies like Junshi Biosciences and Hengrui Medicine [5] - The release of 13 opinions by the State Council encourages private capital participation in key sectors like railways and nuclear power, with companies like China Railway Construction benefiting from substantial project contracts [5] Group 3: Performance Support - Many of the 14 companies have solid operational performance, signing significant contracts or achieving key technological breakthroughs that underpin their investment value [6][7] - For example, JinkoSolar's TigerNeo 3.0 components achieved a production efficiency of 24.8% and secured global orders worth 15 GW, showcasing its competitive edge in the solar market [7] - Research and development investments in A-shares reached 745.69 billion yuan in the first half of 2025, with sectors like electronics and biomedicine leading the way, indicating a strong foundation for future growth [7] Group 4: Investment Opportunities - Investors should focus on companies with executive buybacks in high-growth sectors, those benefiting from policy adjustments, and firms with significant contracts or R&D breakthroughs [8][9][10] - The combination of internal confidence from executives and favorable industry trends creates a strong investment rationale [8] - Companies directly benefiting from long-term policy releases, such as those in the medical and infrastructure sectors, present stable investment opportunities [9]