Group 1 - The new National Medical Insurance Drug List includes 114 new drugs, increasing the total number of drugs to 3,253, with 1,857 Western medicines and 1,396 traditional Chinese medicines [1] - The inclusion of 50 innovative drugs marks a historical high, featuring several "global first" and "first domestic" products, enhancing access to breakthrough therapies for patients [1] - Notable multinational pharmaceutical companies like Novartis and Johnson & Johnson have successfully included multiple new products and indications in the updated insurance list, benefiting a large number of patients [1][2] Group 2 - Domestic pharmaceutical company Heng Rui has 11 anti-tumor products included in the new insurance list, showcasing significant innovations and new indications [2] - Innovative drugs filling gaps in basic medical insurance coverage include Sanofi's anti-CD38 monoclonal antibody and Hansoh Pharmaceutical's third-generation EGFR-targeted drug, both of which offer new treatment standards for critical diseases [3] - Since the establishment of the National Medical Insurance Bureau in 2018, a total of 949 new drugs have been added to the insurance list, significantly boosting the pharmaceutical market and enhancing the clinical medication level in China [4]

证券代码：600276 证券简称：恒瑞医药 公告编号：临 2025-196 江苏恒瑞医药股份有限公司 公司章程修正案 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"）于 2025 年 12 月 10 日召开 第九届董事会第二十一次会议，审议通过了《关于<公司章程修正案>的议案》， 具体内容如下： 一、增加经营范围的情况 根据公司实际经营发展需要，公司拟在经营范围中增加"药品包装材料和药 品包装制品的研发、制造与销售"（以市场监督管理部门核准的内容为准），并同 步修改《江苏恒瑞医药股份有限公司章程》（以下简称"《公司章程》"）相关表述。 除前述变动外，公司经营范围不发生其他变化。 二、取消监事会的情况 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《关于新<公司法> 配套制度规则实施相关过渡期安排》《上市公司章程指引》《上海证券交易所股票 上市规则》等相关法律、法规、规范性文件的规定，结合公司实际情况，公司拟 不再设置监事会与监事，《公司法》层面规定的监事会职权由董事会审计委 ...

证券代码：600276 证券简称：恒瑞医药 公告编号：2025-197 江苏恒瑞医药股份有限公司 一、 召开会议的基本情况 关于召开2025年第二次临时股东会的通知 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) 股东会类型和届次 2025年第二次临时股东会 (二) 股东会召集人：董事会 (三) 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相 结合的方式 (四) 现场会议召开的日期、时间和地点 重要内容提示： 股东会召开日期：2025年12月31日 本次股东会采用的网络投票系统：上海证券交易所股东大会网络投票系统 召开的日期时间：2025 年 12 月 31 日 14 点 30 分 召开地点：公司会议室（上海市浦东新区海科路 1288 号） (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 12 月 31 日 至2025 年 12 月 31 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交 ...

一、《关于<公司章程修正案>的议案》（详细公告请见上海证券交易所网站： http://www.sse.com.cn） 赞成：11 票 反对：0 票 弃权：0 票 二、《关于召开 2025 年第二次临时股东会的议案》（详细公告请见上海证券 交易所网站：http://www.sse.com.cn） 证券代码：600276 证券简称：恒瑞医药 公告编号：临 2025-195 江苏恒瑞医药股份有限公司 第九届董事会第二十一次会议决议公告 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。 江苏恒瑞医药股份有限公司（以下简称"公司"）第九届董事会第二十一次 会议于 2025 年 12 月 10 日以通讯方式召开。本次会议应到董事 11 人，实到董事 11 人。会议召开符合《公司法》《公司章程》的规定。公司全体董事认真审议并 通过以下议案： 赞成：11 票 反对：0 票 弃权：0 票 特此公告。 江苏恒瑞医药股份有限公司董事会 2025 年 12 月 10 日 ...

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]

Core Viewpoint - The article discusses the effectiveness and safety of Tegileridine, a new analgesic developed by Heng Rui Medicine, in managing moderate-to-severe acute pain following abdominal surgery, highlighting its advantages over traditional opioids like morphine [4][6][10]. Group 1: Clinical Trial Results - A randomized, double-blind, phase 3 clinical trial involving 528 patients demonstrated that Tegileridine provided effective pain relief, significantly outperforming a placebo and showing comparable efficacy to morphine [4][6][7]. - The primary endpoint, SPID24 (Sum of Pain Intensity Difference over 24 hours), showed Tegileridine 1.0 mg group at -68.98, morphine group at -71.16, and placebo group at -49.63, indicating similar effectiveness between Tegileridine and morphine [7]. Group 2: Safety and Side Effects - Tegileridine exhibited a lower incidence of gastrointestinal reactions, with moderate to severe vomiting occurring 3.8% less frequently than in the morphine group, and a 6.7% lower need for additional antiemetic medication [8]. - Only one case of transient respiratory depression was reported in the Tegileridine group, contrasting with the higher risks associated with traditional opioids [8]. - Other common opioid side effects, such as dizziness and itching, were reported at lower rates in the Tegileridine group, with all events being mild to moderate [8]. Group 3: Broader Implications - Tegileridine represents a new approach to pain management, balancing effective analgesia with reduced side effects, which could be beneficial for various pain management scenarios, including chronic pain patients and the elderly [10].

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].

Core Insights - The core viewpoint emphasizes that Biotech will remain a mainstream investment direction in the medical field, particularly focusing on the iteration of second-generation technology paradigms, such as advancements in ADC drugs and CAR-T therapies [1][2]. Group 1: Investment Trends - There is a notable phenomenon of "asset grabbing" in the market, driven by the transition of innovative drug enthusiasm from the secondary market to the primary market [1]. - As of September this year, over 40% of the innovative assets introduced by the top 20 multinational pharmaceutical companies (MNCs) in China are from local biotech firms, with half of these being next-generation therapies like dual antibodies and ADCs [2]. - Biotech companies have secured 75% of external licensing transactions, with five companies, including Hengrui Medicine and Innovent Biologics, accounting for 20% of these deals [2]. Group 2: Challenges and Opportunities - Despite the growth, the industry faces multiple challenges, including the risk of resource wastage and product homogeneity due to blind competition [3]. - The focus should shift from speed to quality improvement and differentiated innovation to avoid collective setbacks in the industry [3]. - Building a bridge between technology development and clinical needs is crucial for efficient commercialization, as demonstrated by Sequoia China's efforts in the neuroscience field [3]. Group 3: BD Transactions and Value Creation - The core value of business development (BD) transactions lies in the synergy of capital, brand, and capability, which can provide stable cash flow and enhance brand credibility for biotech companies [4]. - High-quality BD collaborations can significantly aid biotech firms in learning from leading pharmaceutical companies, thus enhancing their operational capabilities [4]. - The perception that Chinese biotech assets are undervalued in international markets needs to be addressed to improve their global competitiveness [5]. Group 4: Strategic Investment Considerations - The essence of primary market investment is to buy today and realize returns in 5 to 10 years, necessitating a focus on long-term value rather than short-term market trends [6]. - Sequoia China emphasizes the importance of selecting the right direction and team when investing, as these factors are critical for maximizing value returns [6]. - The current market environment, including the opening of the Sci-Tech Innovation Board and the surge in biotech listings in Hong Kong, provides more financing opportunities for companies, but they must ensure their fundamentals are solid before going public [6].

Quantitative Models and Construction Methods Model 1: Carbon Emission Intensity Deviation and Carbon Emission Intensity Coefficient - **Model Name**: Carbon Emission Intensity Deviation and Carbon Emission Intensity Coefficient - **Model Construction Idea**: The model aims to allocate carbon quotas based on the deviation of a company's carbon emission intensity from the industry average, incentivizing companies to reduce emissions. - **Model Construction Process**: - The carbon emission intensity deviation (X) is calculated as the difference between a company's unit product carbon emission and the industry average, divided by the industry average: $$ X = \frac{I - BP}{BP} $$ where \( I \) is the company's unit product carbon emission, and \( BP \) is the industry average. - The carbon emission intensity coefficient (α) is determined based on the deviation (X): $$ \alpha = \begin{cases} -3\% & \text{if } X \leq -20\% \\ 15\% \times X & \text{if } -20\% < X \leq 20\% \\ +3\% & \text{if } X > 20\% \end{cases} $$ - The quota amount (A) is calculated as: $$ A = E \times (1 + \alpha) $$ where \( E \) is the company's verified emissions for the year. - **Model Evaluation**: This model ensures that differences in emission control levels among companies are reflected in their quota allocations, providing positive incentives for emission reduction while maintaining overall quota stability.[8][9][11] Model Backtesting Results - **Carbon Emission Intensity Deviation and Carbon Emission Intensity Coefficient**: - The model's implementation is expected to significantly expand the coverage of the national carbon market, enhancing the price discovery function of carbon prices and reflecting marginal abatement costs more clearly.[12][13] Quantitative Factors and Construction Methods Factor 1: National Certified Voluntary Emission Reduction (CCER) Methodology - **Factor Name**: National Certified Voluntary Emission Reduction (CCER) Methodology - **Factor Construction Idea**: The factor aims to provide a quantifiable method for voluntary emission reduction projects, converting emission reductions into tradable environmental credits. - **Factor Construction Process**: - The methodology includes three key scenarios: offshore oilfield associated gas recovery, onshore gas field test gas recovery, and onshore oilfield low-gas-volume associated gas recovery. - Each scenario has specific mechanisms for emission reduction, monitoring, and accounting requirements. - For example, the offshore oilfield associated gas recovery scenario involves recovering gas that would otherwise be flared, converting it into usable products, and reducing methane emissions. - **Factor Evaluation**: This methodology provides clear technical specifications and market incentives for methane emission reduction projects in the oil and gas industry, supporting the achievement of methane control targets.[14][15] Factor Backtesting Results - **National Certified Voluntary Emission Reduction (CCER) Methodology**: - The implementation of this methodology is expected to lead to the initiation of more associated gas recovery projects, contributing to the achievement of China's dual carbon goals and supporting the green and low-carbon transition of the oil and gas industry.[14][15]