日前，国家医保局、人力资源社会保障部印发《国家基本医疗保险、生育保险和工伤保险药品目录》、 首版《商业健康保险创新药品目录》。新版医保首版商保"双目录"将于2026年1月1日起在全国范围内正 式实施。12月7日至8日，恒瑞医药、复星医药、海思科、北海康成、君实生物等多家上市公司公告药品 新进、续约或新增适应症纳入新版国家医保目录、首版商保创新药目录。（上证报） ...

12月7日，国家医保局、人力资源社会保障部印发《国家基本医疗保险、生育保险和工伤保险药品目 录》（以下简称"新版医保目录"）以及《商业健康保险创新药品目录》（2025年）。新版医保目录新增 114种药品，超过了去年（91种），其中50种为一类新药，总体成功率为88%，较2024年的76%也有了 明显提升。 多个"全球新""全国新"进目录 新版医保目录调整后，目录内药品总数增至3253种，肿瘤、慢性病等重点领域的保障水平得到明显提 升。2024年版医保目录新增全球创新药38个，当时为历年来最高数量，今年新版医保目录新增一类创新 药达50种，再创历史新高，其中更是囊括了多款"全球首创""首个国产"类新药。 百事美施贵宝旗下全球首个且目前唯一获批红细胞成熟剂注射用罗特西普此次被纳入了新版医保目录， 用于治疗较低危骨髓增生异常综合征（MDS），这是继成人β-地中海贫血后，罗特西普在中国纳入医 保的第二个适应症。该药今年6月新获批上市，是近20年来首个用于治疗较低危MDS的创新药。天津医 科大学总医院副院长、血液病中心主任付蓉教授表示，罗特西普通过创新作用机制促进红细胞成熟，改 善无效造血，在减轻输血负担、改善贫血和提 ...

《恒瑞医药关于公司药品纳入国家医保目录的公告》 恒瑞医药近日发布公告称，其多个药品纳入《国家基本医疗保险、工伤保险和生育保险药品目录（2025 年）》。其中包括注射用瑞康曲妥珠单抗、苹果酸法米替尼胶囊等首次纳入品种，注射用卡瑞利珠单 抗、氟唑帕利胶囊等新增适应症品种，以及马来酸吡咯替尼片、海曲泊帕乙醇胺片等续约品种。部分药 品新增适应症并调整至常规目录管理。上述药品2024年度合计销售额约86.60亿元，2025年1-3季度合计 销售额约75.54亿元。国家医保目录将于2026年1月1日起实施，具体支付标准以官方公布为准。 最新公告列表 截至2025年12月8日收盘，恒瑞医药（600276）报收于62.46元，较前一交易日上涨1.36%，最新总市值 为4145.6亿元。该股当日开盘62.6元，最高63.55元，最低61.92元，成交额达31.87亿元，换手率为 0.8%。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...

Group 1: Market Overview - The Hong Kong stock market showed a collective rebound with the Hang Seng Index rising approximately 0.6%, the Hang Seng China Enterprises Index increasing about 1%, and the Hang Seng Tech Index up around 0.8% [2][3] - Market sentiment improved significantly compared to previous days, with total market turnover rising to approximately 210.4 billion HKD and the short-selling amount on the main board decreasing to about 15.74% of total turnover [2] - Southbound capital flows remained weak, with net inflows from northbound trading at around 1.3 billion HKD on Friday [2] Group 2: Sector Performance - Resource and cyclical stocks led the market rally, with rare earth, non-ferrous metals, and gold stocks performing well due to the implementation of export licenses and increased copper stockpiling by global commodity traders [3] - The financial sector also played a crucial role in driving the market upward, with insurance stocks, Chinese brokerage firms, and domestic banks generally showing strong performance [3] - Energy-related sectors, including electric power equipment, wind power, and nuclear power, were active, reflecting ongoing interest in energy transition and equipment investment opportunities [3] Group 3: Economic Indicators - The U.S. core PCE year-on-year growth rate fell to 2.8%, providing strong support for the Federal Reserve's potential interest rate cut [4] - Personal consumption expenditures in the U.S. showed almost no growth in September, indicating a cooling consumer market, with significant declines in spending on durable and non-durable goods [5] - The income distribution in the U.S. is becoming polarized, with lower-income households reducing spending while high-income groups maintain purchasing power due to asset appreciation [5] Group 4: Industry Insights - The small nucleic acid drug sector is emerging as a significant investment theme for 2026, characterized by rapid global market growth and advantages such as broad target coverage and high clinical trial success rates [7] - The global small nucleic acid drug market is projected to grow from 2.7 billion USD in 2019 to 5.7 billion USD in 2024, with a compound annual growth rate of 16.2% [7] - The market for siRNA drugs is expected to increase its share from 6.2% in 2019 to 44.5% in 2024, driven by advancements in delivery technologies and expanding indications [7] Group 5: Collaboration and Market Dynamics - The small nucleic acid field is becoming a hub for business development collaborations, with nearly 100 deals in the past three years and increasing transaction values [8] - Leading companies in the small nucleic acid market, such as Alnylam and Ionis, are setting the pace for global technological development, with Alnylam reporting a 149% year-on-year revenue increase in Q3 2025 [9] - Domestic pharmaceutical companies are also focusing on small nucleic acid drugs, with several candidates in clinical trials targeting conditions like high cholesterol [9] Group 6: Investment Recommendations - The report suggests that small nucleic acid drugs may become a major investment theme next year, with opportunities in both domestic and international markets [10] - Key companies to watch include overseas leaders like Alnylam, Arrowhead, and Ionis, as well as domestic firms like CSPC Pharmaceutical Group and Hengrui Medicine [10]

2025Q3持仓分析 医药持仓环比略降低， 医药主动基金加仓其他生物制品、减仓化学制剂 www.swsc.com.cn 西南证券研究院 2025年12月 分析师：杜向阳 执业证号：S1250520030002 电话：021-68416017 邮箱：duxy@swsc.com.cn 分析师：汪翌雯 执业证号：S1250522120002 邮箱：wangyw@swsc.com.cn 从公募基金持仓来看 数据来源：Wind，西南证券整理 1 2025Q3医药总持仓变化情况：25Q3全部公募基金占比9.67%，环比-0.21pp；剔除主动医药基金占比 6.74%，环比-0.74pp；再剔除指数基金医药持仓占比5.13%，环比+0.73pp；申万医药板块市值占比 为7.83%，环比+1.52pp。 从公募基金持仓家数来看，公募基金数量前五的分别是恒瑞医药(745家)、药明康德(608家)、信达生物 （297家）、迈瑞医疗(249家) 、三生制药(206家) 。 从公募基金持仓占比情况来看，1）持仓占流通股比例前五分别为：百利天恒(26.3%)、海思科(21.7%) 、热景生物(20.9%)、泽璟制药-U(19.2%)、 ...

12月8日，A股医药概念股震荡走强，荣科科技20cm涨停，合富中国"一字"涨停，华是科技涨超10%领 涨，瑞康医药开盘涨停后开板，随后维持高位震荡走势。 消息面上，12月7日，国家医保局正式发布调整后的国家基本医保目录，以及首版商保创新药目录。调 整后，基本医保目录内药品总数增至3253种，其中西药1857种、中成药1396种。 君实生物披露，公司的产品特瑞普利单抗注射液2项新增适应症、昂戈瑞西单抗注射液成功纳入国家医 保目录乙类范围。截至公告披露日，公司4款商业化产品均已纳入国家医保目录。 首版商保创新药目录方面，共纳入19种药品，既有CAR-T等肿瘤治疗药品，也有神经母细胞瘤、戈谢病 等罕见病治疗药品，还有社会关注度较高的阿尔茨海默病治疗药品，与基本医保形成较好的互补衔接。 | | | 2025年医保商保目录A股上市药企部分"明星药" | | | | --- | --- | --- | --- | --- | | 类别 | 代表产品 | 证券代码 | 公司名称 | 突出价值 | | 肿瘤免疫 | 特瑞普利单抗注 射液(拓益®) | | | 国内唯 覆盖肾癌、三阴性 乳腺癌、黑色素瘤三大实体 瘤的国产PD- ...

Core Insights - The global biopharmaceutical innovation landscape, traditionally dominated by multinational corporations, is undergoing significant structural changes, with China's innovative drug industry emerging as a key player on the global stage [1] - China's transition from a "fast follower" to an "originator" in innovative drugs is becoming an irreversible trend, as highlighted by international media [1] - Data shows a notable increase in China's share of global clinical trials and licensing transactions, with Chinese biotech companies outperforming their U.S. counterparts in stock price growth over the past year [1][3] Group 1: Market Dynamics - Multinational corporations are increasingly inclined to source early-stage innovative pipelines from China due to cost-effectiveness, with costs in China being 30%-40% lower than in the U.S. [2] - The collaboration between domestic companies and multinationals is exemplified by the $12.5 billion upfront payment from Pfizer to 3SBio for overseas rights to a bispecific antibody, marking a record for domestic innovative drugs [2][3] - The Chinese innovative drug sector is expected to see a surge in licensing transactions, with projections indicating that total licensing amounts could exceed $100 billion in the first three quarters of 2025 [3] Group 2: Investment Trends - The biopharmaceutical sector is experiencing a business development (BD) boom, with significant transactions such as the $12 billion collaboration between Hengrui Medicine and GSK, indicating strong interest from multinational companies [3][4] - Investment institutions are focusing on the biopharmaceutical sector, with approximately 80% of the market value concentrated in biotechnology and pharmaceuticals, driving capital flow into these areas [5] - The market is witnessing a shift from "story-driven" investment decisions to a focus on the hard capabilities of companies, emphasizing the importance of clinical data and product quality [9][10] Group 3: Future Outlook - The innovative drug market is expected to thrive, with projections indicating that the Hang Seng Index could double by 2025, driven by favorable policies and a rebound in industry valuations [7] - The Chinese innovative drug sector is anticipated to recover strongly in 2025, with the overall revenue of listed companies in this sector reaching 48.83 billion yuan, a 22% year-on-year increase [7] - The market is seeing a resurgence in IPO activity, with over 20 companies currently queued for listing in Hong Kong, reflecting renewed investor interest in the biopharmaceutical sector [12][13]

Investment Rating - The report maintains a "positive" outlook on the pharmaceutical industry, particularly focusing on innovative drug sectors [3]. Core Insights - The pharmaceutical sector's performance saw a decline of 0.7% this week, while the Shanghai Composite Index rose by 0.4%. The pharmaceutical index ranked 21st among 31 sub-industries [3][4]. - The new National Medical Insurance Drug List added 114 drugs, including 50 innovative drugs, with an overall success rate of 88%, significantly up from 76% in 2024. The first commercial health insurance innovative drug list includes 19 drugs, enhancing coverage for critical areas such as cancer and chronic diseases [3][12][14]. - The establishment of the Chinese Drug Price Registration System allows companies to self-declare innovative drug prices, facilitating global pricing strategies for innovative drugs [17][18]. Market Performance - The pharmaceutical index's valuation stands at 29.3 times earnings, ranking 10th among 31 primary industries [6]. - The performance of various sub-sectors includes: raw materials (-2.5%), chemical preparations (-0.9%), and medical devices (-0.9%), while medical circulation saw an increase of 6.5% [6][4]. Recent Key Events - The report highlights significant clinical trial results from companies like Junsheng Pharmaceutical, which demonstrated advantages in glycemic control and cardiovascular benefits with its new drug HTD1801 [25]. - The report notes the strategic partnership between Kelun Pharmaceutical and Crescent for developing ADC therapies, with potential milestone payments reaching up to $1.25 billion [27][28]. - The report also mentions the IPO application of Lingke Pharmaceutical, focusing on innovative small molecule drugs for autoimmune and inflammatory diseases, with a post-investment valuation of 3.42 billion yuan [30]

Investment Rating - The report maintains a "Buy" rating for the pharmaceutical and biotechnology sector, with a focus on companies with strong R&D capabilities and commercialized innovative drug products [4][26]. Core Insights - The first commercial health insurance innovative drug directory has been released, which is expected to continuously expand the payment space for innovative drugs [2][21]. - The new basic medical insurance directory includes 127 products, with a success rate of 88% in negotiations, marking the highest success rate in nearly seven years [2][21]. - The commercial health insurance directory includes 24 drugs, with 19 successfully included, focusing on CAR-T and treatments for rare diseases and Alzheimer's [2][22]. - The report emphasizes the importance of clinical value in the pharmaceutical sector, suggesting that investments should focus on innovative drug chains and high-end medical devices [3][24]. Summary by Sections Market Review - The A-share pharmaceutical and biotechnology index fell by 1.17%, underperforming the CSI 300 index by 2.44 percentage points [1][16]. - The H-share Hang Seng Medical Health Index decreased by 0.71%, lagging behind the Hang Seng Index by 1.45 percentage points [1][16]. R&D Progress - Recent IND applications include Yifang Biotech's D-0502 and Hengrui Medicine's HRS-6257 [1][29]. - Clinical trials are ongoing for several drugs, including Shijiazhuang Pharmaceutical's SYS6002 and Zai Ding Pharmaceutical's Aigamod α [1][30]. Key Company Predictions and Valuations - The report provides earnings per share (EPS) forecasts and price-to-earnings (PE) ratios for key companies, recommending a "Buy" for companies like Innovent Biologics and WuXi AppTec [4][26]. Important Updates - The report highlights significant updates from various companies, including strategic partnerships and new product registrations [28][29]. Financial Data - Basic medical insurance revenue reached 2,108.6 billion yuan in the first nine months of 2025, with a monthly income of 227.6 billion yuan in September [33][38]. - The pharmaceutical manufacturing industry saw a revenue decline of 2.90% year-on-year for the first ten months of 2025 [47]. Policy and Market Trends - The report discusses the structural shift in domestic policies favoring innovative drugs and the impact of global economic conditions on the pharmaceutical sector [24][25].

谈判成功率创7年新高，药物保障能力不断提升 本次目录调整共有127个目录外药品参与谈判和竞价，其中114个药品谈判或竞价成功，总体成功率达 88%。2019年至2024年历次医保谈判成功率分别为65%、73%、80%、82%、85%和76%，本次医保谈判 成功率88%，创7年新高。 在最终114个成功纳入的品种里，有50种是1类创新药，充分体现了对创新的支持。有29种临床已被替代 或长期未生产供应的药品被调出，维持目录的健康发展。本轮调整后，国家医保目录中药品总数达到 3253种，其中西药1857种，中成药1396种。新版目录自2026年1月1日起正式执行。 2025年12月7日，国家医保局发布《国家基本医疗保险、生育保险和工伤保险药品目录(2025年)》及首 个《商业健康保险创新药品目录》 2025年医保目录更新，114种药品新增纳入目录，包括慢性病、肿瘤、抗感染、罕见病、新冠感染治疗 用药等，有其中50种是1类创新药。经调整后目录内药品总数达到3253种，其中西药1857种、中成药 1396种。本次基本目录，共有127个目录外产品参与谈判竞价，最终114个成功纳入，成功率为88%，谈 判成功率创近7年新高 ...