来源：新浪证券-红岸工作室 12月10日，君实生物涨0.58%，成交额1.73亿元，换手率0.63%，总市值372.69亿元。 2、公司公众号：2023年10月27日，君实生物宣布，公司与北京大学、中国科学院微生物研究所（中科 院微生物所）、山西高等创新研究院、北京航空航天大学达成合作，共同开发猴痘重组蛋白疫苗。 3、2024年3月12日互动易：公司控股子公司君拓生物通过与科研院所和高校合作开发等形式持有疫苗相 关产品管线，如猴痘疫苗、寨卡疫苗等，目前均处于临床前开发阶段。 (免责声明：分析内容来源于互联网，不构成投资建议，请投资者根据不同行情独立判断) 资金分析 今日主力净流入-704.25万，占比0.04%，行业排名44/55，连续2日被主力资金减仓；所属行业主力净流 入-2.12亿，连续3日被主力资金减仓。 区间今日近3日近5日近10日近20日主力净流入-704.25万-472.11万-1174.05万-8595.94万-2.43亿 主力持仓 主力没有控盘，筹码分布非常分散，主力成交额3973.27万，占总成交额的5.03%。 异动分析 创新药+猴痘概念+生物疫苗 1、2024年年报，公司具备完整的从创 ...

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]

Group 1 - The A-share market experienced fluctuations with the innovative drug sector showing a rebound before retreating, as evidenced by the performance of the Science and Technology Innovation Drug ETF Huatai (589120) which was flat after initially rising over 1% [1] - The Science and Technology Innovation Drug ETF Huatai (589120) has seen net inflows exceeding 9.39 million yuan over the past five days, with funds entering the market intermittently [1] - The component stocks of the ETF showed mixed performance, with stocks like Ailisi and Baili Tianheng rising over 1%, while others like Maiwei Biology fell over 2% [3][4] Group 2 - The 2025 National Basic Medical Insurance Drug Directory has been adjusted, adding 114 new drugs, including 50 first-class innovative drugs, which reflects ongoing support for innovation in the pharmaceutical sector [5][6] - The adjustment of the drug directory aims to encourage innovation while ensuring basic healthcare needs, with a focus on "true innovation" and "differentiated innovation" [6] - The commercial insurance directory has included 19 drugs, including CAR-T and treatments for Alzheimer's disease, indicating a significant step towards expanding commercial medical insurance in China [6] Group 3 - The innovative drug sector is expected to maintain a high level of activity, with a focus on "data validation" and "value reassessment" as key investment themes [6][7] - The industry is entering an internationalization phase, with business development (BD) becoming a regular practice, and the verification of global product value being crucial for future growth [7] - The Science and Technology Innovation Drug ETF Huatai (589120) focuses on leading innovative drug companies, providing a higher degree of exposure to the opportunities presented by the rise of innovative drugs in China [7]

Core Viewpoint - The National Healthcare Security Administration and the Ministry of Human Resources and Social Security have issued the new National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug Catalog, along with the first edition of the Commercial Health Insurance Innovative Drug Catalog, which will be implemented nationwide starting January 1, 2026 [1] Group 1 - The new dual catalog for medical insurance and commercial health insurance will officially take effect on January 1, 2026 [1] - Several listed companies, including Heng Rui Medicine, Fosun Pharma, Hai Si Ke, Bei Hai Kang Cheng, and Junshi Biosciences, have announced new drug inclusions, renewals, or new indications added to the updated national medical insurance catalog and the first edition of the commercial health insurance innovative drug catalog [1]

Core Viewpoint - The recent adjustment of the National Basic Medical Insurance Directory has led to a significant increase in the number of drugs covered, positively impacting A-share pharmaceutical stocks, with notable gains observed in companies like Rongke Technology and Huashi Technology [1][2]. Group 1: National Basic Medical Insurance Directory Adjustments - The total number of drugs in the basic medical insurance directory has increased to 3,253, including 1,857 Western medicines and 1,396 traditional Chinese medicines [1]. - A total of 114 new drugs have been added, with 50 classified as Class 1 innovative drugs, covering various fields such as oncology, chronic diseases, mental health, and pediatric medications [1]. - Several rare disease medications have also been included, addressing conditions like neurofibromatosis, thalassemia, hemophilia, multiple sclerosis, and growth hormone deficiency in children [1]. Group 2: Commercial Insurance Innovative Drug Directory - The first version of the commercial insurance innovative drug directory includes 19 drugs, featuring CAR-T therapies for cancer treatment and medications for rare diseases and Alzheimer's disease, complementing the basic medical insurance [1]. - Notably, Eli Lilly's tirzepatide injection, a new global "drug king," has been included for the treatment of adult type 2 diabetes, alongside similar drugs from Silver Noble Pharmaceuticals [2]. Group 3: Company Announcements and Financial Impact - As of December 8, 16 A-share listed pharmaceutical companies have reported their products being included in the national medical insurance drug directory or the commercial insurance innovative drug directory [2]. - Leading companies like Fosun Pharma, Huadong Medicine, and Heng Rui Medicine have had several products added, with Heng Rui reporting an estimated total sales of approximately 8.66 billion yuan for 2024 and 7.55 billion yuan for the first three quarters of 2025 from these newly included drugs [2]. - Innovative drugs such as JAK inhibitors for myelofibrosis and PD-1 monoclonal antibodies have also been successfully negotiated into the national medical insurance directory, enhancing their market potential [3].

来源：新浪证券-红岸工作室 资料显示，上海君实生物医药科技股份有限公司位于上海市浦东新区平家桥路100弄6号7幢16层,香港铜 锣湾希慎道33号利园1期19楼1918室，成立日期2012年12月27日，上市日期2020年7月15日，公司主营业 务涉及单克隆抗体药物和其他治疗型蛋白药物的研发与产业化,单克隆抗体药物研发的技术服务与技术 转让等。主营业务收入构成为：药品销售90.67%，技术许可及特许权使用收入8.74%，技术服务及其他 0.59%。 截至9月30日，君实生物股东户数3.59万，较上期增加15.17%；人均流通股21361股，较上期减少 12.96%。2025年1月-9月，君实生物实现营业收入18.06亿元，同比增长42.06%；归母净利润-5.96亿元， 同比增长35.72%。 机构持仓方面，截止2025年9月30日，君实生物十大流通股东中，易方达上证科创板50ETF（588080） 位居第七大流通股东，持股1939.29万股，相比上期减少282.03万股。华夏上证科创板50成份ETF （588000）位居第八大流通股东，持股1897.20万股，相比上期减少1074.47万股。 12月5日，君实 ...

Core Viewpoint - Junshi Biosciences (01877) has seen a stock price increase of over 3%, currently at 24.28 HKD, following the announcement of new indications for its products being included in the National Medical Insurance Directory for 2025 [1] Group 1: Product Developments - The product Toripalimab injection (brand name: Tuoyi®, product code: JS001) has received two new indications [1] - The product Engreztinib injection (brand name: Junshida®, product code: JS002) has successfully been included in the National Medical Insurance Directory [1] - Both products will be officially included in the updated National Medical Insurance Directory effective January 1, 2026 [1] Group 2: Market Position - As of the announcement date, four commercialized products, including Tuoyi®, have been included in the National Medical Insurance Directory [1] - Tuoyi® is the only anti-PD-1 monoclonal antibody in the directory that treats renal cancer, triple-negative breast cancer, and melanoma [1] - Junshida® is the first product to be included in the directory for patients intolerant to statins, marking it as the only domestic PCSK9-targeted drug in the new directory [1]

Core Viewpoint - Junshi Biosciences (01877) saw a morning increase of over 3%, currently up 3.23% at HKD 24.28, with a trading volume of HKD 3.177 million, following the announcement of new indications for its products being included in the National Medical Insurance Directory [1] Group 1: Product Developments - Junshi Biosciences announced that its product Toripalimab injection (brand name: Tuoyi®, product code: JS001) has received two new indications, and its product Engreitzumab injection (brand name: Junshida®, product code: JS002) has been successfully included in the National Medical Insurance Directory (2025) under the Class B category [1] - The new National Medical Insurance Directory will officially take effect on January 1, 2026 [1] Group 2: Market Position - As of the announcement date, the company has four commercialized products, including Tuoyi®, Adalimumab injection (brand name: Junmaikang®, product code: UBP1211), Dexamethasone Hydrochloride tablets (brand name: Mindewi®, product code: VV116/JT001), and Junshida®, all of which have been included in the National Medical Insurance Directory [1] - Tuoyi® is the only anti-PD-1 monoclonal antibody in the directory that is approved for the treatment of renal cancer, triple-negative breast cancer, and melanoma, with all 12 approved indications in mainland China included in the National Medical Insurance Directory [1] - Junshida® is newly included and is the only domestic PCSK9-targeted drug in the new directory for patients intolerant to statins [1]

Core Viewpoint - Junshi Biosciences (01877) has seen a stock price increase of 1.87% to 24 HKD following the announcement of new indications for its products being included in the National Medical Insurance Directory [2][5]. Group 1: Product Developments - Junshi Biosciences announced that its product Toripalimab injection (brand name: Tuoyi®, product code: JS001) has received two new indications, and its product Engreztinib injection (brand name: Junshida®, product code: JS002) has been successfully included in the National Medical Insurance Directory (2025) under the Class B category [2][5]. - The new version of the National Medical Insurance Directory will be officially implemented on January 1, 2026 [2][5]. Group 2: Product Portfolio - As of the announcement date, four commercialized products from the company, including Tuoyi®, Adalimumab injection (brand name: Junmaikang®, product code: UBP1211), Dexamethasone Hydrochloride Tablets (brand name: Mindewi®, product code: VV116/JT001), and Junshida®, have all been included in the National Medical Insurance Directory [2][5]. - Tuoyi® is the only anti-PD-1 monoclonal antibody in the directory that is approved for treating renal cancer, triple-negative breast cancer, and melanoma, with all 12 approved indications included [2][5]. - Junshida® is newly included and is the only domestic PCSK9-targeted drug in the new directory for patients intolerant to statins [2][5].

Core Viewpoint - Junshi Biosciences (01877) saw a morning increase of over 3%, currently up 3.23% at HKD 24.28, with a trading volume of HKD 3.177 million. The company announced that its products, Toripalimab injection (brand name: Tuoyi, product code: JS001) and Engreztinib injection (brand name: Junshida, product code: JS002), have been included in the National Medical Insurance Catalog (2025) under Category B, effective January 1, 2026 [1]. Group 1 - The company has successfully added two new indications for Toripalimab and has included Engreztinib in the National Medical Insurance Catalog [1]. - All 12 approved indications for Toripalimab in mainland China have been included in the National Medical Insurance Catalog, making it the only anti-PD-1 monoclonal antibody in the catalog for the treatment of renal cancer, triple-negative breast cancer, and melanoma [1]. - Engreztinib is newly included in the catalog and is the only domestic PCSK9-targeted drug for patients intolerant to statins in the new version of the catalog [1].