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].

Group 1 - The core business of Junshi Biosciences includes the research and commercialization of monoclonal antibody drugs, with 90.67% of revenue coming from drug sales, 8.74% from technology licensing, and 0.59% from technical services and others [2] - As of September 30, 2025, Junshi Biosciences reported a revenue of 1.806 billion yuan, representing a year-on-year growth of 42.06%, while the net profit attributable to shareholders was -596 million yuan, an increase of 35.72% year-on-year [2] - The number of shareholders increased by 15.17% to 35,900 as of September 30, 2025, while the average circulating shares per person decreased by 12.96% to 21,361 shares [2] Group 2 - On December 5, Junshi Biosciences' stock rose by 0.70%, with a trading volume of 155 million yuan [1] - The financing buy-in amount on December 5 was 11.01 million yuan, while the financing repayment was 14.72 million yuan, resulting in a net financing outflow of -3.70 million yuan [1] - The total balance of margin trading for Junshi Biosciences reached 1.363 billion yuan, with the financing balance accounting for 4.89% of the circulating market value, indicating a high level compared to the past year [1]

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].

Core Points - The National Healthcare Security Administration announced the 2025 National Medical Insurance Drug List, which will take effect on January 1, 2026, adding 114 new drugs, including 50 innovative drugs, while removing 29 drugs that are either unavailable or can be replaced by better alternatives [2][4] Group 1: Drug List Adjustments - The total number of drugs in the directory has increased to 3,253, comprising 1,857 Western medicines and 1,396 traditional Chinese medicines, with significant improvements in coverage for key areas such as cancer, chronic diseases, mental illnesses, rare diseases, and pediatric medications [2][4] - The 2025 adjustment marks the 8th update since the establishment of the National Healthcare Security Administration [7] Group 2: Company Announcements - 15 A-share pharmaceutical companies announced that their products have been included in the new directory, with many innovative drug companies benefiting from this inclusion [4] - Zai Lab's drug, Jikaxitinib, has been included in the directory, which is expected to enhance sales and improve patient accessibility [4] - Junshi Biosciences reported that its products, including Toripalimab and an additional indication for another drug, have been successfully included in the directory [4] - Innovent Biologics' drug, IBI301, has also been added to the new directory, marking a significant milestone for the company [5] - Leading A-share pharmaceutical companies like Fosun Pharma, East China Pharmaceutical, and Heng Rui Medicine have also had several products included, with Heng Rui reporting a combined sales figure of approximately 8.66 billion yuan for the newly added drugs in 2024 [6][7]

Core Viewpoint - Shanghai Junshi Biosciences Co., Ltd. has successfully included two of its products, Toripalimab Injection (brand name: Tuoyi) and Engrelistat Injection (brand name: Junshida), in the National Medical Insurance Catalog (2025) under Category B, effective from January 1, 2026 [1][2]. Group 1: Product Information - Toripalimab Injection is the first domestically approved PD-1 monoclonal antibody in China, with 12 indications approved for listing in the National Medical Insurance Catalog, including treatments for renal cancer, triple-negative breast cancer, and melanoma [2][4]. - Engrelistat Injection is a domestically developed PCSK9-targeting drug, newly included in the National Medical Insurance Catalog, specifically for patients intolerant to statins [5][6]. Group 2: Market Impact - The inclusion of these products in the National Medical Insurance Catalog reflects the recognition of their clinical value and innovation by the National Healthcare Security Administration, which supports local innovative pharmaceutical companies [6]. - The listing of all commercialized products in the National Medical Insurance Catalog is expected to enhance affordability and accessibility for patients, thereby promoting market expansion and increasing sales scale for the company [6].