"当然好消息是现在有药品了如果你有强大的意志力，通过运动饮食管好体重是最好的。如果你做不 到，有三种药可以用了，首先是司美格鲁肽，后来是礼来的替尔泊肽，最新的信达的玛仕度肽，只要是 24以上的BMI超重了，要加上一种相关的这些综合症，有比如血脂、血压不正常就能服用这个药，效果 也很好。"他说。 新浪声明：所有会议实录均为现场速记整理，未经演讲者审阅，新浪网登载此文出于传递更多信息之目 的，并不意味着赞同其观点或证实其描述。 责任编辑：李思阳 专题：2025《中国企业家》影响力企业家年会 爱康集团创始人、董事长兼CEO张黎刚在2025（第二十三届）影响力企业家年会表示，企业家要年轻， 第一大因素把体重管好了。如果你体重没有管好，怎么都不可能看上去年轻，所以体重是第一重要的， 我们看一下企业家当中一半以上都是超重的。 专题：2025《中国企业家》影响力企业家年会 爱康集团创始人、董事长兼CEO张黎刚在2025（第二十三届）影响力企业家年会表示，企业家要年轻， 第一大因素把体重管好了。如果你体重没有管好，怎么都不可能看上去年轻，所以体重是第一重要的， 我们看一下企业家当中一半以上都是超重的。 "当然好消息是现在有药 ...

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 ...

消息面上，（1）量子科技侧，工信部公示量子信息标准化技术委员会筹建方案，加速推动量子科技产 业规范化、规模化发展，重点对业务范畴与标准方向、组织架构、工作计划进行部署。（2）商业航天 侧，国家航天局于近期发布《推进商业航天高质量安全发展行动计划》，12月3日朱雀三号首飞取得阶 段性成功，国内可复用火箭迈出关键一步。随着可复用火箭推动单位重量发射成本大幅降低，国内庞大 低轨卫星星座组网需求有望加速落地。同时，地方积极推进商业航天产业生态落地，北京、上海等多地 密集布局。此外，CPO概念板块持续走强带动光通信产业链上行。 科创100ETF成分股中源杰科技作为光芯片供应商显著受益于行业景气度提升，单日涨幅达12.98%，东 芯股份、国盾量子等半导体及量子通信标的同步上涨，反映市场对算力基础设施硬件的需求传导。同 时，诸如国盾量子等商业航天相关成分股也有所上涨。截至2025年12月8日 10:10，上证科创板100指数 (000698)强势上涨，成分股源杰科技(688498)上涨13.69%，国盾量子(688027)上涨8.20%，复旦微电 (688385)上涨4.83%，信科移动(688387)，华丰科技(6886 ...

Core Insights - BeOne Medicines Ltd. announced new data on sonrotoclax, a next-generation BCL2 inhibitor, showing significant clinical benefits as both a monotherapy and in combination therapies for B-cell malignancies, particularly at the 67th American Society of Hematology Annual Meeting [1][2] Summary by Category Clinical Data - Sonrotoclax demonstrated an overall response rate (ORR) of 52.4% in patients with relapsed/refractory mantle cell lymphoma (MCL), with a complete response (CR) rate of 15.5% in a Phase 1/2 study [3] - The median duration of response (DOR) was 15.8 months, with a median time to response (TTR) of 1.9 months and a median progression-free survival (PFS) of 6.5 months [4] - In combination therapies, sonrotoclax plus zanubrutinib achieved a 100% ORR in 135 efficacy-evaluable patients, with a CR/CRi rate of 55% [7] Safety and Tolerability - Treatment with sonrotoclax monotherapy was generally well tolerated, with manageable adverse events; the most common grade 3 treatment-emergent adverse events included neutropenia (19.1%), infections (16.5%), and pneumonia (10.4%) [5] - The combination therapies also showed good tolerability, with no treatment-emergent adverse events leading to death or significant complications [13][14] Regulatory Status - Sonrotoclax is under Priority Review by the U.S. Food and Drug Administration (FDA) for potential accelerated approval, having received Breakthrough Therapy Designation and Fast Track Designation for MCL and other conditions [5][17] Market Potential - Sonrotoclax could become the first BCL2 inhibitor approved for relapsed/refractory MCL in the U.S., with the potential to transform treatment outcomes for patients with limited options [3][6]

人民财讯12月7日电，百济神州今日宣布有多款商业化产品及新增适应症进入国家医疗保障局发布的 《国家基本医疗保险、生育保险和工伤保险药品目录(2025年)》以及《商业健康保险创新药品目录(2025 年)》。 今年首次发布的商保创新药目录纳入了百赫安(注射用泽尼达妥单抗)和凯泽百(达妥昔单抗β注射液)这两 款由百济神州引进并负责商业化的产品，分别用于治疗HER2高表达(IHC3+)的不可切除局部晚期或转移 性胆道癌(BTC)患者，以及高危和复发难治性神经母细胞瘤患者。 ...

Core Viewpoint - The recent adjustments to the national basic medical insurance directory and the introduction of the commercial insurance innovative drug directory mark significant steps towards enhancing access to innovative treatments in China, particularly for high-cost therapies like CAR-T drugs [2][6]. Summary by Sections National Basic Medical Insurance Directory Adjustments - A total of 114 new drugs were added to the basic medical insurance directory, including 50 first-class innovative drugs [2]. - The total number of drugs in the basic medical insurance directory has increased to 3,253, comprising 1,857 Western medicines and 1,396 traditional Chinese medicines [3]. - New inclusions cover various fields such as oncology, chronic diseases, mental health, and pediatric medications, with several rare disease treatments also added [3]. Commercial Insurance Innovative Drug Directory - The commercial insurance innovative drug directory aims to include high-innovation drugs that exceed the basic insurance scope but offer significant clinical value and patient benefits [6]. - A total of 121 drugs underwent formal review for the commercial insurance directory, with 24 entering price negotiation, ultimately resulting in 19 drugs from 18 companies being included [6]. - Notable inclusions are five CAR-T therapies, which previously cost over one million yuan per injection, making them unaffordable for many patients [6]. Performance of Pharmaceutical Companies - Several leading pharmaceutical companies have reported their successes in the 2025 national medical insurance negotiations, with Heng Rui Pharmaceutical having 20 drugs included, contributing 7.554 billion yuan to their total revenue [5]. - Innovent Biologics announced that 7 of its new drugs were included in the updated national medical insurance directory, with 12 of its 17 innovative drugs now covered [5]. Specific Drug Inclusions - The directory includes drugs for Alzheimer's disease, such as the monoclonal antibodies from Eisai and Eli Lilly, and several rare disease treatments [7]. - Some high-profile drugs, like Novo Nordisk's semaglutide and Bristol-Myers Squibb's nivolumab, were not included despite passing the formal review [8]. Implementation Timeline - The new directory is set to be officially implemented nationwide on January 1, 2026 [9].

证券研究报告·行业跟踪周报·医药生物 医药生物行业跟踪周报 看好创新药出海，重点推荐恒瑞医药、百济 神州等 增持（维持） [Table_Tag] [Table_Summary] 投资要点 《海外小核酸进入收获期，关注国内 悦康、前沿、福元等》 2025-11-30 《药店现金流稳健、估值低，重点推 荐益丰药房、大参林等》 2025-11-23 2025 年 12 月 07 日 证券分析师 朱国广 执业证书：S0600520070004 zhugg@dwzq.com.cn 行业走势 -13% -10% -7% -4% -1% 2% 5% 8% 11% 14% 17% 2024/12/9 2025/4/8 2025/8/6 2025/12/4 医药生物 沪深300 相关研究 东吴证券研究所 1 / 32 请务必阅读正文之后的免责声明部分 ◼ 本周、年初至今 A 股医药指数涨幅分别为-0.74%、15.86%，相对沪深 300 的超额收益分别为-2.02%、-0.65%；本周、年初至今恒生生物科技 指数涨跌幅分别为-0.71%、80.40%，相对于恒生科技指数跑赢-1.87%、 52.43%；本周医药商业（+5.1 ...

Core Viewpoint - The "Commercial Health Insurance Innovative Drug Catalog (2025)" has been officially released, including 19 innovative drugs from 18 pharmaceutical companies, highlighting the growing recognition of innovative therapies in the healthcare market [1] Group 1: Company Highlights - BeiGene is the only company with two products included in the innovative drug catalog, specifically the drugs Daratumumab β Injection and Injection for Zenyda Monoclonal Antibody [1]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 百濟神州有限公司 (根據瑞士法律註冊成立的公司) 呈交日期: 2025年12月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06160 | 說明 | 請見備注 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,311,463,847 | USD | 0.0001 | USD | | 231,146.38 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 2,311,463,847 | USD | 0.0001 | USD | | 231,14 ...