智通财经APP获悉，荣昌生物(09995)盘中涨超7%，截至发稿，涨5.57%，报81.5港元，成交额3.1亿港 元。 据悉，今年8月，RC148已获FDA批准在美国开展II期临床试验。国金证券此前研报指，RC148早在2023 年就获批在中国开展单药及联合治疗晚期实体瘤的临床研究。获得FDA的IND许可，标志着该药将进入 全球临床开发阶段。PD-1/VEGF全球BD交易火热，康方生物及三生制药已率先BD授权出海，RC148临 床进度前列，美国临床开展体现公司强烈信心，后续出海潜力可期。 消息面上，当地时间12月10日，2025年欧洲肿瘤内科学会免疫肿瘤学大会（ESMO-IO）在英国伦敦开 幕。会上，由荣昌生物自主研发的PD-1/VEGF双特异性抗体RC148单药及联合方案一线或二线治疗非小 细胞肺癌的一项Ⅰ/Ⅱ期临床研究（RC148-C001）数据，以壁报形式正式发布。RC148 20 mg/kg Q3W联 合多西他赛展现出显著优越的疗效，ORR达66.7%，DCR为95.2%；各亚组均观察到疗效获益，PD-L1阳 性（TPS≥1%）患者的ORR达80%；中位随访时间约7个月，mPFS为8.3个月。 ...

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 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]

12月9日，A股市场震荡回调，创新药板块冲高回落。截至10:31，20CM涨跌幅的科创创新药ETF汇添富（589120）走平，早盘一度涨超1%！资金小跑进 场，科创创新药ETF汇添富（589120）近5日中有3日吸金，近5日合计净流入超939万元！ 科创创新药ETF汇添富（589120）标的指数成分股涨跌不一，艾力斯、百利天恒等涨超1%，百济神州等微涨，迈威生物等跌超2%，荣昌生物、泽璟制药等 回调。 截至10:33，成分股仅做展示使用，不构成投资建议。 消息面上，2025年国家基本医疗保险、生育保险和工伤保险药品目录是国家医保局成立以来的第8次调整。本次目录调整新增114种药品，其中50种为1类创 新药。首版商保创新药目录共纳入19种药品，既有CAR-T等肿瘤治疗药品，也有社会关注度较高的阿尔茨海默病治疗药品。 【基本医保目录以及首版商保目录发布，延续支持创新！】 招银国际火线点评，2025年版基本医保目录以及首版商保目录发布，延续支持创新。本次目录调整新增114种药品，其中50种1类创新药，同时调出了29种临 床没有供应或可被其他药物更好替代的药品。本次调整在坚持"保基本""尽力而为、量力而行"的基础上， ...

统计显示，换手率超5%的高换手率个股中，C摩尔为上市5日内的新股。 市场表现看，换手率超5%的个股中，今日上涨的有76只，涨幅居前的有爱科赛博、瑞可达、赛微微电 等，分别上涨20.00%、20.00%、18.82%。跌幅居前的有荣昌生物、航天宏图、航天环宇等，分别下跌 9.79%、3.74%、3.08%。 分行业看，今日换手率超5%的个股中，所属电子行业个股最多，有29只个股上榜；计算机、电力设备 等紧随其后，分别有14只、12只个股上榜。 资金流向方面，高换手率个股中，有38股今日获主力资金净流入，净流入金额较多的有国盾量子、德科 立、腾景科技，净流入金额分别为4.06亿元、3.25亿元、2.57亿元，净流出金额较多的有臻镭科技、佰 维存储、C摩尔，净流出金额分别为1.88亿元、1.71亿元、1.56亿元。 从杠杆资金动向看，高换手个股中，共44股近期获杠杆资金净买入，统计显示，截至12月5日，近5日融 资余额增加较多的有C摩尔、佰维存储、微导纳米等，分别增加17.01亿元、2.39亿元、8610.31万元；融 资余额减少金额较多的有源杰科技、腾景科技、阿特斯等，分别减少2.93亿元、2.88亿元、2.27 ...

从资金流向上来看，当日生物制品板块主力资金净流出2.42亿元，游资资金净流入1.78亿元，散户资金净 流入6338.2万元。生物制品板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 688331 | 荣昌生物 | -5217.72万 | 5.13% | 170.15万 | 0.17% | -5387.87万 | -5.30% | | 000534 万泽股份 | | 3663.99万 | 9.35% | -2332.45万 | -5.95% | -1331.55万 | -3.40% | | 688319 欧林生物 | | 2846.39万 | 12.93% | 395.57万 | 1.80% | -3241.96万 | -14.73% | | 688180 君实生物 | | 1294.25万 | 4.93% | 486.18万 | 1.85% | -1780.43万 | -6.79% | | 68 ...

据交易所数据显示，截至2025年12月8日收盘，荣昌生物（688331）报收于87.01元，下跌9.79%，换手 率7.11%，成交量11.55万手，成交金额10.16亿元。 资金流向方面，今日主力资金净流入5217.72万元，占比成交额5.13%。其中，超大单净流出385.23万 元、占成交额0.38%，大单净流入5602.96万元、占成交额5.51%，中单净流出流入170.15万元、占成交 额0.17%，小单净流出5387.87万元、占成交额5.3%。 荣昌生物最新一期业绩显示，截至2025三季报，公司营业总收入17.20亿元、同比增长42.27%，归属净 利润55070.06万元，同比增长48.60%，扣非净利润54524.42万元，同比增长50.31%，流动比率0.960、速 动比率0.728、资产负债率61.18%。 天眼查商业履历信息显示，荣昌生物制药(烟台)股份有限公司，成立于2008年，位于烟台市，是一家以 从事医药制造业为主的企业。企业注册资本56360.8243万人民币，实缴资本40181.9202万人民币。公司 法定代表人为王威东。 通过天眼查大数据分析，荣昌生物制药(烟台)股份有限公司 ...

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]

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 ...

3Q25 drug sales tracker Pharmcube, a data provider, recently released 3Q25 drug sales data that was harvested and amplified from sampled hospitals in China. This data, though not 100% accurate, supplements the quarterly financial results reported by these companies around the end of October and mid-November, in our view. China healthcare Global Markets Research Better than last quarter but still declined y-y The overall China drug market sales declined 6.2% y-y (while up 6% q-q) to CNY226bn in 3Q25. EQUITY: ...