Investment Rating - The report maintains an "Overweight" rating for the innovative pharmaceutical and medical device industry chain [3][5][6]. Core Insights - The report emphasizes the continuous recommendation of innovative drugs and medical devices, highlighting the high growth potential in the innovative pharmaceutical sector. It maintains "Overweight" ratings for companies such as Heng Rui Medicine, Hansoh Pharmaceutical, and others, indicating a potential for value re-evaluation [3][5]. - The report notes that the National Medical Insurance Administration has officially announced the 2025 medical insurance drug catalog, which includes 114 new drugs, 50 of which are first-class innovative drugs. This adjustment is seen as a validation of the support for innovation in the healthcare sector [3][5]. - The A-share pharmaceutical sector underperformed the broader market in the second week of December 2025, with the SW Pharmaceutical Biotechnology index declining by 1.0% compared to a 0.3% drop in the Shanghai Composite Index [7][18]. Summary by Sections Section 1: Continuous Recommendation of Innovative Drugs and Medical Devices - The report highlights the sustained recommendation of innovative drugs and medical devices, with a focus on companies that are expected to see performance growth and value re-evaluation [5][6]. Section 2: A-share Pharmaceutical Sector Performance - In the second week of December 2025, the A-share pharmaceutical sector's performance was weaker than the overall market, ranking 16th among the primary industries [7][18]. Section 3: Hong Kong and US Market Performance - The report indicates that the Hong Kong pharmaceutical sector also underperformed, while the US pharmaceutical sector showed stronger performance compared to the broader market [18].

Group 1 - The core transaction on December 12 involved a block trade of 95,200 shares of Ailis, amounting to 9.4381 million yuan, with a transaction price of 99.14 yuan per share [1][2] - Over the past three months, Ailis has recorded a total of 16 block trades, with a cumulative transaction value of 123 million yuan [2] - The closing price of Ailis on the day of the transaction was 99.14 yuan, reflecting an increase of 1.03%, with a daily turnover rate of 1.61% and a total trading volume of 715 million yuan [2][3] Group 2 - The latest margin financing balance for Ailis is 1.058 billion yuan, showing a decrease of 9.8369 million yuan over the past five days, which is a decline of 0.92% [3] - Ailis was established on March 22, 2004, with a registered capital of 450 million yuan [3]

Group 1 - The core viewpoint of the news highlights the significant increase in the success rate of national medical insurance negotiations, reaching a historical high, which is expected to encourage the development of innovative drugs in China [2] - The 2025 National Medical Insurance Drug List will add 114 new drugs, including 50 first-class innovative drugs, with an overall success rate of 88%, marking a notable increase from 76% in 2024 [1] - The new drug list will officially implement on January 1, 2026, expanding the total number of drugs covered to 3,253, enhancing coverage in key areas such as oncology, chronic diseases, mental health, rare diseases, and pediatric medications [1] Group 2 - Citic Securities believes that the successful negotiation rate for national medical insurance has reached a historical high, and the commercial insurance directory is expected to become an important growth driver, promoting the development of innovative drugs [2] - Guotai Junan Securities indicates that the recent press conference and series of discussions by the medical insurance bureau clarify future policies that support companies in "anti-involution," international expansion, and differentiated innovation, which will benefit the high-quality development of the medical device industry [2] - The China Innovation Drug ETF closely tracks the China Innovation Drug Industry Index, which selects up to 50 representative listed companies involved in innovative drug research and development to reflect the overall performance of the innovative drug industry [2]

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 Insights - The company, He Yu-B (02256.HK), announced preliminary results from its Phase II clinical study (ABSK043-202) of the oral small molecule PD-L1 inhibitor, ABSK043, in combination with the third-generation EGFR-TKI, Furmetinib, for the treatment of non-small cell lung cancer (NSCLC) [1] Group 1: Clinical Study Results - The combination therapy of ABSK043 and Furmetinib demonstrated good safety and tolerability [1] - Regulatory authorities have approved the expansion of the study to include first-line treatment for EGFR mutation-positive and PD-L1 positive NSCLC patients based on the favorable safety profile [1]

Core Viewpoint - The company announced preliminary results from a Phase II clinical study of its oral small molecule PD-L1 inhibitor ABSK043 in combination with the third-generation EGFR-TKI, furmonertinib, for the treatment of non-small cell lung cancer (NSCLC) [1] Group 1: Clinical Study Results - The initial results from the dose escalation phase of the ABSK043-202 study indicate that the "targeted immune combination" regimen shows good safety and tolerability [1] - Regulatory authorities have agreed to expand the study to include first-line treatment research for EGFR mutation-positive and PD-L1 positive NSCLC patients based on the favorable safety profile of the regimen [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容所產生或因依 賴該等內容而引致的任何損失承擔任何責任。 Abbisko Cayman Limited 和譽開曼有限責任公司 （於開曼群島註冊成立的有限公司） （股份代號：2256） 自願性公告 和譽醫藥於ESMO Asia 2025公佈口服PD-L1抑制劑ABSK043聯合 EGFR抑制劑伏美替尼治療NSCLC的II期臨床初步結果 和譽開曼有限責任公司（「本公司」，連同其附屬公司統稱「本集團」）謹此隨附新聞 稿，以告知本公司股東及潛在投資者，本公司之附屬公司上海和譽生物醫藥科技 有限公司（「和譽醫藥」）宣佈，其在2025年歐洲腫瘤內科學會亞洲年會（「ESMO Asia 2025」）公佈其在研口服小分子PD-L1抑制劑ABSK043聯合上海艾力斯醫 藥科技股份有限公司（「艾力斯」）第三代EGFR-TKI伏美替尼治療非小細胞肺癌 （「NSCLC」）的II期臨床研究(ABSK043-202)劑量遞增階段的初步結果。數據顯 示，ABSK043與伏美替尼的「靶免聯合」 ...

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 - The 2025 National Medical Insurance Drug List has been announced, including 114 new drugs, with a focus on innovative drugs and significant improvements in coverage for key areas such as oncology and chronic diseases [4][9]. Group 1: Drug List Adjustments - The 2025 National Medical Insurance Drug List will be implemented on January 1, 2026, with a total of 3,253 drugs, including 1,857 Western medicines and 1,396 traditional Chinese medicines [4]. - The list includes 50 first-class innovative drugs and removes 29 drugs that are either not clinically available or can be replaced by better alternatives [4]. Group 2: Impact on A-Share Companies - 15 A-share pharmaceutical companies announced that their products were included in the new drug list, particularly benefiting innovative drug companies [6]. - Zai Lab's drug, Jikaxitinib, was included, which is used for treating specific types of myelofibrosis, enhancing its market accessibility and sales potential [6]. - Junshi Biosciences reported that its products, including Toripalimab and Oncorine, were added to the list, with all four of its commercialized products now covered [6]. Group 3: Major Pharmaceutical Companies - Leading A-share pharmaceutical companies like Fosun Pharma, Hengrui Medicine, and others have also had products included in the new list, with Hengrui having 10 drugs added and several others with new indications [7]. - Hengrui's drugs are projected to generate approximately 8.66 billion yuan in sales for 2024 and about 7.55 billion yuan for the first three quarters of 2025 [8]. Group 4: Complementary Innovations - In addition to the basic medical insurance list, 19 drugs have been added to the first version of the commercial insurance innovative drug list, including treatments for rare diseases and Alzheimer's, providing a complementary framework to the basic insurance [9].

Core Viewpoint - The 2025 National Medical Insurance Drug List has been released, adding 114 new drugs, including 50 innovative drugs, while removing 29 drugs that are no longer clinically available or can be replaced by better alternatives [2][5]. Group 1: New Additions to the Drug List - A total of 15 A-share pharmaceutical companies announced that their products have been included in the new drug list, particularly benefiting many innovative drug companies [5]. - Zai Lab's drug, Jikaxitinib, has been included in the National Medical Insurance Drug List, which is expected to enhance sales and improve patient accessibility [5][6]. - Junshi Biosciences has added two new indications for its drug, Toripalimab, and successfully included another drug, Oncorine, in the Class B category of the National Medical Insurance List [5]. Group 2: Impact on Major Pharmaceutical Companies - Leading A-share pharmaceutical companies such as Fosun Pharma, East China Pharmaceutical, and Hengrui Medicine have also had products included in the National Medical Insurance List [7]. - Hengrui Medicine has 10 drugs newly added to the list, with a total sales revenue of approximately 8.66 billion yuan in 2024 and about 7.55 billion yuan in the first three quarters of 2025 [8]. - The inclusion of these drugs in the National Medical Insurance List is expected to positively impact sales, although the exact effect on operating performance is currently uncertain [8]. Group 3: Overall Changes in the Drug List - The total number of drugs in the National Medical Insurance Drug List has increased to 3,253, with significant improvements in coverage for key areas such as cancer, chronic diseases, mental illnesses, rare diseases, and pediatric medications [2]. - This adjustment marks the 8th update since the establishment of the National Medical Insurance Bureau, indicating ongoing efforts to enhance drug accessibility and affordability [8].