Core Insights - The article highlights the positive performance of the pharmaceutical sector in the stock market, with specific stocks like Huatai Medical and Te Bao Bio showing significant gains [1] - The State Council meeting on November 27, 2025, emphasized the importance of provincial-level coordination in basic medical insurance as a key measure to improve the national healthcare system [1][2] - The upgrade of medical insurance coordination is expected to enhance the risk resistance of funds, improve fairness in the system, and facilitate easier access for insured individuals [2] Industry Summary - The medical insurance provincial coordination aims to balance fund income and expenditure across regions, addressing the disparity between economically developed and underdeveloped areas [2] - The initiative is expected to create structural opportunities in the pharmaceutical industry, particularly benefiting sectors such as innovative drugs, medical information technology, and medical devices [2] - The Medical Innovation ETF has seen a net inflow of 12.13 million yuan recently, indicating strong investor interest in the pharmaceutical sector [2] Company Summary - The Medical Innovation ETF (516820) includes 30 leading pharmaceutical stocks, with a focus on innovative drugs (34%), CXO (17%), medical devices (13%), and consumer healthcare (11%) [2] - The current market shows significant differentiation within the pharmaceutical sector, with high valuations in innovative drugs, while CXO, medical devices, and consumer healthcare sectors have potential for upward movement [2]

公司要闻： 国邦医药（605507）：公司发布公告，公司拟对董事、高管在内的270名员工实施员工持股计划，拟筹 集资金总额不超过1.85 亿元，涉及的股票总数不超过股本总额的10%，存续期为24 个月，锁定期为12 个月。 泰恩康（301263）：公司发布公告，子公司山东华铂凯盛于近日收到国家药品监督管理局签发的巴瑞替 尼片《药品注册证书》，经审查，本品符合药品注册的有关要求，批准注册。 一品红（300723）：公司发布公告，子公司广州一品红于近日收到国家药品监督管理局核准签发的艾司 奥美拉唑镁肠溶干混悬剂《药品注册证书》，，经审查，本品符合药品注册的有关要求，批准注册。 恩华药业（002262）：公司发布公告，近日收到国家药品监督管理局签发的盐酸羟考酮缓释片《药品注 册证书》，经审查，本品符合药品注册的有关要求，批准注册。 市场表现： 2025 年11 月28 日，医药板块涨跌幅+0.14%，跑输沪深300 指数0.11pct，涨跌幅居申万31 个子行业第27 名。各医药子行业中，医疗设备(+1.53%)、医院（+0.95%)、其他生物制品(+0.70%)表现居前，线下药 店（-0.55%）、疫苗(-0.4 ...

Core Viewpoint - The report highlights the trends and statistics in the Chinese chemical pharmaceutical industry, indicating a slight decline in production while maintaining overall growth in the first nine months of 2025 [1]. Industry Summary - In September 2025, the production of chemical pharmaceutical raw materials in China was 295,000 tons, representing a year-on-year decrease of 3.6% [1]. - Cumulatively, from January to September 2025, the total production of chemical pharmaceutical raw materials reached 2.721 million tons, showing a cumulative growth of 1.2% [1]. - The report is based on data from the National Bureau of Statistics and is compiled by Zhiyan Consulting, a leading industry consulting firm in China [1]. Company Summary - Listed companies in the chemical pharmaceutical sector include Heng Rui Medicine (600276), East China Pharmaceutical (000963), Lizhu Group (000513), Baiyunshan (600332), North China Pharmaceutical (600812), Haizheng Pharmaceutical (600267), Fosun Pharmaceutical (600196), Kelun Pharmaceutical (002422), Enhua Pharmaceutical (002262), and Xianju Pharmaceutical (002332) [1].

本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导性陈 述或重大遗漏。 公司于近日获得国家药品监督管理局核准签发的化学药品盐酸羟考酮缓释片的《药品注册 证书》，现将相关情况公告如下： 1、盐酸羟考酮缓释片《药品注册证书》的详细情况见下表： | 药品通用名称 | | 盐酸羟考酮缓释片 | | --- | --- | --- | | 受理号 | | CYHS2401532 | | 证书编号 | | 2025S03554 | | 规 | 格 | 40mg | | 剂 | 型 | 片剂 | | 申请事项 | | 药品注册（境内生产） | | 注册分类 | | 化学药品 4 类 | | 药品有效期 | | 18 个月 | | 审批结论 | | 根据《中华人民共和国药品管理法》及有关规定，经审查，本品符合药品 注册的有关要求，批准注册，发给药品注册证书。 | | 药品批准文号 | | 国药准字 H20256076 | | 药品批准文号有效 | 期 | 至 2030 年 11 月 24 日 | 证券代码：002262 证券简称：恩华药业 公告编号：2025-054 江苏恩华药业股份有限公司 关于获得《 ...

格隆汇11月28日丨恩华药业(002262.SZ)公布，公司于近日获得国家药品监督管理局核准签发的化学药 品盐酸羟考酮缓释片的《药品注册证书》，盐酸羟考酮缓释片是本公司自主研发，采用物理化学屏障技 术实现口服阿片类药物防滥用效果的缓释制剂，用于治疗严重到需要长期持续、每天按时使用阿片类药 物治疗、且替代治疗（例如：非阿片类药物或速释阿片类药物）不能充分缓解的疼痛，在确保疗效的前 提下，有效提升了用药安全性。 ...

Investment Rating - The report maintains an "Outperform" rating for several companies including Jiangsu Heng Rui Medicine, Hansoh Pharmaceutical Group, 3SBio, Sichuan Kelun Pharmaceutical, and Jiangsu Nhwa Pharmaceutical [6][7]. Core Insights - The report continues to recommend innovative pharmaceuticals and the industry chain, highlighting the high prosperity in innovative drugs and the potential for value re-evaluation [6][26]. - The A-share pharmaceutical sector underperformed the market in the third week of November 2025, with the SW Pharmaceutical and Biological index falling by 6.9% compared to a 3.9% drop in the SHCOMP [9][19]. - The report identifies top gainers and losers in the A-share market, with Hainan Haiyao (+23.8%) and Remed (+13.9%) being the top gainers, while GDK (-25.5%) and Nanjing Hicin Pharmaceutical (-23.2%) were the biggest losers [16][19]. - The premium level of the pharmaceutical sector relative to all A-shares is currently at a normal level, with a relative premium rate of 71.8% as of November 21, 2025 [18][22]. Summary by Sections 1. Continued Recommendation for Innovative Pharmaceuticals and Industry Chain - The report emphasizes the ongoing recommendation for innovative drugs and the industry chain, maintaining "Outperform" ratings for various companies in the pharmaceutical and biotech sectors [6][26]. 2. A-share Pharmaceutical Sector Performance - In the third week of November 2025, the A-share pharmaceutical sector underperformed the broader market, ranking 23rd among Shenwan primary industries [9][19]. 3. Hong Kong and U.S. Market Performance - The Hong Kong pharmaceutical sector also underperformed, with the Hang Seng Healthcare index falling by 7.5%, while the U.S. pharmaceutical sector outperformed, with the S&P Healthcare Select Sector rising by 1.8% [19][26].

Investment Rating - The report maintains an "Overweight" rating for the innovative pharmaceutical and medical device industry chain [3][5]. Core Viewpoints - The innovative pharmaceutical sector is experiencing high prosperity, with a recommendation for companies like Heng Rui Medicine, Hansoh Pharmaceutical, Sanofi Pharmaceutical, Kelun Pharmaceutical, and Enhua Pharmaceutical to maintain an "Overweight" rating. The report also suggests that Biopharma/Biotech companies such as Kelun Biotech, BeiGene, Baillie Gifford, Yimeng Biotech, Jingxin Pharmaceutical, Teva Biotech, WuXi Biologics, and Ailisi should also be rated "Overweight" as their innovative pipelines are gradually being realized and their performance is entering a growth phase. Additionally, it recommends CXO and upstream pharmaceutical companies like Haoyuan Medicine, Baipusais, WuXi AppTec, WuXi AppTec, and Tigermed to maintain an "Overweight" rating. The report highlights leading medical device companies such as United Imaging, Lepu Medical, Spring Medical, and Huatai Medical as having potential for recovery, also maintaining an "Overweight" rating [5][6]. Summary by Sections - **A-Share Market Performance**: In the third week of November 2025, the A-share pharmaceutical sector underperformed the broader market, with the Shanghai Composite Index falling by 3.9% and the SW Pharmaceutical and Biological Index declining by 6.9%, ranking 23rd among Shenwan's primary industries [7][9]. - **Hong Kong and US Market Performance**: The Hong Kong pharmaceutical sector also underperformed, with the Hang Seng Healthcare Index and the Hong Kong Biotechnology Index both down by 7.5%, while the US healthcare sector outperformed, with the S&P Healthcare Select Sector Index rising by 1.8% [17]. - **Valuation Metrics**: As of November 21, 2025, the pharmaceutical sector's premium level relative to the entire A-share market is at a normal level, with a current relative premium rate of 71.8% [13][16].

Core Viewpoint - The company reported Q3 2025 revenue of 1.461 billion yuan (+5.70%) and net profit attributable to shareholders of 406 million yuan (+3.67%), indicating short-term performance pressure due to the impact of the etomidate alliance procurement and restrictions on the prescription of midazolam [1][2]. Financial Performance - Q3 2025 revenue reached 1.461 billion yuan, reflecting a 5.70% increase year-on-year - Net profit attributable to shareholders was 406 million yuan, up 3.67% - Non-recurring net profit stood at 409 million yuan, increasing by 3.20% - Gross margin was reported at 77.63% [1]. Business Challenges - The performance of core products etomidate and midazolam has been poor, significantly affecting short-term results - Etomidate sales are under pressure due to the impact of procurement alliances in Hebei, Sichuan-Chongqing, and delayed implementation in Guangdong - Midazolam will be subject to red prescription status starting July 2024, which will limit sales due to stricter prescription authority requirements [2]. Innovation Pipeline - The CNS innovation pipeline of the company is worthy of re-evaluation, as it has a comprehensive layout for CNS new drugs targeting schizophrenia, depression, Alzheimer's, and Parkinson's disease - Key products in development include NHL35700 (schizophrenia, soon to enter Phase III), NH300231 (Phase I), NH140068 (Phase I), NH102 (depression, Phase II), NH104 (Phase I), and NH130 (Parkinson's, currently in clinical trials) [2]. Investment Outlook - Due to the impact of etomidate alliance procurement and stock incentive amortization on apparent performance, the profit forecast has been revised downwards - Expected net profits for 2025-2027 are projected at 1.229 billion, 1.414 billion, and 1.735 billion yuan, representing year-on-year growth of 7.5%, 15.0%, and 22.7% respectively - The current stock price corresponds to P/E ratios of 20, 17, and 14 times for the respective years - The company is considered to have a clear margin of safety, with strong long-term growth potential in both the anesthesia line and CNS innovative drugs - A target price of 32.0 yuan is set, with a recommendation to "buy" [3].

Investment Rating - The report maintains a "Recommended" rating for Enhua Pharmaceutical with a target price of 32.0 yuan [2][8]. Core Insights - Enhua Pharmaceutical's Q3 2025 revenue reached 1.461 billion yuan, reflecting a 5.70% year-on-year increase, while the net profit attributable to shareholders was 406 million yuan, up 3.67% [2]. - The company's performance is currently under pressure due to the impact of centralized procurement for Etomidate and restrictions on the prescription of Midazolam, but a clear upward turning point in operations is anticipated [2][8]. - The CNS (Central Nervous System) innovative pipeline is highlighted as a valuable asset, with a comprehensive layout in new drug development targeting schizophrenia, depression, Alzheimer's, and Parkinson's diseases [8]. Financial Projections - Total revenue projections for 2024A, 2025E, 2026E, and 2027E are 5.698 billion, 6.157 billion, 6.975 billion, and 8.005 billion yuan, respectively, with year-on-year growth rates of 13.0%, 8.1%, 13.3%, and 14.8% [4]. - Net profit attributable to shareholders is forecasted to be 1.144 billion, 1.229 billion, 1.414 billion, and 1.735 billion yuan for the same years, with growth rates of 10.3%, 7.5%, 15.0%, and 22.7% [4]. - The report indicates that the current stock price corresponds to a price-to-earnings (PE) ratio of 20, 17, and 14 for the years 2025, 2026, and 2027, respectively [8]. Market Performance - Enhua Pharmaceutical's stock has shown a performance of -23% over the past 12 months compared to the CSI 300 index [7]. Investment Recommendations - The report suggests that despite short-term pressures from centralized procurement and stock incentive amortization expenses, the long-term growth potential remains strong due to the company's anesthetic line and the clinical transition of CNS innovative drugs [8]. - A valuation of 325 billion yuan is suggested based on comparable company valuations, leading to a target price of 32.0 yuan [8].

Group 1 - The report emphasizes the rapid development of China's innovative pharmaceuticals, highlighting that the number of clinical trials has reached a global leading position, with a significant increase in new drug approvals [3][5][7] - Chinese pharmaceutical companies are transitioning from a "fast follower" to an "innovation leader" model, actively engaging in cutting-edge fields such as ADC, bispecific antibodies, and mRNA vaccines, with a notable increase in the number of products in late-stage development [8][11][18] - The report identifies two main investment directions: the transformation of biotech companies into biopharma and the revaluation of traditional pharmaceutical companies during their innovation transition, suggesting specific companies to watch in both categories [3][4] Group 2 - China's integration into the global innovative drug value chain is deepening, with a growing number of global multi-center clinical trials led by Chinese companies, indicating a shift in the global drug development landscape [3][24] - The report notes that the contribution of Chinese companies to global clinical trials has significantly increased, with a projection of 1,903 innovative drug clinical trials registered in China by 2024 [7][24] - The report highlights the increasing competitiveness of Chinese companies in high-potential therapeutic areas, particularly in oncology, metabolic diseases, and autoimmune diseases, with substantial market shares in these segments [18][19] Group 3 - The report discusses the rising trend of BD (business development) transactions involving Chinese assets, with a notable increase in transaction amounts and numbers, indicating China's growing influence in the global pharmaceutical innovation landscape [33][44] - It highlights that the majority of license-out projects are now in early stages, reflecting the international interest in early-stage Chinese innovations, particularly in oncology and metabolic therapies [39][44] - The report points out that major multinational corporations (MNCs) are increasingly seeking next-generation blockbuster products from China to fill revenue gaps due to impending patent expirations [62][66]