Core Viewpoint - The company, Sinopharm, has successfully negotiated the inclusion of its drugs in the National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug List for 2025, which is expected to enhance market access and sales potential for these products [1] Group 1: Drug Inclusion in Insurance List - The drugs Xinchaotuo (Sacubitril/Valsartan) and Fuli'an (Aliskiren and Indapamide Sustained-release Tablets) have been newly included in the Class B category of the insurance list [1] - The drug Ennaruo (Entresto) has successfully renewed its contract to remain in the insurance list [1] - The drug Xinlitai (Aliskiren Tablets) has been adjusted to regular management under the insurance directory [1] Group 2: Previous Negotiations - The drugs Fuli'an (Aliskiren and Indapamide Sustained-release Tablets) and Xinliting (Bempedoic Acid Tablets) were previously included in the insurance list through negotiations and are still under valid agreements, classified under Class B [1]

具体情况如下： 一、药品情况 （一） 信超妥 1、 基本情况 药品名称：沙库巴曲阿利沙坦钙片 医保类别：乙类 证券代码：002294 证券简称：信立泰 编号：2025-061 深圳信立泰药业股份有限公司 关于信超妥、复立安® 、恩那罗®等药品 纳入国家医保目录的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 根据国家医保局、人力资源社会保障部发布的《关于印发〈国家基本医疗保 险、生育保险和工伤保险药品目录〉以及〈商业健康保险创新药品目录〉（2025 年）的通知》（医保发〔2025〕33 号）（下称"《通知》"），深圳信立泰药 业股份有限公司（下称"公司"）的药品信超妥（沙库巴曲阿利沙坦钙片）、复 立安®（阿利沙坦酯吲达帕胺缓释片），通过谈判新纳入《国家基本医疗保险、 生育保险和工伤保险药品目录（2025 年）》（下称"医保目录"）乙类范围， 恩那罗®（恩那度司他片）续约成功保留在医保目录内；信立坦（阿利沙坦酯片） 调整至医保常规目录管理。 备注：限原发性高血压。 协议有效期：2026 年 1 月 1 日至 2027 年 12 月 31 日。 信超妥本次为 ...

Core Viewpoint - The Biotech Economy Index (970038) closed at 2117.66 points, down 0.2%, with a trading volume of 10.477 billion yuan and a turnover rate of 0.98% on December 4 [1] Group 1: Index Performance - The index had 17 stocks that rose, with Xinlitai leading at a 3.4% increase, while 33 stocks fell, with Hualan Biological leading the decline at 5.75% [1] - The top ten constituent stocks of the Biotech Economy Index are primarily in the pharmaceutical and biotechnology sectors, with Mindray Medical holding the largest weight at 12.58% and a market capitalization of 242.49 billion yuan [1] Group 2: Capital Flow - On the same day, the main funds saw a net outflow of 459 million yuan, while retail investors had a net inflow of 428 million yuan [3] - The detailed capital flow for specific stocks shows that Hongri Pharmaceutical had a net inflow of 38.07 million yuan from main funds, while it experienced a net outflow of 59.67 million yuan from retail investors [3] Group 3: Index Adjustment - The Biotech Economy Index underwent adjustments, adding 9 new stocks and removing 9 stocks [4] - New additions include Chaoyan Co., Kanghua Biotechnology, and Yingke Medical, while notable removals include Wens Foodstuffs and Hongri Pharmaceutical [4]

Core Viewpoint - Shenzhen Xinlitai Pharmaceutical Co., Ltd. has received approval from the National Medical Products Administration for clinical trials of its innovative small molecule drug SAL0140, aimed at treating chronic kidney disease (CKD) [1][2]. Group 1: Drug Development - SAL0140 is a proprietary aldosterone synthase inhibitor developed by the company, targeting conditions such as uncontrolled hypertension (including resistant hypertension), primary aldosteronism, and chronic kidney disease (CKD) [1]. - The drug is expected to mitigate end-organ damage by inhibiting aldosterone synthesis, which plays a crucial role in maintaining fluid and electrolyte balance and is involved in various cardiovascular and renal diseases [1]. Group 2: Market Potential - If successfully developed and approved, SAL0140 could provide new treatment options for patients in specific subfields, addressing unmet clinical needs and enriching the company's pipeline of innovative products in the chronic disease sector [2]. - The company will conduct clinical trials in accordance with national drug registration regulations, and upon successful trials, will proceed with the registration application [2].

Group 1: Market Performance - The Hong Kong Innovation Drug ETF (159570) rebounded by 1.5% after four consecutive declines, with trading volume exceeding 1.2 billion [1] - The ETF has seen a net inflow of over 180 million in the past five days, with a total size exceeding 23.2 billion as of December 3 [1] - Major stocks within the ETF, such as Kangfang Biotech and Kintor Pharmaceutical, experienced gains of over 3% [3] Group 2: Regulatory Developments - On December 3, Xinlitai received approval from the drug regulatory authority to conduct clinical trials for its innovative small molecule drug SAL0140 for chronic kidney disease [3] Group 3: Policy Environment - A significant policy shift is expected in 2025, with the introduction of a commercial insurance innovation drug directory aimed at expanding coverage beyond basic medical insurance [5] - The overall policy direction encourages innovation and aims to alleviate payment pressures, which is expected to positively impact industry sentiment and fundamentals [5] Group 4: Financial Outlook - Leading innovative drug companies are projected to achieve breakeven within the next two years, enhancing market confidence in their profitability [8] - The financial performance of the covered biotech companies indicates a sustained recovery in the pharmaceutical sector [8] Group 5: Investment Trends - The overseas investment environment for innovative drugs remains strong, with record-high transaction numbers and amounts in 2025 [11] - By the end of Q3 2025, 103 outbound transactions were completed, totaling over 92 billion, surpassing the total for 2024 by 77% [11] Group 6: Capital Flow - Both domestic and foreign investments in the Hong Kong pharmaceutical sector have increased, with domestic holdings at 22.1% and foreign holdings at 38.1% as of November 10 [12] - The pharmaceutical sector is expected to attract more capital due to its valuation being below historical averages [12]

Group 1 - Guizhou BaiLing's actual controller Jiang Wei has been investigated by the China Securities Regulatory Commission (CSRC) for insider trading and information disclosure violations [1] - The investigation highlights the regulatory focus on key individuals and may increase operational uncertainty for Guizhou BaiLing, which has faced performance pressures in recent years [1] - The CSRC's actions reflect ongoing efforts to enhance the rule of law in the capital market [1] Group 2 - Jianyou Co., Ltd. has received ANDA approval from the FDA for its Propofol emulsion injection, marking a significant step in the company's internationalization of its formulations [2] - The product is expected to have a broad market potential in the U.S. as a commonly used sedative for surgeries, potentially driving revenue growth for the company [2] Group 3 - Shenzhen Xinlitai has been granted clinical trial approval for its innovative small molecule drug SAL0140, aimed at treating chronic kidney disease (CKD) [3] - SAL0140 is a proprietary aldosterone synthase inhibitor with potential applications in multiple significant chronic disease areas, indicating substantial market potential [3] - Successful development could open new growth avenues for Shenzhen Xinlitai [3] Group 4 - Junshi Biosciences reported a decrease in the shareholding percentage of Greenland Financial Investment Group and its affiliates from 5.0051% to 4.7129% due to share lending [4] - This change is a technical operation rather than an active reduction in holdings, but it brings the shareholding below the 5% disclosure threshold, warranting market attention on future actions [4] Group 5 - Sichuan Sichuang Medical Technology Co., Ltd. announced the resignation of Chairman Xu Yiran to facilitate governance structure optimization, while he will remain a board member [5] - The appointment of Wei Naixu as the new chairman indicates a strategic move to clarify responsibilities and strengthen governance rather than a response to a crisis [5]

Group 1 - Guizhou BaiLing's actual controller Jiang Wei has been investigated by the China Securities Regulatory Commission (CSRC) for insider trading and information disclosure violations, indicating a focus on regulatory enforcement against key individuals [1] - The investigation may exacerbate operational uncertainties for Guizhou BaiLing, which has faced performance pressures in recent years, raising concerns about corporate governance and information disclosure risks [1] Group 2 - Jianyou Co., Ltd. has received ANDA approval from the FDA for its propofol emulsion injection, marking a significant step in the company's internationalization of its formulations [2] - The product, commonly used for sedation during surgeries, has substantial market potential in the U.S., which is expected to contribute to revenue growth for Jianyou [2] Group 3 - Shenzhen Xinlitai Pharmaceutical Co., Ltd. has been granted clinical trial approval for its innovative small molecule drug SAL0140, aimed at treating chronic kidney disease (CKD) [3] - SAL0140, an aldosterone synthase inhibitor, targets multiple significant chronic disease areas, including uncontrolled hypertension and CKD, presenting considerable market potential for the company [3] Group 4 - Junshi Biosciences reported a decrease in the shareholding percentage of Greenland Financial Investment Group and its affiliates from 5.0051% to 4.7129% due to share lending, falling below the 5% disclosure threshold [4] - This change is primarily a technical operation rather than an active reduction in holdings, but the market will need to monitor the future actions of these shareholders [4] Group 5 - Sichuang Medical Technology has elected Wei Naixu as the new chairman following the resignation of Xu Yiran, who stepped down to facilitate governance structure optimization [5] - Xu Yiran will remain on the board, indicating that the adjustment aims to clarify responsibilities and strengthen governance rather than signaling a crisis [5]

Core Viewpoint - The company, Xinlitai (002294.SZ), has received approval from the National Medical Products Administration for clinical trials of its innovative small molecule drug SAL0140, aimed at treating chronic kidney disease (CKD) [1] Group 1: Drug Development - SAL0140 is a proprietary aldosterone synthase inhibitor developed by the company, targeting conditions such as uncontrolled hypertension (including resistant hypertension), primary aldosteronism, and chronic kidney disease (CKD) [1] - The drug is expected to mitigate end-organ damage through the inhibition of aldosterone synthesis, potentially improving the progression of chronic kidney disease [1] Group 2: Mechanism of Action - Aldosterone is a crucial mineralocorticoid hormone that maintains fluid and electrolyte balance by activating mineralocorticoid receptors (MR), and it is directly involved in various cardiovascular and renal diseases [1] - Aldosterone synthase inhibitors may offer therapeutic benefits by reducing both genomic and non-genomic effects associated with end-organ damage [1]

Core Viewpoint - The company, Xinlitai (002294.SZ), has received approval from the National Medical Products Administration for clinical trials of its innovative small molecule drug SAL0140, aimed at treating chronic kidney disease (CKD) [1] Group 1: Drug Development - SAL0140 is a proprietary aldosterone synthase inhibitor developed by the company, targeting indications such as uncontrolled hypertension (including resistant hypertension), primary aldosteronism, and chronic kidney disease (CKD) [1] - The drug aims to inhibit the synthesis of aldosterone, which is crucial for maintaining fluid and electrolyte balance, and is involved in various cardiovascular and renal diseases [1] Group 2: Mechanism of Action - Aldosterone is the most important mineralocorticoid hormone in the human body, activating mineralocorticoid receptors (MR) to regulate fluid and electrolyte balance [1] - Aldosterone synthase inhibitors are expected to mitigate end-organ damage caused by both genomic and non-genomic effects, potentially improving the progression of chronic kidney disease [1]

Core Viewpoint - Recently, the company received approval from the National Medical Products Administration for clinical trials of its innovative small molecule drug SAL0140 for the treatment of chronic kidney disease (CKD) [1] Group 1: Company Developments - The company announced that SAL0140 is a proprietary aldosterone synthase inhibitor [1] - The drug is intended to target indications including uncontrolled hypertension (including resistant hypertension), primary hyperaldosteronism, and chronic kidney disease (CKD) [1]