Investment Rating - The report maintains an "Outperform" rating for several companies in the innovative drug and medical device industry, including Jiangsu Heng Rui Medicine, Hansoh Pharmaceutical Group, 3SBio, Sichuan Kelun Pharmaceutical, and Jiangsu Nhwa Pharmaceutical [5][6][25]. Core Insights - The report emphasizes the high prosperity in innovative drugs and continues to recommend companies with innovative pipelines that are entering a volume increase phase, maintaining "Outperform" ratings for various Biopharma/Biotech companies [5][25]. - The National Healthcare Security Administration announced the 2025 insurance drug list, which added 114 drugs, including 50 innovative drugs, further validating insurance support for innovation and indicating promising domestic demand [26][27]. Summary by Sections 1. Continuous Recommendation of Innovative Drugs and Industry Chain - The report highlights the ongoing recommendation of innovative drugs and the industry chain, with a focus on companies expected to see a revaluation due to their innovative pipelines [5][25]. - Specific companies mentioned include WuXi AppTec, WuXi XDC Cayman, Hangzhou Tigermed Consulting, and leading medical equipment companies like Beijing Chunlizhengda Medical Instruments and Lepu Medical, all rated "Outperform" [5][25]. 2. Performance of A-Shares Pharmaceutical Sector - In the second week of December 2025, the A-Shares pharmaceutical sector underperformed the market, with the SW Pharma and Biotech index falling by 1.0% compared to a 0.3% decline in the SHCOMP [8][27]. - The report notes that the premium level of the pharmaceutical sector relative to all A-Shares is at a normal level, with a current relative premium rate of 69.8% [16][27]. 3. Performance of Hong Kong and U.S. Pharmaceutical Sectors - The Hong Kong stock pharmaceutical sector underperformed the market, with the Hang Seng Healthcare index falling by 2.3%, while the U.S. stock pharmaceutical sector outperformed, with the S&P 500 Healthcare Select Sector Index rising by 0.4% [28][27].

Investment Rating - The report maintains a positive outlook on the pharmaceutical industry, recommending a focus on innovative drugs and sectors with improving performance, such as medical devices and upstream segments [3][4]. Core Insights - The pharmaceutical sector experienced a decline of 1.0% this week, ranking 17th among 31 sub-industries. The overall valuation of the pharmaceutical sector stands at 29.2 times earnings, placing it 10th among the primary industries [2][4][7]. - Key events include Fosun Pharma granting exclusive global rights for its oral GLP-1 drug to Pfizer, with potential total payments reaching $2.085 billion. Additionally, Eli Lilly's GLP-1/GIP/GCGR agonist Retatrutide showed promising Phase III clinical data, achieving a weight loss of 28.7% over 68 weeks [3][14][17]. - The report highlights significant mergers and acquisitions, such as Sobi's acquisition of Arthrosi for $950 million upfront and $550 million in milestone payments, and Zhaoli Pharmaceutical's planned acquisition of a multi-trace element injection asset group for approximately RMB 356 million [3][15][22]. Market Performance - The pharmaceutical index decreased by 1.0% this week, while the Shanghai Composite Index fell by 0.3%. The overall performance of the pharmaceutical sector was ranked 17th among 31 sub-industries [2][4][6]. - The report details the performance of various sub-sectors, with notable declines in medical circulation (-4.2%), offline pharmacies (-4.3%), and blood products (-4.1%), while medical R&D outsourcing saw an increase of 3.7% [7][11]. Recent Key Events - The report discusses recent business developments, including the approval of Shanghai Pharma's new drug, and the change of control at Tailong Pharmaceutical, which will now be under Jiang Pharmaceutical Holdings [20][22]. - It also notes the IPO application of Shiyao Innovation, which was accepted with a market value of RMB 47.9 billion, focusing on health-related sectors and innovative drugs [23]. Company Valuation - The report provides a valuation table for key companies in the pharmaceutical sector, indicating projected earnings per share (EPS) and price-to-earnings (PE) ratios for 2025 to 2027. For instance, Mindray Medical is projected to have a PE of 23 in 2025, while Hengrui Medicine is expected to have a PE of 48 [29].

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].

证券代码：002422 证券简称：科伦药业 公告编号：2025-085 四川科伦药业股份有限公司 关于控股子公司拟实施2025年股份激励计划的公告 登录新浪财经APP 搜索【信披】查看更多考评等级 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。 为建立并完善长期激励机制，吸引并留住核心人才以推动控股子公司业务发展及成功，有效协调股东、 公司及核心人员的利益，促进共同关注长期发展，四川科伦药业股份有限公司（以下简称"本公司"）控 股子公司四川科伦博泰生物医药股份有限公司（以下简称"科伦博泰"，股份代码：6990.HK）拟实施 2025年股份激励计划（以下简称"激励计划"）。 一、激励计划概述 激励计划授出的股份奖励为受限制股份单位形式，其对应的股份来源包括：（1）科伦博泰发行的新H 股；（2）科伦博泰H股库存股（如有）；（3）科伦博泰的受托人在公开市场购入的科伦博泰H股。 根据科伦博泰激励计划可授出的所有涉及发行新H股（包括使用库存股配发及发行的股份）的股份奖 励，所发行的最高股份数合计不超过3,500,000股H股，预计占股东会审议通过激励计划当日科伦博泰股 ...

证券代码：002422 证券简称：科伦药业 公告编号：2025-085 四川科伦药业股份有限公司 关于控股子公司拟实施 2025 年股份激励计划的公告 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。 为建立并完善长期激励机制，吸引并留住核心人才以推动控股子公司业务发 展及成功，有效协调股东、公司及核心人员的利益，促进共同关注长期发展，四 川科伦药业股份有限公司（以下简称"本公司"）控股子公司四川科伦博泰生物 医药股份有限公司（以下简称"科伦博泰"，股份代码：6990.HK）拟实施2025 年股份激励计划（以下简称"激励计划"）。 一、激励计划概述 激励计划授出的股份奖励为受限制股份单位形式，其对应的股份来源包括： （1）科伦博泰发行的新H股；（2）科伦博泰H股库存股（如有）；（3）科伦博 泰的受托人在公开市场购入的科伦博泰H股。 根据科伦博泰激励计划可授出的所有涉及发行新H股（包括使用库存股配发 及发行的股份）的股份奖励，所发行的最高股份数合计不超过3,500,000股H股， 预计占股东会审议通过激励计划当日科伦博泰股份总数（不包括库存股）的约 1.5%。不考 ...

格隆汇12月11日丨科伦药业(002422.SZ)公布，为建立并完善长期激励机制，吸引并留住核心人才以推 动控股子公司业务发展及成功，有效协调股东、公司及核心人员的利益，促进共同关注长期发展，四川 科伦药业股份有限公司控股子公司四川科伦博泰生物医药股份有限公司（简称"科伦博泰"，股份代码： 6990.HK）拟实施2025年股份激励计划。 激励计划授出的股份奖励为受限制股份单位形式，其对应的股份来源包括：（1）科伦博泰发行的新H 股；（2）科伦博泰H股库存股（如有）；（3）科伦博泰的受托人在公开市场购入的科伦博泰H股。根 据科伦博泰激励计划可授出的所有涉及发行新H股（包括使用库存股配发及发行的股份）的股份奖励， 所发行的最高股份数合计不超过3,500,000股H股，预计占股东会审议通过激励计划当日科伦博泰股份总 数（不包括库存股）的约1.5%。不考虑其他可能影响科伦博泰股权结构变动的因素，即使科伦博泰按 照前述限额全额发行新H股，本公司持有科伦博泰的股权比例也不会发生重大变化，科伦博泰仍为本公 司控股子公司。 ...

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]

Core Viewpoint - Sichuan Kelun Pharmaceutical Co., Ltd. has announced that five of its products have been included in the National Medical Insurance Directory for 2025, which is expected to enhance market expansion and sales scale for the company [1][2]. Group 1: Product Inclusion - Five products from the company and its subsidiaries have been included in the National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug Directory for 2025 [1]. - The total sales of these products for the year 2024 are approximately 51.69 million yuan, and for the first half of 2025, the sales are approximately 309.75 million yuan, accounting for about 0.24% and 3.41% of the company's revenue during the respective periods [1]. Group 2: Impact on the Company - The inclusion of products in the 2025 Drug Directory is expected to facilitate the company's market network expansion and increase sales scale, although the exact impact on operating performance cannot be estimated at this time [2]. - The National Medical Insurance Directory will officially take effect on January 1, 2026, with further details on payment standards and reimbursement rules to be provided by relevant government departments [2].

（文章来源：证券日报） 证券日报网讯 12月8日晚间，科伦药业发布公告称，2025年12月7日，国家医保局、人力资源社会保障 部发布《关于印发以及 （2025年）的通知》，公司及其控股子公司共计5个品种纳入《国家基本医疗保 险、生育保险和工伤保险药品目录（2025年）》。 ...