Core Insights - The release of the 2025 National Medical Insurance Drug List and the first version of the Commercial Health Insurance Innovative Drug List has significantly benefited innovative drug companies on the Sci-Tech Innovation Board [1] - A total of 9 innovative drugs from Sci-Tech Innovation Board companies have been included in the new list, showcasing their strong capabilities [1] - The simultaneous release of the commercial insurance drug list marks a substantial breakthrough in the multi-layered payment system of "medical insurance + commercial insurance" [1] Group 1: Inclusion in Medical Insurance - Nearly 90% of innovative drugs from Sci-Tech Innovation Board companies have received medical insurance support, accelerating their value release and development [2] - Junshi Bioscience's drug, Junsida, is the only domestic PCSK9-targeted drug for statin-intolerant patients included in the new medical insurance list [2] - Haichuang Pharmaceutical's drug, Hainaan, has been approved for treating metastatic castration-resistant prostate cancer and will enhance market promotion and patient accessibility [2] Group 2: New Drug Development - New anti-tumor drugs from companies like Ailis, Yifang Biotech, and Shenzhou Cell provide precise treatment options for major diseases such as lung cancer and head and neck squamous cell carcinoma [3] - Several drugs covering endocrine, hematology, tumor support, and autoimmune treatment areas have been quickly included in the medical insurance list, demonstrating efficient drug review and approval processes [3] Group 3: Commercial Health Insurance Directory - The first version of the Commercial Health Insurance Innovative Drug List enhances the national multi-layered medical security system, with a clear division of roles between basic medical insurance and commercial insurance [4] - Innovative drugs from leading companies like BeiGene have been among the first to be included in this new directory, showcasing their clinical value [4][5] Group 4: Renewal and Market Expansion - Successful renewal negotiations confirm the exceptional value and clinical status of innovative drugs from Sci-Tech Innovation Board companies [6] - Junshi Bioscience's drug, Tuoyi, has expanded its medical insurance coverage with new indications, benefiting a broader patient population [6] Group 5: R&D Investment and Innovation Cycle - R&D investment among Sci-Tech Innovation Board companies reached a new high in the first three quarters of 2025, with a year-on-year increase of over 10% and an R&D intensity of 42% [7] - The formation of a virtuous cycle of "R&D investment - innovation results - medical/commercial insurance support - market returns - reinvestment in R&D" is evident in the industry [7]

Core Viewpoint - The innovation drug sector in China is experiencing significant growth due to favorable policy developments, with the introduction of new drug listings in the national medical insurance catalog and commercial insurance, providing a stable policy outlook for innovative drug companies [1][2]. Group 1: Industry Trends - The China Hong Kong Stock Connect Innovation Drug Index increased by 0.30% as of December 11, 2025, with notable gains from companies such as Zhaoyan New Drug (+4.15%) and Rongchang Bio (+2.85%) [1]. - The national medical insurance catalog for 2025 successfully added 114 new drugs, including 50 innovative drugs, achieving a historical high success rate of 88% [1]. - The introduction of dual catalogs for medical insurance and commercial insurance is expected to directly benefit innovative drug companies, indicating a positive industry outlook [1]. Group 2: Market Opportunities - The top ten weighted stocks in the China Hong Kong Stock Connect Innovation Drug Index account for 72.68% of the index, highlighting the concentration of investment in leading innovative drug companies [2]. - The Harvest Innovation Drug ETF (520970) closely tracks the index, providing investors with access to leading companies involved in drug research, development, and production [2]. - Investors without stock accounts can leverage the Hong Kong Stock Connect Innovation Drug ETF linked fund (024700) to capitalize on the growth opportunities in the innovative drug sector [2].

新华财经上海12月10日电（记者杜康）近日公布的2025年国家医保药品目录显示，新增114种药品，有 50种是一类创新药，总体成功率88%，较2024年的76%明显提高。同时，19种药品纳入首版商保创新药 目录，为建立多层次医疗保障体系奠定基础。 记者发现，科创板创新药企收获颇丰，共9款创新药首次纳入医保目录，另有多款代表性创新药实现成 功续约或扩大适应症，充分彰显了科创板创新药企的硬核实力与蓬勃生机。此外，科创板龙头药企百济 神州的百赫安、凯泽百2款产品入选商保创新药目录，前沿产品获得更广阔的支付路径。 科创板药企业近九成获批新药获得医保支持前沿疗法加速惠及患者 记者调研发现，截至目前，科创板生物医药企业近九成已获批新药得到了医保支持，相关企业加速步入 价值释放期。 续约放量印证"创新回报"良性循环 成功的续约谈判则持续印证了科创板创新药经市场检验的卓越价值与临床地位。百济神州的百泽安、君 实生物的拓益、荣昌生物的泰爱等明星产品在新增适应症后进一步扩大了医保保障范围，惠及更广泛的 患者群体。 来自艾力斯、益方生物、神州细胞的抗肿瘤新药，共同为肺癌、头颈鳞癌等重大疾病患者提供了更为精 准的治疗选择；而特宝生物 ...

科创板公司共9款创新药首次纳入新版国家医保目录，另有多款代表性创新药实现成功续约或扩大适应 症，充分彰显了科创板创新药企的硬核实力与蓬勃生机。此外，科创板龙头药企百济神州有限公司(以 下简称"百济神州")的百赫安(通用名：注射用泽尼达妥单抗)、凯泽百(通用名：达妥昔单抗β注射液)2款 产品入选首版商保创新药目录，前沿产品获得了更广阔的支付路径，为产业高质量发展注入新动能。 前沿疗法加速惠及患者 在政策明确、路径清晰的有利环境下，科创板创新药公司的硬科技实力得以加速步入价值释放期，迎来 快速发展与成果收获。截至目前，科创板生物医药企业近九成已获批新药得到了医保支持。 科创板创新药公司上海君实生物医药科技股份有限公司(以下简称"君实生物")产品君适达(通用名：昂戈 瑞西单抗注射液)首次纳入医保目录，是新版国家医保目录中唯一用于他汀不耐受人群的国产PCSK9靶 点药物。 科创板创新药公司海创药业股份有限公司(以下简称"海创药业")自主研发的首款上市药物海纳安(通用 名：氘恩扎鲁胺软胶囊)于2025年5月底获批上市，用于治疗转移性去势抵抗性前列腺癌。海创药业表 示，该药物被纳入2025年医保目录将有利于后续市场推广， ...

12.5亿美元首付款，60亿美元总交易额，三生制药与辉瑞的一纸协议，在今年5月点燃了资本市场的热 情，也映照出中国创新药的"DeepSeek时刻"。在本轮行情中，百济神州、百利天恒、诺诚健华等一批企 业凭借技术实力和出海策略脱颖而出，它们可以作为观察行业趋势的典型样本。它们是当下的典型，未 来却绝不是"全部"。 资本市场敏锐地嗅到了变化。今年以来，二级市场上创新药板块成为明星。港股创新药指数一度飙升逾 100%，A股创新药板块亦亮点频现。水涨船高之下，A股和港股千亿市值创新药企已达8家。 与此同时，港交所迎来药企扎堆申报，仅11月就有近10家创新药企递表，其中不乏多轮融资但仍未盈利 的创新药企。资本的热浪席卷着二级市场，而在这背后，中国创新药企正用实实在在的临床数据和商业 价值实现价值重估。 /二级市场狂欢/ 资本市场总是先知先觉。经历近四年的深度调整后，创新药在2025年迎来强势反弹。 东方财富显示，自4月9日阶段性探底后，港股创新药板块发起猛攻，截至11月19日收盘，港股创新药指 数累计涨幅达到110.75%，期间一度涨超100%。A股创新药板块同样大涨。4月9日至11月19日，A股创 新药板块累计上涨4 ...

日前，圣湘生物科技股份有限公司与百济神州(广州)创新科技有限公司在北京正式签署战略合作协议。圣湘生物董事长戴立忠表示，此次合作标志着圣 湘"诊疗一体化"战略的全面提速。 根据协议，双方目标围绕肿瘤、代谢、免疫炎症、儿童生长发育等核心领域，实现早期筛查、精准选药到疗效监测、安全评估的全链路协同。同时，通过大 规模人群样本研究挖掘适配干预靶点与最佳时机，推动代谢、免疫炎症等领域治疗水平实现跨越式提升，并针对性解决儿童生长发育相关健康管理痛点。 圣湘生物长期聚焦精准健康领域，百济神州则聚焦于"开发可及的创新药物"，两家企业合作的结合点在何处？ "精准诊疗技术支撑是让创新疗法与患者需求精准对接的核心支点。此次合作是双方在疗法研发、临床场景落地等层面的深度共振。"百济神州全球总裁兼首 席运营官吴晓滨在签约仪式上表示。在他看来，如果百济神州与圣湘生物在肿瘤、代谢、免疫炎症等方向，从早期研发阶段就实现技术能力的协同嵌入，既 提升创新效率，也让方案更贴合临床实际。 通过在精准健康领域的多年深耕，圣湘生物目前已全面启动诊疗一体化生态建设，其中圣湘海济是圣湘在生物制药领域的核心载体。戴立忠介绍，本次合作 中圣湘海济将作为重要锚点 ...

近日公布的2025年国家医保药品目录显示，新增114种药品，有50种是一类创新药，总体成功率88%， 较2024年的76%明显提高。同时公布的首版商保创新药目录，19种药品获纳入，为建立多层次医疗保障 体系奠定基础。 证券时报记者梳理发现，科创板创新药企收获颇丰，共9款创新药首次纳入医保目录，另有多款代表性 创新药成功续约或扩大适应症，彰显了科创板创新药企的硬核实力与蓬勃生机。 此外，本次首次同步发布商保创新药目录，标志着"医保+商保"协同支付的多层次保障体系取得实质性 突破。在这一创新机制下，科创板龙头药企百济神州的百赫安®（通用名：注射用泽尼达妥单抗）、凯 泽百®（通用名：达妥昔单抗β注射液）2款产品入选，前沿产品获得了更广阔的支付路径。 "科创军团"爆发 在政策明确、路径清晰的环境下，科创板创新药企的硬科技实力得以加速步入价值释放期，迎来快速发 展与成果收获。截至目前，科创板生物医药企业近九成已获批新药得到了医保支持。 首版商业健康保险创新药品目录也正式发布。商保创新药目录与基本医保形成较好的互补衔接，为患者 获取最前沿治疗提供了新的可能。 科创板创新药龙头企业百济神州的两款先进疗法药物成为首批"尝鲜者 ...

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]

大华继显分析师Carol Dou和Sunny Chen报告称，百济神州可通过推出新产品实现可持续的收入增长， 51亿至53亿美元的新收入目标极有可能实现，并预计将利用其全球运营平台进一步提高运营效率和现金 生成能力。百济神州的抗癌疗法Brukinsa未来几年可能会继续提振全球销售额，这得益于其同类最佳的 特性和不断扩大的市场渗透率。该行指，百济神州已进入一个新的发展时代，从2025年起将实现正利润 和正自由现金流，对其评级为"买入"，目标价为252港元。 ...

大华继显分析师Carol Dou和Sunny Chen报告称，百济神州可通过推出新产品实现可持续的收入增长。 他们认为该公司51亿-53亿美元的新收入目标极有可能实现，并预计将利用其全球运营平台进一步提高 运营效率和现金生成能力。大华继显的分析师称，百济神州的抗癌疗法Brukinsa未来几年可能会继续提 振全球销售额，这得益于其同类最佳的特性和不断扩大的市场渗透率。他们表示："百济神州已进入一 个新的发展时代，从2025年起将实现正利润和正自由现金流。"他们称，理由是收入结构更加多元化， 利润率不断提高。大华继显对该股的评级为买入，目标价为252.00港元。 ...