中信证券：确认制定首发价格机制，全面支持创新药发展

Core Viewpoint - The National Healthcare Security Administration (NHSA) has officially confirmed the establishment of a "new pricing mechanism for newly listed drugs," which is expected to provide high-quality innovative drugs with greater pricing flexibility, more efficient listing processes, and longer price stability periods [1] Group 1: Policy and Regulatory Environment - The introduction of the "new pricing mechanism for newly listed drugs" is anticipated to accelerate cash flow returns for manufacturers developing high-quality innovative drugs targeting new mechanisms [1] - Since 2025, the government has repeatedly proposed policies to optimize drug procurement and support innovative drugs, indicating a favorable policy environment for the development of innovative drugs [1] - The NHSA has also developed a "new pricing mechanism for newly listed drugs," which aligns with the upcoming commercial insurance innovative drug catalog [1] Group 2: Investment Recommendations - Companies are advised to focus on three areas in the second half of the year: innovation-driven strategies, internationalization, and reforms in independent controllable and outpatient marketing models, particularly in the innovative drug sector, which is expected to have the most significant beta effect [1] - There is a long-term positive outlook for the innovative drug sector, with continuous recommendations to pay attention to core targets within this field [1]