国谈首次引入“商保创新药目录”，20cm标的科创创新药 ETF（589720）涨超4%

Group 1 - The 2025 National Medical Insurance negotiation has officially introduced the "Commercial Insurance Innovative Drug Directory" mechanism, which aims to include innovative drugs that are not yet part of the basic medical insurance directory but have high clinical value and significant patient benefits [2] - A total of 535 drug generic names have passed the formal review for the basic drug directory, while 121 drug generic names have passed for the commercial insurance innovative drug directory, with 79 of them applying for both directories [2] - The introduction of the commercial insurance innovative drug directory is expected to open up broader market opportunities for innovative drugs in the context of a growing number of "global new" drugs emerging in China [2] Group 2 - The innovative drug industry is currently benefiting from three core positive factors: performance realization, policy support, and improved market environment [3][4] - The performance realization is driven by high-demand business development (BD) transactions, as domestic innovative drug companies have accumulated a wealth of quality patents since 2016, which can effectively complement the needs of large pharmaceutical companies facing patent expirations [3] - Continuous policy support includes the inclusion of 37 high-priced innovative drugs in commercial insurance to supplement the Class C directory of medical insurance, and the optimization of priority review and approval processes, which shortens clinical review to 30 working days [3] Group 3 - The market environment has improved since mid-June 2025, with the A-share market entering a "slow bull" phase, enhancing overall risk appetite and providing strong support for the innovative drug sector [4] - The innovative drug industry is expected to see significant growth opportunities driven by continuous breakthroughs in international markets, ongoing policy benefits, and the steady improvement of R&D capabilities among Chinese innovative drug companies [5] - The Science and Technology Innovation Drug ETF (589720) has outperformed the Hang Seng Hong Kong Stock Connect Innovative Drug Index since the "924 market" began, indicating strong investment potential in this sector [6]