2025国家医保目录谈判稳步推进，药企积极参与国谈

Core Insights - The negotiation for the 2025 National Medical Insurance Directory has commenced, with pharmaceutical companies actively participating in discussions for both the basic and commercial insurance directories [1] - A total of 535 drug generic names have passed the formal review for the 2025 basic drug directory, with 311 outside the directory and 224 within [1] - The commercial insurance directory has seen 121 drugs pass the formal review, with 79 drugs applying for both the basic medical insurance and commercial insurance directories [1] Summary by Category Basic Drug Directory - The 2025 basic drug directory adjustment has a record number of 535 drug generic names passing the formal review, indicating a significant increase in both quantity and quality [1] - Notably, new anti-tumor drugs are highlighted, including dual antibodies, HER2, and ADCs, showcasing the continuous enhancement of domestic innovative pharmaceutical companies' clinical competitiveness [1] Commercial Insurance Directory - The establishment of the commercial insurance innovative drug directory is expected to alleviate the payment pressure for high-value innovative drugs [1] - Most innovative drugs included in both the medical insurance and commercial insurance directories are currently in the early stages of market penetration, with potential for rapid revenue growth as policies supporting innovative drugs continue to be implemented [1] - Patients are anticipated to benefit continuously from the inclusion of innovative drugs in these directories [1] Related ETFs - Leading CXO content: Hong Kong Stock Connect Medical ETF (520510) [1] - Notable innovative attributes: Hang Seng Pharmaceutical ETF (159892) [1]