国家医保政策持续加码支持创新药发展，创新药板块强势反弹，港股创新药ETF(513120)最高涨超3%，创新药ETF(515120)盘中涨超2%

Group 1: Policy and Regulatory Developments - The National Healthcare Security Administration and the Ministry of Human Resources and Social Security announced the "National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug Catalog (2025)" and the "Commercial Health Insurance Innovative Drug Catalog (2025)", effective from January 1, 2026, nationwide [1] - The medical insurance catalog adds 114 new drugs, including 50 innovative first-class drugs, with an overall success rate of 88%, a 12 percentage point increase from 2024 [1] - The first version of the commercial health insurance innovative drug catalog includes 19 drugs, marking a significant breakthrough in the "medical insurance + commercial insurance" multi-layered medical security system [1] Group 2: Market Trends and Investment Opportunities - The Chinese innovative drug sector is experiencing active out-licensing (BD) transactions, with a total transaction amount exceeding $92 billion and 103 deals completed in the first three quarters of 2025, indicating strong international recognition of Chinese R&D achievements [2] - The innovative drug R&D is entering a harvest period, with pipeline values gradually being realized, supported by overseas payment capabilities and a shift towards hard-core technology-driven growth [2] - Emerging technologies such as small nucleic acids, in vivo CAR-T, and AI drug development platforms are expected to see a clinical value explosion, while the CXO industry remains robust, benefiting from new tracks like ADC, peptides, and CGT [2] Group 3: ETF Performance and Market Sentiment - As of December 18, 2025, the Hong Kong innovative drug ETF (513120) has seen a strong increase of 10.56% over the past six months, with significant contributions from major stocks like WuXi Biologics and 3SBio [3] - The latest scale of the Hong Kong innovative drug ETF reached 24.322 billion yuan, making it the largest in the Hong Kong market for pharmaceutical ETFs, with a net inflow of 327 million yuan over the past five trading days [3] - The innovative drug ETF (515120) also experienced a rise, with major stocks like Zai Lab and WuXi AppTec contributing to the gains, indicating a positive market sentiment towards innovative drug investments [4]