万联证券：万联晨会-20241205

Core Insights - The report highlights a significant decline in the A-share market, with the Shanghai Composite Index falling by 0.42% to 3,364.65 points, and the Shenzhen Component Index dropping by 1.02% [5][2] - The report notes that the U.S. stock indices all closed higher, with the Dow Jones increasing by 0.69% to 45,014.04 points, marking a historical closing high [5][1] - The report indicates that the service sector's activity in China is slowing down, as reflected by the Caixin Services PMI dropping to 51.5 in November, a decrease of 0.5 percentage points from October [2][5] Market Review - The A-share market experienced a sell-off towards the end of the trading session, with notable declines in various indices, including the ChiNext Index, which fell by 1.43% [5][2] - In the Hong Kong market, the Hang Seng Index saw a slight decline of 0.02%, closing at 19,742.46 points, while the Hang Seng Technology Index decreased by 0.32% [5][2] - The report mentions that the total trading volume in the Shanghai and Shenzhen markets reached 1.66 trillion yuan [5][2] Important News - The report states that China's service import and export total reached 61,255.8 billion yuan from January to October, reflecting a year-on-year growth of 14.6% [2][5] - The report highlights that 89 out of 117 drugs successfully entered the National Medical Insurance Drug List through negotiation or bidding, with an average price reduction of 63% [6][7] - The new drug list will officially take effect on January 1, 2025, and includes a total of 3,159 drugs, with 1,765 being Western medicines and 1,394 being traditional Chinese medicines [7][11] Industry Insights - The report emphasizes that the 2024 version of the National Medical Insurance Drug List favors innovative drugs, with 90 out of 91 newly added drugs being launched within the last five years [11][6] - It notes that the success rate for innovative drugs during negotiations exceeded 90%, which is 16 percentage points higher than the overall success rate [11][8] - The report suggests that the adjustment of the drug list indicates a clear policy support for innovative drugs, which is expected to continue expanding their market share [11][7]