医药生物行业点评：北京市首批CHS-DRG付费新药新技术除外支付名单落地，利好创新药械

Investment Rating - The report recommends the pharmaceutical and biotechnology industry, indicating that the industry index is expected to perform better than the market benchmark index in the next 6-12 months [13]. Core Insights - The first batch of CHS-DRG payment exclusion list for new drugs and technologies has been released in Beijing, which is beneficial for innovative drugs and medical devices [3][10]. - The exclusion rules specify that total costs must exceed twice the average costs of the DRG group, and new drugs and technologies must account for over 64% of the total case costs [1]. - The CHS-DRG payment exclusion policy provides a more lenient payment environment for innovative drugs and devices, encouraging their development by reducing cost control impacts on physicians [4][11]. Summary by Sections - Exclusion List and Rules: The document outlines a total of 24 items, including 18 drugs, 4 consumables, and 2 treatment projects, with specific exclusion criteria based on cost thresholds and the proportion of new technology costs [1]. - Impact on Innovation: The CHS-DRG payment exclusion policy is expected to facilitate the use of clinically valuable products without the constraints of cost control, thus promoting the development of innovative medical solutions in China [4][11].