新药周观点:商保创新药目录发布,支付端新增量值得期待-20251207
Guotou Securities·2025-12-07 10:01

Investment Rating - The report maintains an investment rating of "Outperform" with a target price set for the leading stocks [7]. Core Insights - The National Healthcare Security Administration released the "Commercial Health Insurance Innovative Drug Directory (2025)", which includes 19 high-cost innovative drugs, including five CAR-T therapies and two Alzheimer's drugs. This is expected to improve payment difficulties for high-value innovative drugs and provide an additional payment pathway beyond basic medical insurance [3][24]. - The report highlights several promising stocks to watch, including those with high certainty for overseas expansion and those with potential overseas data catalysts [2][22]. Weekly New Drug Market Review - From December 1 to December 7, 2025, the new drug sector saw significant stock movements, with the top five gainers being Beihai Kangcheng (+13.94%), Maibo Pharmaceutical (+11.32%), Jiahe Biotech (+8.38%), Junsheng Tai (+7.14%), and Nuo Si Lan De (+6.27%). Conversely, the top five losers included Shengnuo Pharmaceutical (-15.18%), Shouyao Holdings (-9.06%), Boan Biotech (-8.62%), Tengsheng Bo Pharmaceutical (-8.05%), and Yiming Angke (-7.72%) [1][16]. New Drug Approval and Acceptance Status - This week, one new drug or new indication application was approved, and 16 new drug or new indication applications were accepted in the domestic market [4][28]. Clinical Application Approval and Acceptance Status - A total of 44 new drug clinical applications were approved, and 40 new drug clinical applications were accepted this week [5][31].

新药周观点:商保创新药目录发布,支付端新增量值得期待-20251207 - Reportify