Hengrui Pharma(SH:600276) BOHAI SECURITIES·2025-12-15 00:31Macro and Strategy Research - The central economic work conference emphasized the importance of "quality improvement" and maintaining domestic demand as a primary task for 2026, highlighting the need for effective quality enhancement alongside reasonable growth [2][3] - The fiscal policy will continue to be proactive, focusing on maintaining necessary fiscal deficits and total debt levels while optimizing expenditure structures and addressing local fiscal difficulties [3][4] - Monetary policy will maintain a moderately loose stance, with a shift towards flexible and efficient use of various policy tools, emphasizing support for key areas such as expanding domestic demand and technological innovation [4][5] - The focus on expanding domestic demand will prioritize supply optimization and service consumption, with plans to implement a "rural and urban resident income increase plan" to boost consumer spending [5][6] - Innovation will be a key area, with plans to establish international technology innovation centers in major regions to enhance the national innovation system and support new momentum cultivation [6][8] - The conference also addressed the need for "anti-involution" measures and emphasized reforms in the capital market to support investment and financing [8] Industry Research - The release of the new basic medical insurance drug list and the first commercial health insurance innovative drug list aims to support the innovative development of the pharmaceutical industry, with 114 new drugs added to the basic insurance list, including 50 innovative drugs [13][14] - The approval of a CDK2/4/6 inhibitor by a Chinese biopharmaceutical company marks a significant advancement in the industry [13] - The stock performance of the pharmaceutical sector showed a mixed trend, with the SW pharmaceutical industry index PE ratio at 50.70 times, indicating a 265% premium over the CSI 300 index [13][14] - The report suggests focusing on the growth potential of pharmaceutical companies' products entering the insurance list and the investment opportunities arising from the optimization of payment structures for innovative drug companies [14]