Core Viewpoint - The introduction of the commercial insurance innovative drug directory is expected to address the accessibility and affordability issues of high-priced innovative drugs by guiding market forces [1][3]. Group 1: Policy Changes - The National Medical Insurance Administration organized a 5-day negotiation for the medical insurance drug directory and commercial insurance innovative drug directory, with 120 domestic and foreign companies participating [2]. - The new directory is set to be released in early December and will officially take effect on January 1 of the following year [2]. Group 2: Market Opportunities - The commercial insurance innovative drug directory aims to open market space for high-cost or rare disease medications, particularly for rare disease treatments and high-value innovative drugs [3]. - Notably, five CAR-T drugs have been submitted for approval, which could significantly benefit patients due to their high annual treatment costs [3]. Group 3: Drug Submission Strategies - The introduction of the "dual directory" submission allows companies to choose between submitting for both the basic medical insurance directory and the innovative drug directory, providing more strategic options [4]. - For example, BMS's O drug (Nivolumab) opted for dual submission after previous failures, while competitors like Merck's K drug (Pembrolizumab) have not submitted any applications [4]. Group 4: Competitive Landscape - Domestic innovative drugs are becoming major competitors to imported drugs, with examples like the TROP2 ADC drug Gosituzumab (Gilead) and its domestic counterpart [5]. - The increasing support for innovative drugs from the government and the diversification of the medical insurance payment system are expected to create new market demand for innovative drugs [5]. Group 5: Investment Recommendations - The medical insurance bureau is encouraging the high-quality development of innovative drugs, indicating a warming trend in payment policies [6]. - Relevant investment targets include companies such as Heng Rui Medicine, Kelun Pharmaceutical, and others that are actively transitioning towards innovation [6].

来源：市场资讯 成份股方面，以岭药业表现最为强劲，涨幅高达9.7%，接近涨停；达仁堂和华润三九紧随其后，涨幅 分别为5.12%和4.12%。另一方面，三生国健、泽璟制药和通化金马表现较弱，跌幅分别为4.61%、 2.61%和2.41%。 （来源：医疗ETF） 11月7日，截至11时29分，药ETF（562050）盘中表现平稳，场内价格现涨0.0%，成交额为926.09万 元，基金最新规模为1.07亿元。 风险提示：以上产品由基金管理人发行与管理，代销机构不承担产品的投资、兑付和风险管理责任。投 资人应当认真阅读《基金合同》、《招募说明书》、《基金产品资料概要》等基金法律文件，了解基金 的风险收益特征，选择与自身风险承受能力相适应的产品。基金过往业绩并不预示其未来表现，基金投 资须谨慎！销售机构（包括基金管理人直销机构和其他销售机构）根据相关法律法规对本基金进行风险 评价，投资者应及时关注基金管理人出具的适当性意见，各销售机构关于适当性的意见不必然一致，且 基金销售机构所出具的基金产品风险等级评价结果不得低于基金管理人作出的风险等级评价结果。基金 合同中关于基金风险收益特征与基金风险等级因考虑因素不同而存在差异 ...

Core Insights - Novartis has received approval for its first radioligand therapy (RLT) drug, Lutetium [177Lu] oxodotreotide injection (brand name: Pluvicto), marking it as the first RLT drug approved in China, providing new treatment options for advanced prostate cancer patients [1][3] - The RLT drugs are known for their high costs due to complex research and production supply chains, with Novartis's two nuclear drugs surpassing $2 billion in revenue last year [1][4] - A strategic partnership between Novartis and Siemens Healthineers was established to promote the integration of molecular imaging systems in precision diagnosis and treatment for major diseases like prostate cancer [1][3] Company Developments - Novartis is expanding its nuclear medicine production strategy globally, with a $6 billion RMB investment in a radioactive drug production project in Haiyan, Zhejiang, expected to be operational by the end of 2026 [4] - The new facility will enhance the ability to scale production of innovative RLT drugs, improving response times to clinical demands in China [4] Industry Trends - The integration of diagnostic imaging with RLT is seen as a significant advancement in cancer treatment, shifting from a "one-size-fits-all" approach to more personalized treatment plans [3] - The market for radioligand therapy is gaining attention, with predictions estimating the annual market size could reach $25 billion [4] - Other companies, such as Bayer and Bristol-Myers Squibb, are also investing in the nuclear medicine sector, indicating a competitive landscape in the RLT field [3]

截至2025年11月7日 09:42，上证180指数(000010)下跌0.24%。成分股方面涨跌互现，合盛硅业(603260)领涨8.40%，通威股份(600438)上涨4.13%，大全能源 (688303)上涨3.91%；拓普集团(601689)领跌4.91%，工业富联(601138)下跌4.29%，中科曙光(603019)下跌2.72%。上证180ETF指数基金(530280)下跌0.16%， 最新报价1.24元。拉长时间看，截至2025年11月6日，上证180ETF指数基金近2周累计上涨1.98%，涨幅排名可比基金1/10。 上证180ETF指数基金紧密跟踪上证180指数，上证180指数从沪市证券中选取市值规模较大、流动性较好的180只证券作为样本，反映上海证券市场核心上市 公司证券整体表现。 数据显示，截至2025年10月31日，上证180指数(000010)前十大权重股分别为贵州茅台(600519)、紫金矿业(601899)、恒瑞医药(600276)、中国平安(601318)、 药明康德(603259)、寒武纪(688256)、工业富联(601138)、中芯国际(688981)、招商银行(6000 ...

Core Viewpoint - The article discusses the performance of the Hu-Shen 300 ESG ETF managed by Southern Fund Management, highlighting its recent market activity and returns since inception [1]. Group 1: Fund Performance - The Hu-Shen 300 ESG ETF (560180) opened at 1.182 yuan, experiencing a decline of 0.34% [1]. - Since its inception on April 13, 2023, the fund has achieved a return of 18.78%, with a monthly return of 1.07% [1]. Group 2: Major Holdings - Key stocks in the fund include: - Ningde Times: down 0.30% - Kweichow Moutai: unchanged at 0.00% - China Merchants Bank: up 0.14% - Zhongji Xuchuang: down 1.18% - Changjiang Power: up 0.04% - Midea Group: up 0.31% - BYD: down 0.53% - Industrial Bank: up 0.57% - Industrial and Commercial Bank of China: unchanged at 0.00% - Heng Rui Pharmaceutical: down 0.67% [1].

高血压专题：新机制创新药数据亮眼，千亿市场有望革新 20251106 摘要 高血压知晓率和治疗率低，分别为不到 50%和 30%左右，控制良好率 更低，市场潜力巨大，尤其是在提高现有治疗率和用药依从性方面，创 新药物发展前景广阔。 难治性高血压患者约占 10%，对传统治疗反应不佳，需新型疗法。RAS 系统过度激活是重要原因，新靶点和非经典途径降压机制成研发重点， 如全动核酶、新型受体拮抗剂。 小核酸疗法因依从性好备受期待，罗氏产品已显示初步数据；全功能核 酶抑制剂通过降低醛固酮浓度解决难治性高血压；内皮素受体拮抗剂调 节血管通路降压。 新型醛固酮合酶抑制剂可从根本上抑制醛固酮合成，阿斯利康产品三期 临床显示显著效果，1 毫克剂量下收缩压下降 14.5 毫米汞柱，2 毫克剂 量下下降 15.7 毫米汞柱。 小核酸技术在高血压领域取得进展，罗氏产品二期临床针对轻中度患者 达主要终点，难治性高血压患者试验中 300 毫克剂量组降幅为 5 毫米汞 柱，600 毫克组降幅为 3.3 毫米汞柱。 Q&A 中国高血压市场的现状和未来发展前景如何？ 中国是一个传统的高血压大国，目前高血压患者人数已超过 2 亿人，并且随着 老 ...

新华财经北京11月7日电四大证券报内容精华摘要如下： 近日，恒瑞医药召开2025年第三季度业绩说明会。恒瑞医药董事、总裁、首席运营官冯佶在业绩说明会 上表示，中国创新药市场正迎来高速发展期，公司作为本土领军企业，将持续受益于政策支持及行业拓 展机遇。与此同时，近期，迪哲医药、泽璟制药等多家创新药企接连举办三季度业绩说明会。创新药管 线研发进展、技术投入、行业发展前景等成为投资者重点关注的话题。业内人士表示，随着国内创新药 商业化加速放量和BD（商务拓展）交易持续升温，创新药行业业绩快速增长趋势有望延续。 ·重卡新势力DeepWay深向拟赴港上市 "正向定义"基因勾勒自动驾驶商业版图 11月6日晚，全球领先的新能源重卡及智能公路货运解决方案科技公司DeepWay深向正式向港交所递 表，开启资本化进程，成为国内首家在港交所递表的重卡新势力企业。联席保荐人为中金公司和招银国 际。根据招股书，DeepWay深向IPO募集资金将主要用于核心技术的持续开发和商业化、销售及售后服 务网络覆盖、基础设施扩建等。公开资料显示，DeepWay深向打破了"油改电"型新能源重卡的桎梏，凭 借"正向定义"理念构筑技术护城河，以终为始的 ...

| 高格序砖 | 大秘庫/董事/嚴基行政人員名 作出投露的 寶人 / 蘭出城總及約 報版的平均價 | | | | 非有機器的股份數目 估已發行的有關車件的日 相關注嚴發的權權機權益 | | --- | --- | --- | --- | --- | --- | | | 12 | 股份整日 | | | 〔續動圖上述*甚 有我開催發期(日/月/非)權益 | | | | | | | 防目分散 | | | | | | | VOLUM | | and and consideration of the state of the more would in and research and concern company of concession for any to for any to for many of the program and the | | | | the state of children of the success on the successful and the property | Comments of the comments of the consisted on the consi ...

| 股份代號: | 01276 | | --- | --- | | 上市法國名稱: | 江蘇恒瑞醫藥股份有限公司 - H股 | | 日期 (日 / 月 / 年): | 07/10/2025 - 07/11/2025 | 增持后，Wellington Management Group LLP最新持股数目为18,462,687股，持股比例由6.82%上升至7.15%。 格隆汇11月7日丨根据联交所最新权益披露资料显示，2025年11月4日，恒瑞医药(01276.HK)获Wellington Management Group LLP在场内以每股均价72.6411港 元增持85.56万股，涉资约6215.17万港元。 | 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | | 持有權益的股份數目 佔已發行的有關事件的日 相關 | | --- | --- | --- | --- | --- | --- | | | 股份數目 | 間天 | | | ( 請參閱上述 * 註 有 投票權股 期 (日 / 月 / 年)權益 | | | | | | | 份自分比 | | | | ...

Core Viewpoint - The Chinese innovative drug market is entering a rapid development phase, with local leading companies like Heng Rui benefiting from policy support and industry expansion opportunities [1] Company Performance - Heng Rui Pharmaceutical reported a revenue of 23.188 billion yuan for the first three quarters of 2025, a year-on-year increase of 14.85%, and a net profit of 5.751 billion yuan, up 24.50% [2] - The company has received a total cash dividend of over 9.3 billion yuan, enhancing investor returns [1] - The company has established a differentiated competitive advantage through over 50 billion yuan in R&D investment and has 24 innovative drugs approved for sale in China [1] Industry Trends - The innovative drug sector is experiencing accelerated commercialization and increased business development (BD) transactions, leading to a sustained trend of rapid growth in performance [1] - Other innovative drug companies, such as Zai Lab and DiZhe Pharmaceutical, are also reporting significant revenue growth, with Zai Lab achieving a 54.49% increase in revenue to 593 million yuan [3] - The industry is expected to continue its growth trajectory, supported by favorable national policies and increasing international collaboration [4][5] R&D Focus - Heng Rui's innovative drugs, including Rivoceranib and Darsylis, are addressing unmet clinical needs, contributing to their revenue growth [2] - Zai Lab emphasizes its differentiated product pipeline focusing on oncology and autoimmune diseases, aiming to fill domestic gaps in treatment options [3] - The industry is witnessing a rise in R&D investments, with companies like Yi Fang Bio reporting a total R&D investment of 190 million yuan for the first three quarters of 2025 [4] Future Outlook - Analysts predict a new round of growth for the pharmaceutical sector, particularly in innovative drugs, as the international standing of Chinese innovative drug companies rises [5] - The innovative drug sector is expected to remain a key investment theme in the pharmaceutical industry through 2026, driven by increased BD transactions and international collaborations [5]