12月9日早盘，港股通创新药板块短线企稳，创新药含量100%的港股通创新药ETF（520880）水面上方 震荡，成份股走势分化，恒瑞医药、山东新华制药股份领涨超2%，MIRXES-B跌3%，信达生物跌逾 1%。 值得关注的是，港股通创新药ETF（520880）场内延续高溢价，显示低吸资金仍活跃。昨日520880回调 1%区间，单日获超5600万元资金净申购，创近1个月来单日吸金额新高。 | 分时 多日 1分 5分 15分 30分 · | | | | | | | F9 盘前盘目 盘加 九轮 面班 工具 份 (7 2) | | | | | 港股通创新药ETF O | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 0.557 | | | | 520880[高版通创新的ETF] 09:46 价 0.554 图表 0.002(0.36%) 均价 0.554 版交盘 7 _ _ _ _ | | | | | | 0.554 +0.002 +0.36% | | CONDON 7 ...

Core Insights - The National Healthcare Security Administration and the Ministry of Human Resources and Social Security have released the new National Medical Insurance Directory and the first Commercial Health Insurance Innovative Drug Directory, set to be implemented nationwide from January 1, 2026 [1][2] Summary by Sections National Medical Insurance Directory - A total of 114 new drugs have been added to the National Medical Insurance Directory, with 111 of them being new products launched within the last five years, representing 97.3% of the new additions [2] - Among the new drugs, 50 are classified as Category 1 innovative drugs, with a success rate of 88%, an increase from 76% in 2024 [2] - The total number of drugs in the directory has increased to 3,253, including 1,857 Western medicines and 1,396 traditional Chinese medicines [2] Company Announcements - Several listed companies, including Heng Rui Medicine, Fosun Pharma, and Hai Si Ke, announced new drug inclusions or renewals in the updated National Medical Insurance Directory [3] - Heng Rui Medicine reported that 20 products/indications were included, with significant coverage across various diseases such as tumors and cardiovascular conditions [3][4] - Hai Si Ke's two Category 1 innovative drugs were included, with one being a new addition and the other a renewal [4] Commercial Health Insurance Innovative Drug Directory - The first Commercial Health Insurance Innovative Drug Directory includes 19 new drugs from 18 innovative pharmaceutical companies, with 9 being Category 1 innovative drugs [7] - Notably, five CAR-T products were included, representing over half of the CAR-T products available in China, which previously faced challenges in entering the insurance market due to high pricing [7][8] - The directory also includes treatments for rare diseases and high-profile conditions such as Alzheimer's disease, enhancing the complementarity with the basic medical insurance [7][10] Notable Drug Inclusions - The directory includes drugs for significant diseases such as triple-negative breast cancer and pancreatic cancer, as well as treatments for rare diseases like Gaucher disease [5][9] - In the diabetes sector, several domestic drugs were newly included, such as a long-acting GLP-1 receptor agonist [6] - Companies like Bei Hai Kang Cheng and Bai Ji Shen Zhou have also successfully included their innovative drugs in the Commercial Health Insurance Directory [9]

Core Viewpoint - The National Healthcare Security Administration and the Ministry of Human Resources and Social Security have issued the new National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug Catalog, along with the first edition of the Commercial Health Insurance Innovative Drug Catalog, which will be implemented nationwide starting January 1, 2026 [1] Group 1 - The new dual catalog for medical insurance and commercial health insurance will officially take effect on January 1, 2026 [1] - Several listed companies, including Heng Rui Medicine, Fosun Pharma, Hai Si Ke, Bei Hai Kang Cheng, and Junshi Biosciences, have announced new drug inclusions, renewals, or new indications added to the updated national medical insurance catalog and the first edition of the commercial health insurance innovative drug catalog [1]

Core Data - A total of 3,253 drugs will be included, with 1,857 Western medicines and 1,396 traditional Chinese medicines, effective from January 1, 2026. New additions include 114 drugs, while 29 drugs will be removed [1]. Key Content - The new list includes 50 innovative first-class drugs that address gaps in treatments for tumors, rare diseases, chronic diseases, and pediatric medications. Core products from domestic and international pharmaceutical companies such as AstraZeneca, Junshi Bioscience, and Kangfang Biotech are included [2].

Core Viewpoint - The new National Medical Insurance Directory and the first Commercial Health Insurance Innovative Drug Directory will be implemented nationwide starting January 1, 2026, providing a dual-track system for basic and innovative drug coverage [1][2]. Group 1: National Medical Insurance Directory - A total of 114 new drugs have been added to the National Medical Insurance Directory, with 111 being new products launched within the last five years, representing 97.3% of the new entries [2]. - Among the new additions, 50 are classified as Class 1 innovative drugs, with an overall success rate of 88%, an increase from 76% in 2024 [2]. - The total number of drugs in the directory has increased to 3,253, including 1,857 Western medicines and 1,396 traditional Chinese medicines [2]. Group 2: Company Announcements - Several listed companies, including Heng Rui Medicine and Fuxing Medicine, announced new drug entries or renewals in the National Medical Insurance Directory [3]. - Heng Rui Medicine reported that 20 products/indications were included in the new directory, with a projected sales revenue of approximately 8.66 billion yuan in 2024 and about 7.55 billion yuan in the first three quarters of 2025 [4]. - Hai Si Ke's two Class 1 innovative drugs were also included, with applications in sedation and pain management [6]. Group 3: Commercial Health Insurance Innovative Drug Directory - The first Commercial Health Insurance Innovative Drug Directory includes 19 new drugs from 18 innovative pharmaceutical companies, with 9 being Class 1 innovative drugs [11]. - Notably, 5 CAR-T products were included, representing over half of the CAR-T products available in China, addressing previous challenges in pricing negotiations [11][12]. - The directory also includes treatments for rare diseases and high-profile conditions such as Alzheimer's disease, enhancing the coverage provided by basic medical insurance [11][13].

从资金流向上来看，当日生物制品板块主力资金净流出2.42亿元，游资资金净流入1.78亿元，散户资金净 流入6338.2万元。生物制品板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 688331 | 荣昌生物 | -5217.72万 | 5.13% | 170.15万 | 0.17% | -5387.87万 | -5.30% | | 000534 万泽股份 | | 3663.99万 | 9.35% | -2332.45万 | -5.95% | -1331.55万 | -3.40% | | 688319 欧林生物 | | 2846.39万 | 12.93% | 395.57万 | 1.80% | -3241.96万 | -14.73% | | 688180 君实生物 | | 1294.25万 | 4.93% | 486.18万 | 1.85% | -1780.43万 | -6.79% | | 68 ...

Core Viewpoint - The recent adjustment of the National Basic Medical Insurance Directory has led to a significant increase in the number of drugs covered, positively impacting A-share pharmaceutical stocks, with notable gains observed in companies like Rongke Technology and Huashi Technology [1][2]. Group 1: National Basic Medical Insurance Directory Adjustments - The total number of drugs in the basic medical insurance directory has increased to 3,253, including 1,857 Western medicines and 1,396 traditional Chinese medicines [1]. - A total of 114 new drugs have been added, with 50 classified as Class 1 innovative drugs, covering various fields such as oncology, chronic diseases, mental health, and pediatric medications [1]. - Several rare disease medications have also been included, addressing conditions like neurofibromatosis, thalassemia, hemophilia, multiple sclerosis, and growth hormone deficiency in children [1]. Group 2: Commercial Insurance Innovative Drug Directory - The first version of the commercial insurance innovative drug directory includes 19 drugs, featuring CAR-T therapies for cancer treatment and medications for rare diseases and Alzheimer's disease, complementing the basic medical insurance [1]. - Notably, Eli Lilly's tirzepatide injection, a new global "drug king," has been included for the treatment of adult type 2 diabetes, alongside similar drugs from Silver Noble Pharmaceuticals [2]. Group 3: Company Announcements and Financial Impact - As of December 8, 16 A-share listed pharmaceutical companies have reported their products being included in the national medical insurance drug directory or the commercial insurance innovative drug directory [2]. - Leading companies like Fosun Pharma, Huadong Medicine, and Heng Rui Medicine have had several products added, with Heng Rui reporting an estimated total sales of approximately 8.66 billion yuan for 2024 and 7.55 billion yuan for the first three quarters of 2025 from these newly included drugs [2]. - Innovative drugs such as JAK inhibitors for myelofibrosis and PD-1 monoclonal antibodies have also been successfully negotiated into the national medical insurance directory, enhancing their market potential [3].

Group 1 - The core business of Junshi Biosciences includes the research and commercialization of monoclonal antibody drugs, with 90.67% of revenue coming from drug sales, 8.74% from technology licensing, and 0.59% from technical services and others [2] - As of September 30, 2025, Junshi Biosciences reported a revenue of 1.806 billion yuan, representing a year-on-year growth of 42.06%, while the net profit attributable to shareholders was -596 million yuan, an increase of 35.72% year-on-year [2] - The number of shareholders increased by 15.17% to 35,900 as of September 30, 2025, while the average circulating shares per person decreased by 12.96% to 21,361 shares [2] Group 2 - On December 5, Junshi Biosciences' stock rose by 0.70%, with a trading volume of 155 million yuan [1] - The financing buy-in amount on December 5 was 11.01 million yuan, while the financing repayment was 14.72 million yuan, resulting in a net financing outflow of -3.70 million yuan [1] - The total balance of margin trading for Junshi Biosciences reached 1.363 billion yuan, with the financing balance accounting for 4.89% of the circulating market value, indicating a high level compared to the past year [1]

Core Viewpoint - Junshi Biosciences (01877) has seen a stock price increase of over 3%, currently at 24.28 HKD, following the announcement of new indications for its products being included in the National Medical Insurance Directory for 2025 [1] Group 1: Product Developments - The product Toripalimab injection (brand name: Tuoyi®, product code: JS001) has received two new indications [1] - The product Engreztinib injection (brand name: Junshida®, product code: JS002) has successfully been included in the National Medical Insurance Directory [1] - Both products will be officially included in the updated National Medical Insurance Directory effective January 1, 2026 [1] Group 2: Market Position - As of the announcement date, four commercialized products, including Tuoyi®, have been included in the National Medical Insurance Directory [1] - Tuoyi® is the only anti-PD-1 monoclonal antibody in the directory that treats renal cancer, triple-negative breast cancer, and melanoma [1] - Junshida® is the first product to be included in the directory for patients intolerant to statins, marking it as the only domestic PCSK9-targeted drug in the new directory [1]

Core Viewpoint - The Hong Kong stock market saw a rise in several innovative drug concept stocks during the morning session, indicating positive investor sentiment in the biotech sector [1] Group 1: Stock Performance - WuXi AppTec (02126.HK) increased by 8.77%, reaching HKD 3.35 [1] - Kintor Pharmaceutical (02171.HK) rose by 3.8%, trading at HKD 18.87 [1] - Beihai Kangcheng (01228.HK) saw a gain of 3.38%, priced at HKD 2.45 [1] - Junshi Biosciences (01877.HK) climbed by 2.29%, with a share price of HKD 24.1 [1]