摘要 / 创造新的增量 嘿嘿，周五没什么好的段子，就没发文，唯一一个我觉得好笑的就是，保险券商 异动股的时候，群里传出小作文，说"会议重提jzjx"! 盘后保险业务相关因子调整的文件出来了，谁又知道内幕抢跑了！ 《通知》明确： 1）险资持仓时间超过三年的沪深300指数成分股、中证红利低波动100指数 成分股的风险因子从0.3下调至0.27，持仓时间根据过去6年加权平均持仓时 间确定。 2）险资持仓时间超过两年的科创板上市普通股的风险因子从0.4下调至 0.36，持仓时间根据过去4年加权平均持仓时间确定。 3）保险公司出口信用保险业务和中国出口信用保险公司海外投资保险业务的 保费风险因子从0.467下调至0.42，准备金风险因子从0.605下调至0.545。 根据申万宏源，以9月末水平静态测算，本次调降险资股票投资风险因子合计给A 股上市险企带来200亿元最低资本优化，调整后核心/综合偿付能力充足率平均提 升1.5/2.1pct。假设调整风险因子后，A股上市险企维持偿付能力充足度不变， 沪深300成分股(持有3年以上)的潜在增配空间达789亿元。 没有增量，创造增量也要上！ 这个拼音缩写大概率是降准降息，哈哈哈 ...

Major Events - Chuangsheng Group-B (06628) announced updated efficacy data for osemitamab triple therapy as a first-line treatment for gastric or gastroesophageal junction adenocarcinoma at ESMO Asia [1] - Strength Development (01277) plans to acquire 100% equity of Taiyuan Shidi for approximately 384 million yuan and acquire Dongzhimen property for a total of 86.33 million yuan [1] - Innovent Biologics (01801) completed a global strategic collaboration with Takeda Pharmaceutical and issued 6.9138 million shares under general authorization [1] - Ascentage Pharma-B (06855) received FDA and EMA approval for global registration of a Phase III clinical trial for Nilotinib as a first-line treatment for Ph+ ALL [1] - Baiao Saitou-B (02315) announced that its business partner IDEAYA received IND approval from the FDA for IDE034 [1] - Jinfang Pharmaceutical-B (02595) initiated a registration clinical trial for GFH375, the world's first oral KRAS G12D inhibitor in a controlled chemotherapy Phase III study [1] - Xixiangfeng Group (02473) signed a business cooperation agreement with Hello Car Rental to develop car rental services in designated cities under a "co-branded store" model [1] - International Commercial Settlement (00147) signed a computer chip sales agreement with Hong Kong Antarctic Light to seize growth opportunities in the IC chip market [1] - CSPC Pharmaceutical Group (01093) received clinical trial approval in the U.S. for a GLP-1/GIP receptor dual agonist injection [1] - MIRXES-B (02629) plans to collaborate with Crystal Technology to build an AI-enabled integrated "diagnosis and treatment" research and industrialization platform [1] - Zhengtong Automobile (01728) intends to invest approximately 816 million yuan to acquire Xiamen Xinda 4S dealership and automotive sales and export business [1] - Guorui Life (00108) plans to acquire 78.3% of Beijing Chunyu Tianxia Software for 269 million yuan [1] - Innovent Biologics (01801) successfully included seven innovative products (including new indications) in the 2025 National Medical Insurance Drug List [1] - Peijia Medical-B (09996) had its registration application for the TaurusNXT® "non-aldehyde cross-linked" transcatheter aortic valve replacement system accepted by the National Medical Products Administration [1] - Fosun Pharma (02196) had new drugs included in the National Medical Insurance Directory and commercial insurance innovative drug directory [1] - Junshi Biosciences (01877) had Tuoyi® new indications and Junshida® included in the National Medical Insurance Directory [1] - Valiant Biotech-B (09887) presented clinical data for LBL-034 at the 67th ASH Annual Meeting [1] - Canfite BioPharma (09926) had all approved indications for five marketed drugs successfully included in the latest National Medical Insurance Drug List [1] - Fuhong Hanlin (02696) had Fuzhuoning® (Citrus Acid Vovizili Capsules) included in the National Medical Insurance Drug List [1] - Green Leaf Pharmaceutical (02186) successfully included five new products in the 2025 National Medical Insurance Drug List or commercial insurance innovative drug directory [1] - Yinnuo Pharmaceutical-B (02591) had its core products included in the National Medical Insurance Drug List [1] Operating Performance - Poly Real Estate Group (00119) reported a contract sales amount of approximately 47.7 billion yuan for the first 11 months, a year-on-year decrease of 8.45% [2] - GAC Group (02238) reported November automobile sales of approximately 179,700 units, a year-on-year decline of 9.72% [2] - Xiehe New Energy (00182) reported an equity power generation of 697.23 GWh in November, a year-on-year increase of 7.77% [2]

Core Viewpoint - Junshi Biosciences has received the acceptance notice from the National Medical Products Administration for its new drug application for JS005, a monoclonal antibody injection for treating moderate to severe plaque psoriasis in adults [1] Group 1 - The product JS005 is a recombinant humanized anti-IL-17A monoclonal antibody injection [1] - The indication for JS005 is for adult patients suitable for systemic therapy or phototherapy for moderate to severe plaque psoriasis [1]

Group 1 - Heng Rui Pharmaceutical has 9 drugs included in the national medical insurance directory for the first time, with an estimated total sales of approximately 8.66 billion yuan for 2024 and 7.55 billion yuan for the first three quarters of 2025 [5] - Junshi Biosciences' products Tuoyi® and Junshida® have been added to the national medical insurance directory, enhancing patient affordability and market promotion [6] - Huadong Medicine's subsidiary has products included in the national medical insurance and commercial insurance innovative drug directories, expected to aid in market promotion [7] Group 2 - Aidi Pharmaceutical's two innovative HIV drugs have successfully renewed their inclusion in the national medical insurance directory, with specific reimbursement prices set [8] - Fuxing Pharmaceutical has multiple products newly included in the national medical insurance directory, which is anticipated to positively impact future performance [9] - Weichuang Biotechnology's product has been included in the national medical insurance directory, which is expected to enhance market promotion and sales [10] Group 3 - Muxi Co., Ltd. announced a final online issuance rate of 0.03348913% after the mechanism was activated, with a total of 22.83 million shares issued [2] - Doushan New Materials reached a consensus on production reduction in the BOPET industry, although the sustainability of long-term price increases remains uncertain [2] - Guanglian Aviation's controlling shareholder has had the detention lifted, allowing normal operations to resume [3] Group 4 - Jiangjian Co., Ltd. clarified that it bears no obligations for any overdue financial products related to its controlling shareholder, confirming normal operations [4] - Tian Ci Materials' controlling shareholder has committed not to reduce holdings, holding 34.35% of the shares [13] - Annie Co., Ltd. is planning a change in control, with stock resuming trading on December 8 [14]

Major Events - Chuangsheng Group-B (06628) announced updated efficacy data for osemitamab triple therapy in first-line treatment of gastric or gastroesophageal junction adenocarcinoma at ESMO Asia [1] - Strength Development (01277) plans to acquire 100% equity of Taiyuan Shidi for approximately 384 million yuan and acquire Dongzhimen property for a total of 86.33 million yuan [1] - Innovent Biologics (01801) completed a global strategic collaboration with Takeda Pharmaceutical and issued 6.9138 million shares under general authorization [1] - Ascentage Pharma-B (06855) received FDA and EMA approval for global registration of the III phase clinical study of Nilotinib in first-line treatment of Ph+ ALL [1] - Baiao Saitou-B (02315) announced that its business partner IDEAYA received IND approval from the FDA for IDE034 [1] - Jinfang Pharma-B (02595) initiated a registration clinical trial for GFH375 in metastatic pancreatic cancer, marking the first global oral KRAS G12D inhibitor monotherapy controlled chemotherapy III phase study [1] - Xixiangfeng Group (02473) subsidiary signed a business cooperation agreement with Hello Car Rental to develop car rental business in designated cities under a "co-branded store" model [1] - International Commercial Settlement (00147) signed a computer chip sales agreement with Hong Kong Antarctic Light to seize growth opportunities in the IC chip market [1] - CSPC Pharmaceutical Group (01093) received clinical trial approval in the U.S. for GLP-1/GIP receptor dual agonist peptide injection [1] - MIRXES-B (02629) plans to collaborate with Jingtai Technology to build an AI-enabled integrated "diagnosis and treatment" research and industrialization platform [1] - Zhengtong Automotive (01728) plans to invest approximately 816 million yuan to acquire Xiamen Xinda 4S dealership and automotive sales and export business [1] - Guorui Life (00108) intends to acquire 78.3% of Beijing Chunyu Tianxia Software for 269 million yuan [1] - Innovent Biologics (01801) announced that seven innovative products, including new indications, were successfully included in the 2025 National Medical Insurance Drug List [1] - Peijia Medical-B (09996) had its registration application for the TaurusNXT® "non-aldehyde cross-linked" transcatheter aortic valve replacement system accepted by the National Medical Products Administration [1] - Fosun Pharma (02196) had new drugs included in the National Medical Insurance Directory and commercial insurance innovative drug directory [1] - Junshi Biosciences (01877) had Tuoyi® new indications and Junshida® included in the National Medical Insurance Directory [1] - Valiant Biopharma-B (09887) clinical data for LBL-034 was presented at the 67th ASH Annual Meeting [1] - Canfite BioPharma (09926) had all approved indications for five marketed drugs successfully included in the latest National Medical Insurance Drug List [1] - Fuhong Hanlin (02696) had Fuzhuoning® (Citrus Aurantium Extract Capsules) included in the National Medical Insurance Drug List [1] - Green Leaf Pharmaceutical (02186) had five new products successfully included in the 2025 National Medical Insurance Drug List or commercial insurance innovative drug directory [1] - Yinnuo Pharmaceutical-B (02591) core products were included in the National Medical Insurance Drug List [1] Operating Performance - Poly Real Estate Group (00119) reported contract sales of approximately 47.7 billion yuan in the first 11 months, a year-on-year decrease of 8.45% [2] - GAC Group (02238) reported November automobile sales of approximately 179,700 units, a year-on-year decline of 9.72% [2] - Xiehe New Energy (00182) reported November equity power generation of 697.23 GWh, a year-on-year increase of 7.77% [2]

Core Viewpoint - Junshi Biosciences (01877) announced the addition of two new indications for its product Toripalimab (brand name: Tuoyi) and the inclusion of its product Engrezt (brand name: Junshida) in the National Medical Insurance Directory, effective January 1, 2026 [1] Group 1 - The product Toripalimab has received approval for 12 indications in mainland China, all of which are included in the National Medical Insurance Directory, making it the only anti-PD-1 monoclonal antibody in the directory for the treatment of renal cancer, triple-negative breast cancer, and melanoma [1] - Engrezt is newly included in the directory and is the only domestic PCSK9-targeted drug for patients intolerant to statins in the updated list [1]

Corporate Announcements - China Pacific Insurance announced that Vice President Yu Ze is under investigation for serious violations of discipline and law, but this will not affect the company's management [2] - Guanglian Aviation reported that its controlling shareholder and chairman Wang Zengduo has had his detention lifted, allowing him to resume his duties, with normal operations continuing [3] - China Communications Construction Company clarified that it bears no repayment or guarantee obligations related to overdue financial products linked to its controlling shareholder, and its operations remain normal [4] - Annie Co. is planning a change in control, with stock trading resuming on December 8, 2025, after a share transfer agreement is signed [5] - Guoao Technology announced that its actual controller is planning a change in control, leading to a temporary suspension of its stock [6] - ST Tianrui terminated its planned change in control due to a lack of consensus, with stock resuming trading on December 8, 2025 [7] Industry Developments - Double Star New Materials noted that leading companies in the BOPET industry have reached a consensus on production cuts to balance supply and demand, although the sustainability of long-term price increases remains uncertain [8] - First Venture received a notice of administrative penalty for failing to diligently supervise a bond project, resulting in fines and warnings, but this will not significantly impact its operations [12] - China Chemical announced that its nylon new materials project has reached full production capacity, enhancing efficiency and market competitiveness [14] Pharmaceutical Sector Updates - Hengrui Medicine reported that nine of its drugs have been included in the national medical insurance directory, with a total expected sales of approximately 8.66 billion yuan for 2024 [15] - Junshi Biosciences announced that its products have received new indications and have been included in the national medical insurance directory, enhancing market accessibility [16] - Huadong Medicine's subsidiary has had its products included in the national medical insurance and commercial insurance innovation drug directories, aiding market promotion [17] - Aidi Pharmaceutical's two innovative HIV drugs have been renewed for inclusion in the national medical insurance directory, with specific pricing established [18] - ZhiXiang JinTai's monoclonal antibody has been included in the national medical insurance directory, which is expected to positively impact future sales [19] - Fosun Pharma announced multiple products have been newly included in the national medical insurance directory, which is anticipated to positively influence future performance [20] - Zejing Pharmaceutical's drug has been included in the national medical insurance directory, which will enhance affordability and market promotion [21] - Micron Biologics' product has been included in the national medical insurance directory, with no significant impact on current performance expected [22] Shareholder Commitments - Tianci Materials' controlling shareholder has committed not to reduce his shareholding in the company for six months, reflecting confidence in the company's future [23] Major Contracts - Guangqi Technology's subsidiary signed contracts worth 696 million yuan for the mass production of metamaterials, expected to impact the company's performance in 2026 [24]

Core Viewpoint - Junshi Biosciences (01877.HK) announced that its products, Toripalimab Injection (brand name: Tuoyi, product code: JS001) and Engreitzumab Injection (brand name: Junshida, product code: JS002), have been included in the National Medical Insurance Catalog (2025) under Category B, effective January 1, 2026 [1] Group 1 - The inclusion of Toripalimab's two new indications and Junshida in the National Medical Insurance Catalog reflects the National Healthcare Security Administration's recognition of the clinical value, patient benefits, and innovation of these drugs [1] - Toripalimab is the only anti-PD-1 monoclonal antibody in the catalog approved for treating renal cancer, triple-negative breast cancer, and melanoma, with all 12 approved indications included [1] - Junshida is the first domestic PCSK9-targeted drug included in the new catalog for patients intolerant to statins [1] Group 2 - All four commercialized products of the company, including Tuoyi, Adalimumab Injection (brand name: Junmaikang, product code: UBP1211), Dexamethasone Hydrochloride Tablets (brand name: Mindewi, product code: VV116/JT001), and Junshida, are now part of the National Medical Insurance Catalog [2] - The inclusion in the catalog is expected to enhance affordability and accessibility for patients, promoting market expansion and increasing sales scale, positively impacting the company's long-term operational development [2] - The company will actively cooperate to implement the medical insurance policy, continue to advance hospital access, and expand coverage in core and broader markets to improve patient access to medications [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 SHANGHAI JUNSHI BIOSCIENCES CO., LTD.* 上海君實生物醫藥科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1877） 自願性公告－ 拓益®新增適應症和君適達®納入國家醫保目錄 本公告由上海君實生物醫藥科技股份有限公司（「本公司」）自願作出。請亦參見本 公司於2025年12月7日刊發的海外監管公告。 本公司董事（「董事」）會（「董事會」）欣然宣佈，本公司產品特瑞普利單抗注射液 （商品名：拓益®，產品代號：JS001）2項新增適應症、昂戈瑞西單抗注射液（商 品名：君適達®，產品代號：JS002）成功納入《國家基本醫療保險、生育保險和工 傷保險藥品目錄（2025年）》（「國家醫保目錄」）乙類範圍。新版國家醫保目錄將於 2026年1月1日起正式實施。 截至本公告日期，本公司4款商業化產品拓益®、阿達木單抗注射液（商品名：君 邁康®，產品代號：UBP1 ...

Core Insights - The release of the "dual directory" for medical insurance and commercial health insurance on December 7 marks a significant update in China's healthcare policy, with the new directories set to be implemented nationwide on January 1, 2026 [1] Group 1: National Medical Insurance Directory - The 2025 National Medical Insurance Drug Directory will add 114 new drugs, including 50 first-class innovative drugs, increasing the total number of drugs to 3,253 [2] - Key areas such as cancer, chronic diseases, mental health, rare diseases, and pediatric medications will see improved coverage levels [2] - Notable companies like Heng Rui Medicine, Innovent Biologics, and others have had multiple products included in the new directory, enhancing their market presence [3][4] Group 2: Commercial Health Insurance Innovative Drug Directory - The inaugural Commercial Health Insurance Innovative Drug Directory includes 19 drugs, focusing on high clinical value and innovation, particularly in oncology and rare diseases [7][8] - The directory features five CAR-T cell therapies, highlighting the growing importance of advanced treatment options in the market [7] - Companies such as Fosun Pharma and BeiGene have successfully included their innovative products, indicating a trend towards supporting cutting-edge therapies [7][8] Group 3: Market Implications - The adjustments reflect a structured approach to healthcare policy, emphasizing "true innovation" and "differentiated innovation" to enhance patient access to new drugs [4] - The pharmaceutical sector is expected to continue focusing on innovation, with analysts suggesting that the innovative drug market will remain a key investment theme [8]