Core Viewpoint - The announcement of the inclusion of the drug Pujihua (Pralsetinib capsules, 100mg) in China's National Medical Insurance Catalog has positively impacted the stock price of the company, leading to an increase of over 3% in early trading [1] Group 1: Stock Performance - The stock of the company, 基石药业-B, rose by over 3% in early trading and is currently up by 2.51%, priced at 5.71 HKD with a trading volume of 7.29 million HKD [1] Group 2: Drug Development and Commercialization - Pujihua has been developed by Blueprint Medicines, which was acquired by Sanofi in July 2025 [1] - The company holds exclusive development and commercialization rights for Pujihua in Greater China, including mainland China, Hong Kong, Macau, and Taiwan [1] - In November 2023, the company granted exclusive commercialization rights for Pujihua in mainland China to Shanghai Elios Pharmaceutical Technology Co., Ltd [1] Group 3: Regulatory Approval - The National Medical Insurance Catalog, which includes Pujihua, will officially take effect on January 1, 2026 [1]

Core Viewpoint - 基石药业-B's stock price increased by over 3% in early trading, reflecting positive market sentiment following the announcement of its drug being included in the national medical insurance list [1] Group 1: Company Announcement - 基石药业-B announced that its drug, 普吉华® (Pralsetinib capsules, 100 mg), has been included in the latest version of the National Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug List by China's National Healthcare Security Administration [1] - The new drug list will officially take effect on January 1, 2026 [1] - 基石药业 holds exclusive development and commercialization rights for 普吉华® in Greater China, which includes mainland China, Hong Kong, Macau, and Taiwan [1] Group 2: Partnership and Commercialization - 普吉华® was developed by Blueprint Medicines, which is set to be acquired by Sanofi in July 2025 [1] - In November 2023, 基石药业 granted exclusive commercialization rights for 普吉华® in mainland China to Shanghai Elios Pharmaceutical Technology Co., Ltd [1]

Core Insights - The new National Medical Insurance Directory has added 114 new drugs, surpassing last year's addition of 91, with 50 being first-class innovative drugs, achieving an overall success rate of 88%, an improvement from 76% in 2024 [1][2] Group 1: New Drug Additions - The total number of drugs in the directory has increased to 3,253, significantly enhancing coverage for key areas such as oncology and chronic diseases [2] - The directory includes 38 global innovative drugs and 50 first-class innovative drugs, marking a historical high for new additions [2] - Notable inclusions are the first globally approved red blood cell maturation agent, Rotecip, for treating lower-risk myelodysplastic syndromes, and the first domestically developed IL-4Rα antibody drug, Kangyueda, for multiple indications [3][4] Group 2: Oncology Innovations - Several innovative oncology drugs have been added, including Tagolizumab, the first PD-L1 monoclonal antibody approved for nasopharyngeal carcinoma, and non-covalent BTK inhibitor, Jebatib, for relapsed mantle cell lymphoma [4][5][6] - ADCs (antibody-drug conjugates) have gained attention, with new entries like Lukanasatuzumab and Ruikangquzuzumab, targeting advanced breast cancer and non-small cell lung cancer [7][8] Group 3: Chronic Disease Treatments - The directory has included innovative drugs for chronic diseases, such as Novartis' PCSK9 mRNA interference drug for cholesterol management, addressing patients who cannot reach LDL-C targets [14] - AstraZeneca's biologic drug Benralizumab for severe eosinophilic asthma has also been added, providing targeted treatment options for patients [15][16] Group 4: Influenza Treatments - The new directory has incorporated two domestic antiviral drugs for influenza, Masurashave and Angladiv, which have shown promising clinical results in reducing symptoms and viral load [17]

Core Viewpoint - Ganli Pharmaceutical announced that its wholly-owned subsidiary, Ganli Pharmaceutical Shandong Co., Ltd., received the clinical trial approval notice from the National Medical Products Administration for the investigational drug GLR1044 injection, which is intended for the treatment of moderate to severe atopic dermatitis in adults [1] Group 1: Product Development - The product GLR1044 is a biosimilar to Dupilumab [1] - As of September 30, 2025, the company has invested a total of 65.7245 million yuan in research and development for this project [1] Group 2: Market Context - Currently, only the original manufacturer Sanofi's Dupilumab injection has been approved for market release in China [1] - The global sales of Dupilumab are projected to be 13.072 billion euros for the fiscal year 2024 [1]

Core Viewpoint - Shanghai Pharmaceuticals announced that its subsidiary, Shanghai Shenyang Pharmaceutical Co., Ltd., successfully negotiated to include Amisulpride orally disintegrating tablets in the National Medical Insurance Directory, effective from January 1, 2026, to December 31, 2027 [1] Group 1 - Amisulpride orally disintegrating tablets are an improved formulation of Amisulpride tablets, which were launched by Sanofi in France in 1986, and are used for the treatment of adult schizophrenia [1] - As of the announcement date, there are no other companies in China that have launched Amisulpride orally disintegrating tablets [1] - Shanghai Shenyang Pharmaceutical Co., Ltd. became the marketing authorization holder for Amisulpride orally disintegrating tablets after receiving approval from the National Medical Products Administration in October 2025 [1]

Core Insights - The National Healthcare Security Administration (NHSA) and the Ministry of Human Resources and Social Security have issued a new drug directory for basic medical insurance and commercial health insurance, effective from January 1, 2026, which includes 114 new drugs, with 50 being innovative drugs, marking an 88% success rate compared to 76% in 2024 [2][12] Group 1: Commercial Health Insurance Drug Directory - The first edition of the commercial health insurance innovative drug directory includes 19 drugs, with a price reduction range of 15% to 50%, significantly lower than the basic medical insurance negotiation intensity [3][13] - Among the 19 drugs, there are 5 CAR-T products, 2 Alzheimer's drugs, and 6 rare disease medications, primarily focusing on high-cost treatments for catastrophic diseases [3][14] - The inclusion of CAR-T therapies in the commercial insurance directory represents a significant milestone, with all 5 domestic CAR-T therapies successfully entering the directory [3][13] Group 2: Innovative Drug Characteristics - The commercial health insurance directory emphasizes high innovation, significant clinical value, and substantial patient benefits, particularly for drugs that exceed basic medical insurance coverage [4][14] - Notable drugs include Takeda's injection of teduglutide for short bowel syndrome and North Sea Kangcheng's injection of velaglucerase alfa for Gaucher disease, which could significantly reduce treatment costs for patients [5][15] Group 3: Policy Support and Market Implications - Drugs included in the commercial health insurance directory will benefit from the "three exclusions" policy, which provides a more favorable environment for clinical application and timely treatment for patients [6][16] - The new drug directory is seen as a positive development for new drug launches, with commercial insurance attempting to address issues related to medical insurance funds [7][17] Group 4: Additional Drug Listings and Market Dynamics - The 2025 national medical insurance directory also includes drugs that fill gaps in basic insurance coverage, such as Sanofi's innovative blood cancer drug, which is the first of its kind approved in China [8][18] - Some high-profile drugs did not make it into the directory, highlighting the competitive nature of the approval process [8][19]

Core Viewpoint - The article discusses the market outlook for 2026, emphasizing a potential for lower interest rates due to a softer labor market, which could positively impact stock market performance [2][3][4]. Market Outlook - Michael Kantrowitz, Chief Investment Strategist at Piper Sandler, believes the stock market is set for a strong performance heading into 2026, with a focus on historical context to understand current market dynamics [2]. - The current labor market conditions are seen as a new concern, but they may lead to lower interest rates, which historically correlate with improved stock market performance [3]. Interest Rates and Market Dynamics - Higher interest rates have been a barrier to market broadening, but a shift to lower rates could benefit underperforming sectors such as manufacturing, transportation, and housing in 2026 [4]. Investment Opportunities - The article lists 12 cheap NASDAQ stocks to consider for investment, identified through a methodology that includes screening for stocks with a forward price-to-earnings ratio below 15 and cross-referencing hedge fund interest [7][8]. Company Highlights - **Sanofi (NASDAQ:SNY)**: - Forward P/E Ratio: 10.7, with 32 hedge fund holders. Recently completed the acquisition of Vicebio, enhancing its vaccine development capabilities [9][10][11]. - Received EU approval for Dupilumab, a treatment for chronic spontaneous urticaria, expanding its market potential significantly [12][13]. - **Trip.com Group Limited (NASDAQ:TCOM)**: - Forward P/E Ratio: 11.01, with 37 hedge fund holders. Reported a 17.64% year-over-year revenue growth to $2.58 billion in fiscal Q3 2025, exceeding estimates [14][16]. - Strong performance driven by cross-border travel, with international bookings increasing by 60% year-over-year and inbound travel bookings more than doubling [16][17].

Core Viewpoint - The inclusion of the drug Praluent® (Pralsetinib capsules, 100 mg) in China's National Medical Insurance Catalog is a significant development for the company, as it will officially take effect on January 1, 2026, enhancing the drug's market access and potential sales in the region [1] Group 1: Drug Approval and Indications - Praluent® is an oral targeted therapy approved by the National Medical Products Administration (NMPA) for treating adult patients with locally advanced or metastatic non-small cell lung cancer (NSCLC) who are RET gene fusion positive, as well as for adult and pediatric patients aged 12 and above with advanced or metastatic RET mutation medullary thyroid carcinoma (MTC) requiring systemic treatment [1] - The drug has also been approved in Hong Kong for treating adult patients with metastatic RET fusion-positive NSCLC and in Taiwan for similar indications, including advanced or metastatic RET fusion-positive thyroid cancer [1] Group 2: Commercialization and Partnerships - The drug Praluent® is developed by Blueprint Medicines, which was acquired by Sanofi in July 2025, while the company holds exclusive development and commercialization rights for Praluent® in Greater China, including mainland China, Hong Kong, Macau, and Taiwan [2] - In November 2023, the company granted exclusive commercialization rights for Praluent® in mainland China to Shanghai Elios Pharmaceutical Technology Co., Ltd [2]

Group 1 - The core point of the article is that Basestone Pharmaceuticals' drug, Pujihua (Pralsetinib), has been included in the latest National Medical Insurance Drug List in China, effective from January 1, 2026 [1] - Pujihua is an oral targeted therapy approved for treating adult patients with locally advanced or metastatic non-small cell lung cancer (NSCLC) who are RET gene fusion positive, as well as for certain thyroid cancer patients [1] - The drug has already been approved in Hong Kong and Taiwan for similar indications, demonstrating its regional market presence [1] Group 2 - The FDA has approved Pujihua under the brand name GAVRETO for specific indications related to metastatic RET fusion-positive NSCLC and thyroid cancer in adults and children aged 12 and above [2] - Pujihua was developed by Blueprint Medicines, which was acquired by Sanofi in July 2025, while Basestone Pharmaceuticals holds exclusive rights for its development and commercialization in Greater China [2] - In November 2023, Basestone Pharmaceuticals granted exclusive commercialization rights for Pujihua in mainland China to Shanghai Elios Pharmaceutical Technology Co., Ltd [2]

Group 1 - The core announcement is that Basilea Pharmaceutica's drug, Pralsetinib (brand name GAVRETO), has been included in China's National Medical Insurance catalog, effective January 1, 2026 [1] - Pralsetinib is an oral targeted therapy approved for treating adult patients with RET fusion-positive locally advanced or metastatic non-small cell lung cancer (NSCLC) and other specific thyroid cancers [1][2] - The drug has already received approval in Hong Kong and Taiwan for similar indications, expanding its market presence in Greater China [1] Group 2 - The FDA has approved GAVRETO for the treatment of adult patients with metastatic RET fusion-positive NSCLC and certain thyroid cancers, indicating its acceptance in the U.S. market [2] - Basilea Pharmaceutica holds exclusive development and commercialization rights for Pralsetinib in Greater China, which includes mainland China, Hong Kong, Macau, and Taiwan [2] - In November 2023, Basilea Pharmaceutica granted exclusive commercialization rights for Pralsetinib in mainland China to Shanghai Elios Pharmaceutical Technology Co., Ltd [2]