一周新闻速览 监管动态 金融监管总局：研究进一步扩大健康保险覆盖面，提升服务保障水平 央行：5年期和1年期LPR均维持不变 民政部：2024年我国基本养老保险参保人数达10.7亿人 人社部：截至6月底全国基本养老保险参保人数为10.71亿人，6月底三项社会保险基金累计结 余9.83万亿 人社部：中国持社保卡人数达13.9亿人，覆盖98.9%人口 人社部：推动基本养老金扩大投资，完善长周期考核 人社部：持续推动扩大基本养老保险基金委托投资规模 医保局：2025年上半年职工医保个人账户共济2亿人次 中保协：普通型人身保险产品预定利率研究值为1.99% 保险资管业协会：险资三季度权益投资信心指数环比显著回升 广东：银行保险业发布自律公约，防止"内卷式"竞争 公司动态 医保局："十四五"期间基本医疗保险参保率稳定在95%左右 医保局：全国超9600万人次享受生育保险待遇 医保局：长期护理保险累计筹集资金已超千亿，支出超过850亿 中邮保险：举牌绿色动力环保H股，年内险资举牌次数已超去年全年 中国平安：增持中国电信约125.32万股 瑞众人寿：增持中国神华100万股 瑞众人寿：增持龙源电力330万股 弘康人寿：增持郑州 ...

那么，医保保障不了的药，如何让有需求的老百姓能用上？对此，国家提出"商业健康保险创新药目 录"这一项改革举措。 黄心宇表示，建立商保创新药目录将有利于进一步明确基本医保保障边界，给商业健康保险留出更多的 发展空间；有利于发挥医保在数据、专家、管理、政策等方面的优势，为商业健康保险提供公共服务； 有利于整合医保和商业健康保险资金，形成保障人民群众健康的合力，也为创新药发展提供更充足的经 济支撑。 近日，国家医保局会同国家卫健委印发《支持创新药高质量发展的若干措施》，提出包括支持创新药进 入医保目录和商业健康保险创新药品目录等在内的5方面16条举措。 商业健康保险创新药品目录是《若干措施》的一大亮点。这对于创新药的生产和老百姓的用药会带来什 么变化？ 建立商保创新药目录，形成保障人民群众健康的合力 近年来，创新药进入医保，给老百姓就医用药带来了显著变化。据介绍，国家医保局近年来采取有效措 施积极支持创新药发展，2018-2024年，我国1类创新药获批上市数量呈现明显上升趋势，2024年获批数 量达48种，是2018年的5倍以上，今年上半年已近40种，井喷效应明显。 同时，随着更多的创新药进入医保目录，推动了我国临 ...

过去十年里，我国创新药经历了飞速发展的时期：创新创投活跃、研发管线丰富。然而，同 质化问题也随之而来，靶点与管线布局也存在"追热点"的现象。 为了避免这些问题，《若干措施》提出了医保数据应用的突破性举措，即支持医保数据用于 创新药研发；在确保数据安全、合法合规的基础上，探索为创新药研发提供必要的医保数据 服务；依托全国统一的医保信息平台，做好疾病谱、临床用药需求等数据归集和分析，开发 适配创新药研发需求的数据产品，支持医药企业、科研院所、医疗机构等合理确定研发方 向、布局研发管线，提升创新效率。 【导读】创新药新政出台，业内人士重磅解读 创新药"王炸"政策出台，不仅二级市场沸腾了，一级市场也沸腾了。 近日，国家医保局、国家卫健委发布《支持创新药高质量发展的若干措施》（以下简称《若 干措施》）。7月1日，国家医保局召开新闻发布会，专题介绍《若干措施》相关内容。 高特佳投资集团副总经理于建林直言，文件出台的核心逻辑是进一步促进创新药研发以临床 价值为导向，进一步拓宽创新药的支付渠道；进一步提高创新药的可及性，满足百姓多层次 的用药需求。未来一级市场创新药的投资范式将从单一研发管线估值转向"全球化+商业化+政 策豁 ...

Core Viewpoint - The recent adjustments in the commercial health insurance drug directory signify an important step for the commercial health insurance market's entry, enhancing its role in the multi-tiered medical security system in China [4][5]. Group 1: Market Performance - The Hang Seng Healthcare Index (HSHCI) rose by 2.32% as of July 2, 2025, with notable increases in constituent stocks such as SiPai Health (00314) up 43.53% and Huahao Zhongtian Pharmaceutical-B (02563) up 41.04% [3]. - The Hang Seng Healthcare ETF (513060) increased by 0.87%, marking its third consecutive rise, with a latest price of 0.58 yuan [3]. - Over the past week, the Hang Seng Healthcare ETF has accumulated a rise of 0.53% [3]. Group 2: Liquidity and Trading Volume - The Hang Seng Healthcare ETF had a turnover rate of 2.96% during the trading session, with a transaction volume of 247 million yuan [3]. - The average daily trading volume for the ETF over the past month was 2.139 billion yuan, ranking it first among comparable funds [3]. Group 3: Fund Performance and Metrics - The latest scale of the Hang Seng Healthcare ETF reached 7.997 billion yuan, placing it in the top third among comparable funds [4]. - The ETF's financing buy amount was 94.5905 million yuan, with a financing balance of 292 million yuan [4]. - The net value of the ETF has increased by 15.65% over the past two years, with a maximum single-month return of 28.34% since inception [4]. Group 4: Risk and Return Analysis - As of July 1, 2025, the ETF's relative drawdown against the benchmark was 0.45%, the smallest among comparable funds, with a recovery period of 43 days [5]. - The management fee for the ETF is 0.50%, and the custody fee is 0.15% [5]. - The tracking error for the ETF over the past year was 0.070%, the highest tracking precision among comparable funds [5]. Group 5: Valuation Metrics - The latest price-to-earnings ratio (PE-TTM) for the Hang Seng Healthcare Index is 27.1, indicating a valuation below 91.12% of the time over the past three years, suggesting a historical low [5]. - The top ten weighted stocks in the HSHCI account for 57.72% of the index, including companies like Innovent Biologics (01801) and BeiGene (06160) [5].

Core Viewpoint - The release of the "Several Measures to Support the High-Quality Development of Innovative Drugs" marks a significant shift in China's pharmaceutical policy from "squeezing out excess" to "promoting innovation," indicating a new phase for the industry [2][20][22]. Group 1: Support for Innovative Drug Development - The new policy provides comprehensive support across the entire chain of innovative drug development, addressing challenges from research and investment to insurance access and clinical application [2][3]. - The measures aim to foster a landscape of "true support for innovation, support for genuine innovation, and support for differentiated innovation" to combat the issue of homogenization in the industry [3][22]. - The introduction of healthcare data for innovative drug research is a breakthrough, allowing companies to better identify unmet clinical needs and enhance research efficiency [4][5]. Group 2: Capital and Investment - The need for patient capital is emphasized, as the typical investment fund lifespan does not align with the long development cycles of innovative drugs [6][7]. - The government is encouraging commercial health insurance to expand investment in innovative drugs, providing a new avenue for long-term funding [6][7][8]. Group 3: Payment and Insurance Integration - The integration of innovative drugs into the insurance payment system is crucial for commercialization, with significant improvements noted in the speed of new drug inclusion in insurance coverage [10][11]. - The establishment of a commercial health insurance directory for innovative drugs is a substantial step forward, allowing for better alignment with the national insurance directory [11][14]. - Policies are being developed to facilitate the clinical application of innovative drugs, addressing barriers that have previously hindered their use in medical institutions [16][19]. Group 4: Future Directions - The new measures are designed to ensure that genuine innovative projects receive the necessary support from healthcare data, investment, and diversified payment systems, fostering a virtuous cycle in the industry [22]. - The focus on clinical value and the need for precise support for innovation will likely lead to more effective outcomes in the application of innovative drugs [22].

Group 1 - The "Difficult Children Medical Security Program" initiated by Suzhou Charity Federation and Ping An Health Insurance has provided urgent assistance to over 1,850 children and their families [1] - Since its launch in 2019, the program has covered 32,000 instances of difficult children, with a total compensation of 6.1137 million yuan [1] - The program will upgrade this year to include 10 new medical health services such as health doctors, scientific nutrition intervention, and post-hospital home care guidance [1] Group 2 - The "Sunshine Plan" for caring for disabled children's rehabilitation was launched in early last month, providing up to 1,000 yuan per person per month for children aged 7 to 14 with disabilities in specific districts [2] - Ping An Health Insurance Suzhou branch has invested 800,000 yuan in the "Sunshine Plan" project [2]

Core Insights - The National Healthcare Security Administration and the National Health Commission issued measures to support the high-quality development of innovative drugs, focusing on a comprehensive support system from research and development to clinical application [1][3][4] Group 1: Policy Measures - The measures include establishing a commercial health insurance directory for innovative drugs and utilizing healthcare data for drug research and development, addressing industry challenges such as payment bottlenecks and homogenized competition [1][2][3] - A total of 16 initiatives across five areas were proposed to enhance support for innovative drug development, including encouraging clinical application and improving multi-channel payment capabilities [3][4] Group 2: Market Dynamics - The approval of Class 1 innovative drugs in China has significantly increased, with 48 drugs expected to be approved in 2024, a fivefold increase from 2018 [3] - The commercial health insurance market is growing rapidly, with over 95% fund utilization in basic medical insurance compared to a lower level in commercial health insurance, indicating room for development [2] Group 3: Payment Mechanisms - The dynamic adjustment mechanism for the medical insurance directory has improved, with the proportion of new drugs approved within the same year rising from 32% in 2019 to 98% in 2024 [5] - The time for new drugs to be included in the medical insurance directory has decreased from approximately five years to around one year, with about 80% of innovative drugs being included within two years of market approval [5] Group 4: International Expansion - Chinese innovative drugs are increasingly entering international markets, with over 90 overseas licensing transactions completed in 2024, totaling over $50 billion [8] - The measures encourage the establishment of global trading platforms for innovative drugs, particularly targeting Southeast Asia and Central Asia [8] Group 5: Pricing Strategies - The current pricing of innovative drugs in China is considered low globally, with discussions on implementing strict price confidentiality mechanisms for drugs in the commercial health insurance directory [9] - The policy aims to create a closed-loop system supporting the high-quality development of innovative drugs, facilitating China's transition from a generic drug powerhouse to an innovative drug leader [9]

Core Viewpoint - The National Healthcare Security Administration and the National Health Commission have released measures to support the high-quality development of innovative drugs, focusing on integrating innovative drugs into basic medical insurance and commercial health insurance [1][2]. Group 1: Support for Innovative Drugs - The introduction of a commercial health insurance innovative drug directory is a significant step towards establishing a multi-tiered medication security system, which aims to better meet the diverse medication needs of the public [1]. - The commercial health insurance innovative drug directory will clarify the boundaries of basic medical insurance coverage and provide more development space for commercial health insurance [1][2]. - The measures encourage the development of innovative drugs as a means to enhance clinical medication technology levels and support the self-reliance and technological innovation of China's biopharmaceutical industry [2][3]. Group 2: Trends in Innovative Drug Approvals - From 2018 to 2024, the number of approved Class 1 innovative drugs in China has shown a significant upward trend, with 48 approvals expected in 2024, over five times the number in 2018 [3]. - The increase in innovative drugs entering the medical insurance directory has led to a substantial improvement in the public's medication security level [3]. Group 3: Global Market Development - The measures propose to promote the global market development of innovative drugs, with plans to build platforms to assist in expanding overseas markets [3][4]. - The National Healthcare Security Administration is supporting regions to leverage their advantages in establishing innovative drug trading platforms and enhancing international promotion [3][4]. - The measures also include providing price support for innovative drugs going abroad, exploring stricter price confidentiality mechanisms for drugs in the commercial health insurance innovative drug directory [4].

Core Insights - The National Healthcare Security Administration (NHSA) introduced measures to support the high-quality development of innovative drugs, encouraging commercial health insurance to expand investment in innovative drugs and create a directory for innovative drugs [1][2] Group 1: Policy Impact - The new policies provide clear direction for the development of commercial health insurance, which is crucial for establishing a multi-tiered medical payment system in China [1] - The introduction of a commercial health insurance directory for innovative drugs aims to include drugs with high innovation, significant clinical value, and benefits that exceed basic medical insurance coverage [2] Group 2: Market Dynamics - The innovative drug payment market is on the verge of explosive growth, with expectations of a layered payment ecosystem emerging over the next five years [1][2] - Companies like Mingxin Health are positioning themselves to address payment challenges in the industry, having become the largest multi-payment platform in China since its establishment in 2017 [3] Group 3: Financial Performance - Mingxin Health reported significant revenue growth, with revenues of 1.069 billion, 1.255 billion, and 2.035 billion yuan from 2022 to 2024, reflecting a compound annual growth rate of approximately 38% [3] Group 4: Future Business Models - Potential business models include creating data bridges between medical services, insurance, and commercial health insurance, as well as designing performance-based agreements and customized insurance products [4] - Companies aim to resolve structural conflicts between payment and supply sides to achieve a sustainable ecosystem where patients have access to affordable medical products [4]

7月1日，国家医保局、国家卫生健康委印发《支持创新药高质量发展的若干措施》（以下简称《措施》）。《措施》紧密围绕我国创新药当前面临的研发难 度大、进入医保难、医院使用受限以及支付压力大等突出问题，打通"实验室"到"病床边"全链条，提出涵盖5个方面共16条具体举措。 最具突破性的是首次提出设立"商业健康保险创新药品目录"。国家医保局医药管理司司长黄心宇在同日举行的新闻发布会上强调，国家医保局计划实现商保 创新药目录与医保目录同时申报、同步调整，程序基本一致，企业可以自主申报纳入医保药品目录、商保创新药目录或同时申报两者。 | 名称: | 国家医保局 国家卫生健康委关于印发《支持创新药高质量发展的若干措施》的通知 | | | | --- | --- | --- | --- | | 索引号: | 2025-02-00016 | 发文字号: | 医保发〔2025〕16号 | | 发布日期: | 2025-07-01 | 发布机构: | | 政策指导与统筹研发也成为研发支持的关键抓手。《措施》提出，优化医保部门企业接待机制，畅通医保部门与创新药企业沟通交流渠道，有针对性加强创 新药在药品目录准入方面的政策指导。同时，将 ...