Core Viewpoint - The introduction of the "Several Measures to Support the High-Quality Development of Innovative Drugs" by the National Healthcare Security Administration and the National Health Commission aims to address key issues in the innovative drug sector in China, providing comprehensive support across the entire chain from research and development to payment systems [1][5]. Summary by Relevant Sections Support for Innovative Drug Development - The measures include 16 specific actions to enhance the research and development of innovative drugs, improve access to insurance, and promote clinical application [1][2]. - The number of original innovative drug pipelines in China has increased significantly, from 124 in 2015 to 704 by 2024, making China the global leader in this area [3]. - The measures emphasize the importance of data sharing, particularly using healthcare insurance data to guide innovative drug development, thereby improving efficiency [4]. Commercial Health Insurance and Payment Systems - The establishment of a commercial health insurance innovative drug directory is a key highlight, allowing for better integration of commercial insurance with innovative drug access [2][5]. - The measures encourage collaboration between healthcare insurance and commercial health insurance to alleviate the financial burden on basic insurance funds, especially given the high costs associated with innovative drugs [9]. - The new policies aim to create a multi-tiered payment system that supports innovative drug development and encourages the exploration of international markets [9][10]. Clinical Application and Training - The measures promote the training of medical institutions and industry associations to enhance the clinical use of innovative drugs, ensuring that healthcare providers are well-equipped to utilize these new treatments [2][3]. - The focus on real-world research and the integration of clinical experience into the approval and reimbursement processes is expected to improve the overall effectiveness of innovative drugs in clinical settings [2][4]. Regulatory and Policy Framework - The measures propose optimizing the interaction between innovative drug companies and healthcare insurance departments, facilitating smoother communication and policy guidance [5][6]. - The commercial health insurance directory will allow for a more flexible approach to pricing and reimbursement, potentially leading to better access for patients [6][7]. Future Outlook - The implementation of these measures is anticipated to accelerate the development of innovative drugs in China, enhancing the overall healthcare landscape and improving patient access to advanced treatments [10].

7月首个交易日，A股创新药板块迎来强势上涨，多只个股掀起涨停潮。昂利康（002940.SZ）三日两度涨停，股价刷新历史新高；前沿生物（688221.SH） 20%涨停，舒泰神（300204.SZ）、科兴制药（688136.SH）等十余只个股单日涨幅超10%。 消息面上，国家医保局联合国家卫生健康委发布的《支持创新药高质量发展的若干措施》（以下简称《措施》）成为板块爆发的直接催化剂，政策从研发支 持、医保准入、临床应用等多维度发力，为创新药行业注入强劲发展动能。 《措施》首次明确推动医保数据合规用于创新药研发，依托全国统一医保信息平台，归集疾病谱、临床需求等数据，助力企业精准定位研发方向。同时，新 政鼓励商业健康保险通过投资基金等方式培育"耐心资本"，并优化医保部门企业接待机制，为创新药企业提供点对点政策指导。此外，国家将组织实施创新 药物研发重大专项，重点突破重大传染病、慢性病及罕见病等领域，联动国家医学中心加速科研攻关。 在医保准入方面，新政提出双向完善医保目录与商保目录的动态调整机制，建立重大公卫事件临时纳入通道，并创新支付标准谈判体系，允许销售超预期的 创新药通过谈判适度调整支付标准。尤为值得关注的是， ...

Group 1 - Yunzhi Voice Technology Co., Ltd. listed on the Hong Kong Stock Exchange on June 30, becoming the "first AGI stock" in Hong Kong [1] - Yunzhi was founded in 2012 and has developed AI solutions based on deep learning models, including its core algorithm model UniCore [1] - The company has received investments from notable institutions such as Sequoia Capital, JD.com, and Qualcomm, with a significant investment from Sichuan Innovation and Entrepreneurship Equity Investment Fund in 2017 [1] Group 2 - Moore Threads submitted its prospectus for listing on the Sci-Tech Innovation Board, focusing on full-function GPU chip development [2] - The company supports various workloads including AI computing acceleration and 3D graphics rendering [2] - Chengdu Ciyuan Guoyi Electronic Information Equity Investment Fund invested in Moore Threads in 2023 [2] Group 3 - Wuhan Heyuan Biotechnology Co., Ltd. is preparing for an IPO on the Sci-Tech Innovation Board, with its core product HY1001 nearing market approval [2] - HY1001 is a new drug that has completed Phase III clinical trials and is under priority review by the National Medical Products Administration [2] Group 4 - Yaoke Ankang Technology Co., Ltd. successfully listed on the Hong Kong Stock Exchange on June 23, with significant investment from the National Investment (Guangdong) Technology Achievement Transformation Venture Capital Fund [5] - The company focuses on innovative drug development for cancer, inflammation, and cardiovascular diseases, with multiple candidates in clinical stages [5] Group 5 - Sichuan Southwest Jiaotong Railway Development Co., Ltd. listed on the Beijing Stock Exchange on June 10, specializing in rail transportation infrastructure safety [6] - The company is recognized as a national-level "little giant" enterprise and is the first IPO project of the Sichuan Science and Technology Investment's Academician Fund [6] - Multiple local funds, including Chengdu Lixin Jingrong Fund, participated in the investment of Jiaotong Railway Development [6]

Group 1 - The core viewpoint of the news is the issuance of measures to support the high-quality development of innovative drugs by the National Medical Insurance Administration and the National Health Commission, emphasizing the use of medical insurance data for drug research and development [1][2] - The measures encourage the integration of medical, insurance, and pharmaceutical data to enhance the efficiency of innovative drug development, allowing for better identification of research directions and development pipelines [1] - There is a focus on encouraging commercial health insurance to increase investment in innovative drugs through various means, including investment funds, to provide stable long-term capital for drug development [1] Group 2 - The measures outline the need to reasonably determine the medical insurance payment standards for innovative drugs, utilizing pharmacoeconomics and health technology assessments to align with China's national conditions and market status [2] - The approach includes negotiations between medical insurance departments and innovative drug companies to establish payment standards that reflect the clinical value of the drugs, while also considering factors like market competition and research investment [2] - The measures allow for adjustments in payment standards through negotiations in cases where innovative drugs exceed sales expectations or gain new indications, ensuring stability for companies [2]

Group 1 - A-shares showed mixed performance in early trading on July 1, with the innovative drug sector leading in gains [1] - A500 ETF by Jiashi (159351) experienced a net inflow of over 10.5 billion yuan yesterday, accumulating over 20 billion yuan in the last two trading days, ranking first among similar products [1] - The A500 ETF has seen its share increase by 48.12 billion yuan year-to-date, also ranking first among similar products [1] Group 2 - The two departments issued measures to support the high-quality development of innovative drugs, emphasizing the use of medical insurance data for drug research and development [2] - East China Securities views innovative drugs as a core investment theme, suggesting to focus on "innovative drugs +" and companies with strong alpha in other sub-industries [2] - Global pharmaceutical investment and financing are recovering, positively impacting the CXO and upstream life sciences sectors, leading to an upward trend in orders and financial reports [2] Group 3 - Bohai Securities reported that all major indices were raised last week, with the ETF market seeing a net inflow of 13.94 billion yuan [3] - The average daily trading volume of the ETF market reached 3,113.22 billion yuan, with a daily turnover rate of 9.64% [3] - The CSI A500 index saw a significant inflow of over 7 billion yuan, with the banking, Hong Kong non-bank, and innovative drug sectors favored by investors [3]

Core Viewpoint - The article highlights significant policy support for the innovative drug sector in China, which is expected to drive growth and investment opportunities in the industry [2][6][10]. Policy Support - The National Healthcare Security Administration and the National Health Commission issued measures to support the high-quality development of innovative drugs, including 16 specific initiatives across five areas [2][6]. - The measures include utilizing healthcare data for innovative drug research and encouraging commercial health insurance to expand investment in innovative drugs [6][7]. Market Reaction - Following the announcement of the supportive policies, innovative drug stocks surged, with companies like Sali Medical and Guizhou BaiLing hitting the daily limit, and others like Shuyitai and Hotgen Biotech seeing significant gains [3][5]. Future Outlook - Analysts predict that 2025 will be a pivotal year for domestic innovative drug companies to expand internationally, driven by technological innovation and market growth [4][12]. - The innovative drug market is expected to continue expanding, with a notable increase in overseas licensing deals and a shift from capital-driven growth to profit-driven growth [11][12]. Investment Opportunities - Investment strategies should focus on potential companies that may expand internationally, particularly in areas such as next-generation immunotherapy, antibody-drug conjugates (ADC), and breakthroughs in chronic disease treatments [11][12].

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》。 其中提出，支持医保数据用于创新药研发。加强医疗、医保、医药三方信息互通与协同，做好医保数据 资源管理，推动医保领域公共数据资源利用。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。 增设商业健康保险创新药品目录。适应多层次医疗保障体系发展需要，增设商业健康保险创新药品目录 （简称"商保创新药目录"），重点纳入创新程度高、临床价值大、患者获益显著且超出基本医保保障范 围的创新药，推荐商业健康保险和医疗互助等多层次医疗保障体系参考使用。通过协商合理确定商保创 新药目录内药品结算价，探索更严格的价格保密机制。商保创新药目录内药品不计入基本医保自费率指 标和集采中选可替代品种监测的范围。统筹做好商保创新药目录与医保目录的衔接。 两部门：鼓励商业健康保险、医疗互助等将创新药纳入保障范围 国家医保局、国家卫生健康委印发《支持创新药高 ...

Group 1 - The Hong Kong Innovative Drug ETF (513120) has seen a year-to-date increase of over 57% as of June 30, 2025, making it one of the top performers in its category [1] - The ETF's latest scale reached 13.425 billion, ranking it first among all pharmaceutical ETFs in the market [1] - The ETF has experienced net inflows in 4 out of the last 5 trading days, totaling 805 million [1] Group 2 - The CSI Hong Kong Innovative Drug Index (931787) has its top ten weighted stocks accounting for 67.94%, including companies like Innovent Biologics and WuXi Biologics [2] - The National Healthcare Security Administration will hold a press conference on July 1 to discuss measures supporting the high-quality development of innovative drugs, emphasizing the use of healthcare data for drug research [2] Group 3 - CITIC Securities remains optimistic about the pharmaceutical industry in the second half of 2025, focusing on innovation and the global competitiveness of Chinese pharmaceutical companies [3] - The Hong Kong Innovative Drug ETF closely tracks the CSI Hong Kong Innovative Drug Index, covering leading stocks in the sector and allowing T+0 trading for enhanced liquidity [3]

Core Viewpoint - The A-share pharmaceutical sector experienced a significant rally, with notable stocks such as Saily Medical hitting the daily limit, Rongchang Bio rising over 7%, and Shutai Shen increasing by more than 6% due to supportive government measures for innovative drug development [1] Group 1 - The National Healthcare Security Administration and the National Health Commission issued measures to support the high-quality development of innovative drugs [1] - The new measures include the use of medical insurance data to facilitate the research and development of innovative drugs [1]

Summary of 康哲药业 Conference Call Company Overview - 康哲药业 is undergoing a strategic transformation from original research drugs to innovative drugs, driven by both collaborative development and independent research. The company has received approval for 5 innovative drugs covering 6 indications and is actively expanding internationally, including a secondary listing in Singapore without involving financing or equity dilution [2][4]. Key Business Segments - The company operates four main business segments: - Cardiovascular and Digestive Health: Stabilized after the impact of the National Volume-Based Procurement (VBP) - Ophthalmology: Strong profitability - Skin Health: 德美医药 is set for a spin-off listing - International Business: Focused on Southeast Asia, expected to contribute to future growth [2][5]. Financial Performance - The core products' revenue has declined due to VBP, with projected revenue of 2.6 billion yuan for three core products in 2024. However, the impact of centralized procurement is expected to be cleared, leading to a phase of rapid growth as innovative drugs are approved [2][7]. - The company’s key product portfolio includes: - Existing national procurement products (波依定, 黛力新, 优思弗) expected to contribute 2.6 billion yuan in 2024 - Exclusive and brand drugs anticipated to maintain around 10% growth [8]. Innovative Product Pipeline - 康哲药业 has nearly 20 self-researched projects, with 5-6 in clinical development. Key upcoming products include: - Y3 injection for stroke treatment, expected to exceed 3 billion yuan in sales - ABP671 for hyperuricemia, with NDA submission expected in mid-2025 - 德西度司他片 for chronic kidney disease anemia, expected to be approved this year [3][10][12][13]. Impact of VBP - The company faced significant impacts from VBP, with core products previously accounting for over 50% of sales. The sales retention rate post-VBP was around 50% [6][7]. Spin-off of 德美医药 - The spin-off of 德美医药 is expected to be completed by the end of 2025, which will not significantly affect 康哲药业's overall financial status but will help improve its valuation. 康哲 will distribute 90.8% of 德美 shares to shareholders [3][15]. Market Expansion and Internationalization - 康哲药业 is expanding into Southeast Asia, establishing a regional headquarters in Singapore and planning a secondary listing. This move aims to explore new growth avenues without limiting business development [20][21]. R&D and Sales Expenses - In 2025, 康哲's R&D and sales expenses are expected to rise due to high costs associated with marketing and brand building for newly launched innovative drugs. Profit growth is anticipated to lag behind revenue growth this year, but significant profit increases are expected starting in 2026 as 德美 is no longer consolidated [22][23]. Conclusion - 康哲药业 is positioned for growth through its innovative drug pipeline and international expansion, despite facing challenges from VBP. The upcoming spin-off of 德美医药 and the focus on Southeast Asian markets are strategic moves to enhance overall company valuation and market presence.