（原标题：利好创新药！中国药品价格登记系统上线） 21世纪经济报道记者 闫硕 北京报道 创新药全链条发展已进入全面推进阶段，国家医保局聚焦价格登记查询环节，推出全新支持政策。 12月2日，中国药品价格登记系统上线。国内外医药企业可根据发展需要，自主申报登记药品价格,并为价格真实性负责。药品价格登记按照"一地 受理、全国共享、全球公开"原则，采取社会化运营模式，由北京市西城区国资企业负责运营，对外提供登记、查询等服务。 近年来，我国医药产业创新动能持续释放，创新能力显著增强。一批具备自主特色、达到国际先进水平的创新药相继问世，既为国内患者带来全 新治疗选择与康复希望，也为中国医药企业拓展全球市场奠定了坚实基础。 市场数据直观印证了中国创新药的全球化发展势头。据统计，2025年前三季度，我国医药企业海外授权交易总金额突破920亿美元。随着中国创新 药在全球市场的参与度不断提升，其终端价格的国际参考作用日益凸显。 这一趋势既彰显了中国超大市场规模在全球医药领域的重要地位，也对我国医药价格体系的完善提出了更高要求。在此背景下，国家医保局借鉴 国际通行做法，牵头建设中国药品价格登记系统。 该系统主要包含两大服务，即药品 ...

这是给药企的一张"价格通行证"——12月2日，中国药品价格登记系统正式上线，同步在线上线下为国内外医药企业提供药品价格登记查询服 务。 这将有利于企业构建全球化价格体系，促进创新药全球市场发展。 通过中国药品价格登记系统，医药企业可以根据发展需要，自主申报登记药品价格，登记价格"一地受理、全国共享、全球公开"，药品上市许 可持有人可获取登记价格多语种查询凭证，作为药品价格登记的有效证明。 正是这份有效证明，为企业开拓国际市场提供了关键价格支撑。 国家医保局有关负责人介绍，2025年前三个季度，我国医药企业完成海外授权交易超过103笔，总交易金额突破920亿美元，中国市场的终端价 格参考价值日益凸显，然而在开拓国际市场过程中，传统单一价格体系难以适应多元化、全球化发展，药企在海外定价时，往往面临价格体系 不完整、证明效力不足等困扰。 让产业发展有力度，让民生保障有温度，中国正以开放姿态，为全球医药市场注入新活力，让健康福祉惠及更多百姓。 策划：陈芳 记者：彭韵佳 借鉴国际经验，中国药品价格登记系统面向全球，为企业提供权威、规范、透明的市场价格登记查询服务，其价值不止于助力中国药企破浪出 海，同时也能吸引国外高质 ...

通过中国药品价格登记系统，医药企业可以根据发展需要，自主申报登记药品价格，登记价格"一地受 理、全国共享、全球公开"，药品上市许可持有人可获取登记价格多语种查询凭证，作为药品价格登记 的有效证明。 正是这份有效证明，为企业开拓国际市场提供了关键价格支撑。 国家医保局有关负责人介绍，2025年前三个季度，我国医药企业完成海外授权交易超过103笔，总交易 金额突破920亿美元，中国市场的终端价格参考价值日益凸显，然而在开拓国际市场过程中，传统单一 价格体系难以适应多元化、全球化发展，药企在海外定价时，往往面临价格体系不完整、证明效力不足 等困扰。 "出海时，国外往往要求提供已上市国家的市场价格作为参考，我们很需要解决价格认证的难题。"药明 巨诺副总裁樊琳的话，道出了许多药企的共同诉求。 新华社北京12月2日电题：全球公开！中国药品价格登记系统助力创新药发展 新华社记者彭韵佳 这是给药企的一张"价格通行证"——12月2日，中国药品价格登记系统正式上线，同步在线上线下为国 内外医药企业提供药品价格登记查询服务。 这将有利于企业构建全球化价格体系，促进创新药全球市场发展。 （文章来源：新华社） 借鉴国际经验，中国药品价 ...

Core Viewpoint - The article discusses the blood purification device industry, highlighting the increasing prevalence of End-Stage Renal Disease (ESRD) and the growth potential of blood purification technologies in response to this global health challenge [18][21]. Market Overview - The global ESRD patient population is projected to grow from 91.33 million in 2019 to 148.51 million by 2030, with a CAGR of 4.2% [18][19]. - In China, the ESRD patient population is expected to increase from 3.025 million in 2019 to 6.132 million by 2030, with a CAGR of 5.8% [20][18]. Treatment Methods - Blood purification is the most widely used treatment for ESRD, offering higher survival rates compared to kidney transplantation and conservative treatment [21]. - The number of patients receiving blood purification treatment in China rose from 736,000 in 2019 to 1.069 million in 2023, with a CAGR of 9.8%, and is expected to reach 3.791 million by 2030, with a CAGR of 19.8% [21][23]. Blood Purification Technologies - The main blood purification methods include hemodialysis, peritoneal dialysis, blood perfusion, and blood filtration, with hemodialysis being the most mature and widely applied [29]. - Hemodialysis effectively removes harmful substances and excess fluid from the blood, making it suitable for patients at various disease stages [29]. Market Size and Growth - The Chinese blood dialysis device market is projected to grow from CNY 11.63 billion in 2019 to CNY 51.52 billion by 2030, with a CAGR of 19.9% from 2023 to 2030 [30][28]. - The market share of blood dialysis devices in China is expected to see significant growth, with specific segments like blood dialysis machines and consumables also experiencing robust growth rates [30]. Competitive Landscape - Domestic companies are rapidly catching up with international competitors in the blood purification consumables sector, achieving nearly 50% market share in dialysis filters [31]. - The competitive landscape for blood dialysis machines is evolving, with domestic manufacturers improving their technology and performance to match imported products [37][33]. Policy and Market Dynamics - The article notes that the Chinese government has been implementing centralized procurement policies, leading to significant price reductions and accelerating the domestic replacement process in the blood purification market [36][35].

Group 1: Mobile Games - The article discusses the growth and potential of the mobile gaming industry, highlighting its increasing popularity and revenue generation in recent years [1]. Group 2: ETF Grid Strategy - The ETF grid strategy focuses on several key ETFs, including the Hang Seng Innovative Drug ETF (520500.SH), which benefits from unprecedented domestic policy support for innovative drug development, such as the establishment of a "dual directory" multi-level payment system [3][4]. - The innovative drug pipeline in China has reached 7,041 projects, accounting for 29.5% of the global total, with a year-on-year growth of 15.1%, significantly outpacing the global average [4]. - The military ETF (512560.SH) is expected to benefit from a historical high defense budget of 1.81 trillion yuan in 2025, which represents a 7.2% increase, although it remains below 1.3% of GDP [7]. - The liquor ETF (512690.SH) has shown wide fluctuations in 2025, with an average daily amplitude of 1.77%, providing opportunities for frequent trading and profit capture [11]. - The Sci-Tech Chip Design ETF (588780.SH) focuses on the chip design sector, which is crucial for China's strategy to achieve technological self-reliance amid global competition [14].

Group 1 - The core viewpoint of the articles highlights the strong performance of innovative drug stocks in the market, with notable increases in share prices for companies such as Gilead Sciences-B (up 8.82%) and Kintor Pharmaceutical (up 4.60%) [1] - The report from CICC emphasizes the importance of innovative drugs and medical devices in China's "14th Five-Year Plan," indicating a shift from "follow-up innovation" to "quality transformation" in domestic innovative drugs [1] - The collaboration between Hansoh Pharmaceutical and Roche for the global exclusive license of the antibody-drug conjugate HS-20110 is seen as a significant advancement, with expectations for smooth development due to Roche's expertise [2] Group 2 - The partnership between Innovent Biologics and Takeda Pharmaceutical aims to advance the development of next-generation tumor immunotherapy and antibody-drug conjugates, leveraging Takeda's strong sales network in Japan and the West [2] - Valiant Pharmaceuticals' agreement with the U.S. company Dianthus for the development and commercialization of its autoimmune drug LBL-047 outside Greater China is viewed as beneficial for product development [2] - The overall sentiment in the pharmaceutical industry is optimistic regarding the international expansion of innovative drugs, with multiple companies securing significant partnerships to enhance their research and commercialization efforts [2]

Core Insights - The report maintains a neutral rating for the pharmaceutical and biotechnology industry, indicating that while there are pressures on performance, there are also opportunities in specific segments that are experiencing growth [5][30]. Market Performance Review - In the first ten months of 2025, the SW pharmaceutical and biotechnology index increased by 21.10%, outperforming the CSI 300 index by approximately 2.26 percentage points, ranking 12th among all Shenwan primary industries [14][19]. - Most sub-sectors within the industry recorded positive returns, with the medical research outsourcing and chemical preparation sectors leading with increases of 60.54% and 40.80%, respectively. Conversely, the blood products and vaccine sectors saw declines of 7.89% and 1.60% [15][19]. - As of October 31, 2025, the overall price-to-earnings (PE) ratio for the SW pharmaceutical and biotechnology industry was approximately 53.97 times, which is 4.06 times higher than the CSI 300 index, indicating an increase in industry valuation [19][20]. Policy Outlook for H1 2026 - The 11th batch of national drug centralized procurement is expected to be fully implemented in the first half of 2026, involving 55 varieties and 272 companies, with a selection rate of 57% [30][31]. - The procurement results show a high match between selected brands and clinical needs, with strong supply capabilities from mainstream companies [30]. Sub-sector Highlights Innovative Drugs - Continuous policy optimization supports the development of innovative drugs, with a comprehensive approach to enhance pricing management, insurance coverage, and investment [38]. - The industry is gradually moving away from homogeneous competition, with a significant increase in the proportion of First-in-Class new drug development, which rose by 23 percentage points to 35% since 2020 [38][39]. - Domestic innovative drugs are gaining international recognition, with outbound licensing transactions reaching $66 billion in the first half of 2025, reflecting a growing global presence [41][44]. Medical Devices - The aging population in China is projected to exceed 400 million by 2035, driving demand for medical services and supporting stable growth in the medical device market [50]. - The global medical device market is expected to grow at a compound annual growth rate (CAGR) of 5.7%, reaching $869.7 billion by 2030 [52]. - China's medical device market is rapidly expanding, with projected revenues of 187.5 billion yuan by 2025, indicating significant growth potential [53]. Aesthetic Medicine - The domestic aesthetic medicine market is expected to steadily increase, supported by various policies aimed at promoting healthy industry development and improving market concentration [39]. Synthetic Biology - The market size for synthetic biology is anticipated to approach $40 billion by 2027, driven by multiple factors including technological advancements and increased investment [39].

Core Points - The Chongqing Municipal Government has issued measures to support the high-quality development of innovative drugs, focusing on enhancing the clinical trial responsibility risk compensation mechanism [1] - The measures encourage insurance institutions to develop domestic and overseas clinical trial and product liability insurance products, providing subsidies for insured companies [1] Summary by Category Government Initiatives - The Chongqing Municipal Government has implemented a series of measures aimed at fostering the innovative drug sector [1] - The focus is on improving the risk compensation mechanism related to clinical trials [1] Insurance Support - Insurance institutions are encouraged to create specific insurance products for domestic and overseas clinical trials [1] - Companies that purchase insurance will receive a subsidy of 50% of the actual premium paid, with a maximum subsidy of 500,000 yuan for domestic trials and 1,000,000 yuan for overseas trials [1]

Core Viewpoint - The Chongqing Municipal Government has issued measures to support the high-quality development of innovative drugs, emphasizing the promotion and development of commercial health insurance products [1] Group 1: Support for Commercial Health Insurance - The measures encourage the development and promotion of commercial health insurance products [1] - There is an exploration of information security in health and medical insurance, ensuring compliance in the support of commercial health insurance companies for product development and underwriting claims [1] - The implementation of tax deductions for supplementary medical insurance related to corporate income tax is supported [1] Group 2: Promotion of Inclusive Health Insurance - The measures support the use of personal medical insurance accounts to purchase inclusive commercial health insurance [1]

Core Viewpoint - The Chongqing Municipal Government has issued measures to support the high-quality development of innovative drugs, focusing on core technology breakthroughs and accelerated product cultivation [1] Summary by Relevant Categories Innovation and Development Goals - By 2027, the city aims to approve 1 to 3 innovative drugs for market each year, with a total target of 10 innovative drugs [1] - The plan includes the cultivation of 3 comprehensive industry innovation complexes [1] - The establishment of 3 high-level innovation platforms is also part of the strategy [1] - The initiative aims to create 3 innovative drug industry clusters [1]