Investment Rating - The report maintains a "Positive" investment rating for the pharmaceutical and biotechnology industry, indicating an expected return that is stronger than the market benchmark by over 5% [5]. Core Insights - The National Medical Insurance Administration is strongly encouraging the high-quality development of innovative drugs, with clear policies supporting the payment side for innovative drugs. Domestic leading innovative drug companies are entering a commercial realization phase [3][7]. - The 2025 National Medical Insurance Drug List includes 127 products, with 114 successfully added, of which 50 are innovative drugs, marking a historical high. The overall negotiation success rate reached 90%, the highest in nearly seven years [7]. - The report highlights that the domestic innovative drug market is becoming increasingly concentrated, with leading companies like Heng Rui and Xin Da Biotech significantly benefiting from the new insurance policies [7]. Summary by Sections Investment Recommendations and Targets - Recommended stocks include Heng Rui Pharmaceutical (600276, Buy), Ke Lun Pharmaceutical (002422, Buy), Xin Li Tai (002294, Hold), Ao Sai Kang (002755, Buy), Jing Xin Pharmaceutical (002020, Buy), and others [3]. Market Dynamics - The report notes that the introduction of the commercial insurance directory marks the beginning of a "new golden decade" for Chinese innovative drugs, with a focus on high clinical efficacy and value innovation [7]. - The report emphasizes that the competition in the GLP-1 market remains clear, with the entry of new drugs not significantly altering the competitive landscape for existing treatments [7].

Group 1 - The core point of the announcement is that Shanghai Pharmaceuticals Holding Co., Ltd. has successfully included its drug, Amisulpride Orally Disintegrating Tablets, in the National Medical Insurance Catalog, effective from January 1, 2026 [1][4]. - The drug is a modified formulation of Amisulpride, originally launched by Sanofi in France in 1986, and is used for the treatment of adult schizophrenia [1][4]. - The drug's registration details include a specification of 50mg and 0.2g, with approval numbers H20250041 and H20250042 [1]. Group 2 - As of the announcement date, there are no other companies in China that have listed Amisulpride Orally Disintegrating Tablets [2]. - According to the IQVIA database, the hospital procurement amount for Amisulpride oral formulations in 2024 is approximately RMB 168.41 million [3].

氨磺必利口崩片是赛诺菲(Sanofi)公司于1986年在法国上市的氨磺必利片的改良剂型，用于治疗成人精 神分裂症。2025年10月，经国家药品监督管理局批准，上药中西成为氨磺必利口崩片的上市许可持有 人。截至本公告日，中国境内氨磺必利口崩片暂无其他企业上市。IQVIA数据库显示，2024年氨磺必利 口服制剂的医院采购金额为人民币16,841万元。 上药中西的氨磺必利口崩片成功纳入《国家医保目录》，有利于扩大该药品的市场份额，提升市场竞争 力，同时为公司其他产品开展相关工作积累宝贵经验。 上海医药（601607）(02607)发布公告，2025年12月7日，国家医保局、人力资源社会保障部发布《国家 基本医疗保险、生育保险和工伤保险药品目录(2025年)》，自2026年1月1日起执行。上海医药集团股份 有限公司下属上海上药中西制药有限公司的氨磺必利口崩片通过国家医保谈判，成功纳入《国家医保目 录》。 ...

上海医药(601607.SH)公告称，公司下属上海上药中西制药有限公司的氨磺必利口崩片通过国家医保谈 判，成功纳入《国家医保目录》，协议有效期为自2026年1月1日至2027年12月31日。氨磺必利口崩片是 赛诺菲（Sanofi）公司于1986年在法国上市的氨磺必利片的改良剂型，用于治疗成人精神分裂症。2025 年10月，经国家药品监督管理局批准，上药中西成为氨磺必利口崩片的上市许可持有人。截至本公告 日，中国境内氨磺必利口崩片暂无其他企业上市。IQVIA数据库显示，2024年氨磺必利口服制剂的医院 采购金额为1.68亿元。 ...

智通财经APP获悉，国金证券发布研报称，2025年12月7日，国家医保局发布《2025新版基本医保药品 目录》及首个《商业健康保险创新药品目录》，新版药品目录自2026年1月1日起正式执行。得益于创新 药突出的临床价值，2025年新药谈判成功率较同期实现显著提升，此类药品预计将收获良好的谈判结 果。随着相关药物纳入医保，产品有望快速放量并提升市场份额，新机制药物持续涌现，其快速打开终 端市场并实现普惠覆盖，核心有赖于医保目录的纳入。 国金证券主要观点如下： 2025年新药谈判成功率较同期显著提升，临床价值高的创新药品预计谈判结果良好 1）2025年国家医保药品目录成功新增114款药品（接近历史高点2022及2023年的121款），其中有50款 是1类创新药，总体成功率88%，较2024年的76%明显提高。2）此次调整后，国家医保药品目录内药品 总数增至3253种，其中西药1857种、中成药1396种，肿瘤、慢性病、精神疾病、罕见病、儿童用药等重 点领域的保障水平得到明显提升。3）2018年以来医保谈判平均降幅基本稳定在60%上下，虽然本次医 保局发布会并未披露整体药品谈判降价幅度，但基于医保局不断加大对创新药 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call focused on the pharmaceutical industry, particularly the dynamics of the healthcare insurance negotiations and the performance of innovative drugs in the market [1][2][3]. Core Insights and Arguments - **Medicare Negotiation Success Rate**: The success rate for Medicare negotiations in 2025 reached nearly 90%, indicating improved communication efficiency between the Medicare Bureau and companies. However, the elimination rate during comprehensive reviews was high, suggesting stricter audits [1][3]. - **Performance of Innovative Drugs**: The innovative drug sector has outperformed other pharmaceutical segments this year, with Hong Kong stocks showing better valuation advantages and mid-term development prospects compared to A-shares [1][5]. - **Commercial Health Insurance Directory**: The release of the commercial health insurance directory provides a benchmark for product design, despite the absence of regulatory leaders from financial oversight agencies. The Medicare Bureau's initiative to issue small cards to companies enhances their visibility [1][6][9]. - **Volume-Based Procurement Policy Changes**: The shift from comprehensive re-procurement to a pricing inquiry model allows traditional generic drug companies to secure 80% of the volume if their prices are below the benchmark, ensuring sustained performance for these companies [1][12]. - **Healthcare Fund Revenue and Expenditure**: From January to October 2025, the national healthcare fund revenue grew by 2%, while expenditures decreased by 1%. However, there is significant pressure on residents' health insurance revenue and expenditure [1][13]. Additional Important Insights - **Healthcare Visits and Trends**: In Q1 2025, the total number of visits to healthcare institutions decreased by 0.1% year-on-year, with private hospitals facing increased operational risks. Essential areas like blood and oncology are experiencing rapid growth, while ophthalmology and dentistry are growing at a slower pace [1][14]. - **Health Insurance Premiums**: Health insurance premium income remained flat at approximately 890 billion yuan, failing to meet the expected growth target of around 5% [1][15]. - **Investment Trends in the Pharmaceutical Industry**: The pharmaceutical and manufacturing sectors saw fixed asset investment growth of 11.3% from January to October 2025, indicating a marginally improving trend in the industry [1][17]. - **Flu and Medical Device Market Performance**: Despite a high flu infection rate, related companies underperformed in the secondary market. The medical device industry is experiencing slowed growth, with foreign companies facing increased competition from domestic firms [1][4][20]. Recommendations for Future Investments - **Focus on Innovative Drugs**: The investment logic for innovative drugs in 2026 will emphasize risk reduction, with a focus on clinical data, regulatory approvals, and financial partnerships. The expected return rate for recommended innovative and performance-driven stocks is projected to be between 20% and 30% [1][7][24]. - **Key Stock Picks**: Companies such as Ruimaite, Fenghuang Hanlin, and Hualing Pharmaceutical are highlighted for their growth potential and market capabilities. The focus will also be on companies with strong clinical trial data and innovative product pipelines [1][25][28]. Conclusion - The pharmaceutical industry is navigating a complex landscape with evolving Medicare policies, competitive pressures, and investment opportunities in innovative drugs. The insights from the conference call provide a comprehensive overview of the current state and future outlook of the industry, emphasizing the importance of strategic investment choices in a challenging environment [1][30].

Core Viewpoint - The announcement highlights that Beijing Yiling Pharmaceutical Co., Ltd., a wholly-owned subsidiary of Shijiazhuang Yiling Pharmaceutical Co., Ltd., has successfully negotiated to include its product Qifang Bitong Pian in the National Medical Insurance Directory for 2025, which is expected to enhance market promotion and sales scale for the company [1][2]. Group 1: Product Inclusion in National Medical Insurance - Qifang Bitong Pian is a proprietary product developed by the company, classified as a Class 1 traditional Chinese medicine, and is used for treating persistent allergic rhinitis [1]. - The product has been assigned a medical insurance payment standard of 1.78 yuan per tablet, with the agreement effective from January 1, 2026, to December 31, 2027 [1]. - The company holds complete intellectual property rights for Qifang Bitong Pian, which received its drug registration certificate from the National Medical Products Administration in January 2025 [1]. Group 2: Impact on Company Operations - In addition to Qifang Bitong Pian, the company has 11 other proprietary products included in the National Medical Insurance Directory for 2025, which may positively influence the company's market promotion and sales growth [2]. - The inclusion of these 12 proprietary traditional Chinese medicine products in the insurance directory is expected to have a favorable long-term impact on the company's operational development, although the short-term effects on financial performance are currently uncertain [2].

智通财经APP讯，泽璟制药(688266.SH发布公告，2025年12月7日，国家医疗保障局、人力资源和社会 保障部公布了《国家基本医疗保险、生育保险和工伤保险药品目录(2025年)》(以下简称"国家医保药品 目录")，公司自主研发的盐酸吉卡昔替尼片通过国家医保谈判，被纳入国家医保药品目录。2025年国家 医保药品目录将于2026年1月1日起执行。 本次盐酸吉卡昔替尼片被纳入国家医保药品目录将有利于产品的销售，对公司的长期经营发展具有积极 影响，预计短期内不会对经营业绩产生重大影响。 ...

Group 1: Policy and Regulation - The implementation plan for promoting long-term funds to enter the market will be released in 2025, focusing on guiding these funds to increase their market participation, which includes commercial insurance funds, national social security funds, pension funds, and wealth management products [2] - Regulatory measures will set investment limits on high-risk assets to control risks and establish lower limits on low-risk assets to ensure safety, with specific investment caps for various funds [2] Group 2: Asset Allocation Characteristics - The total asset scale of insurance funds, pension funds, and wealth management products has exceeded 70 trillion yuan, comparable to the total market capitalization of the Shanghai and Shenzhen stock markets, with insurance and wealth management funds each exceeding 30 trillion yuan [3] - Fixed income assets dominate the allocation, with differences in allocation strategies among different funds, such as higher cash and bank deposit ratios in wealth management products and a stronger preference for bonds in insurance institutions [3] - Facing challenges from declining interest rates and a shortage of quality assets, various long-term funds are actively adjusting their asset allocation strategies, with insurance funds maintaining a strong position in bonds while gradually increasing equity exposure [3] Group 3: A-Share Heavyweight Stock Characteristics - The core holdings of insurance institutions and social security funds in A-shares are primarily in the financial sector, with insurance funds showing a broader and more stable holding structure, while social security funds have a higher weight in bank stocks [4] - Insurance funds exhibit a strong preference for high-dividend stocks, while social security funds display more cyclical characteristics and a faster rotation in non-financial sectors [4]

Group 1: Industry Insights - Multiple innovative pharmaceutical companies have received significant attention from both domestic and foreign institutional investors, with BeiGene receiving inquiries from 88 institutions and Zai Lab from 36 institutions [1] - The Chinese pharmaceutical industry is entering a critical phase characterized by "innovation realization + global layout," supported by population and domestic demand, as well as comprehensive manufacturing capabilities [1] - By 2026, opportunities in innovative commercialization, global breakthroughs, policy optimization, and industry mergers and acquisitions are expected to emerge [1] Group 2: Market Performance - As of November 24, 2025, the CSI Hong Kong Innovative Drug Index rose by 3.05%, with the Hong Kong Innovative Drug ETF (513120) increasing by 2.23% and achieving a trading volume exceeding 4.7 billion [2] - Over the past six months, the Hong Kong Innovative Drug ETF has accumulated a return of 33.71% [2] - The latest scale of the Hong Kong Innovative Drug ETF reached 24.102 billion, with continuous net inflows over the past six days totaling 170 million [2] Group 3: Company Developments - Traditional pharmaceutical companies like Heng Rui Medicine and Hansoh Pharmaceutical have successfully completed their innovation transformations, while companies like Bai Li Tianheng have emerged with globally innovative products [1] - Chinese pharmaceutical companies are becoming significant sources of innovation for multinational pharmaceutical firms, with improvements in their global competitiveness [1]