Core Insights - The Chinese innovative pharmaceutical industry is transitioning from scale expansion to value enhancement by the end of 2025, facing challenges such as crowded competition and homogeneity [1] Group 1: Innovation Strategy - The company emphasizes not blindly following trends but focusing on unmet clinical needs to build core competitiveness, marking a shift from follower to leader in innovation [2] - The strategy involves a balanced approach of leveraging clinically validated traditional targets while also investing in more innovative products with higher added value [2][3] Group 2: Research Focus Areas - The company is concentrating on three core areas: 1. Infectious diseases, where it has established a solid foundation and achieved significant results 2. Metabolic diseases, focusing on long-acting insulin and addressing unmet needs like fatty liver 3. Oncology, targeting gastrointestinal tumors and exploring new mechanisms such as bispecific antibodies and antibody-drug conjugates [3][4] Group 3: AI in Drug Development - The company has developed an AI drug discovery platform that combines over 20 years of laboratory data with external models, enhancing its competitive edge [6] - AI has significantly improved efficiency in drug development, exemplified by a project that reduced the time to enter clinical trials by 50% through AI pre-screening [7] Group 4: International Expansion - The trend of Chinese innovative drugs going overseas is increasing, driven by improved R&D capabilities and the need to cover costs for rare disease drugs in international markets [10] - The company has taken concrete steps in internationalization, including partnerships for drug development and plans to enter the U.S. market with its insulin product [11][12] Group 5: Market and Policy Considerations - The company highlights the importance of aligning clinical and market needs, focusing on diseases with high incidence but limited treatment options, and considering international markets for rare diseases [13]

Core Insights - The new National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug Catalog (2025) and the first Commercial Health Insurance Innovative Drug Catalog (2025) will be implemented nationwide starting January 1, 2026, adding 114 new drugs to the basic insurance catalog and 19 to the commercial insurance catalog [1][2] Group 1: Drug Inclusion and Coverage - The updated basic medical insurance catalog includes 114 new drugs, with significant representation from oncology (36 drugs), chronic diseases (12 drugs), anti-infectives (13 drugs), and rare diseases (10 drugs) [2] - The total number of drugs in the national medical insurance catalog will increase to 3,253, comprising 1,857 Western medicines and 1,396 traditional Chinese medicines [2] - The inclusion of innovative drugs addresses clinical gaps, such as previously untreatable conditions like triple-negative breast cancer and pancreatic cancer, enhancing patient access to necessary treatments [2][4] Group 2: Policy Implementation and Access - To address the issue of newly included drugs not being available in hospitals, the policy mandates that all designated medical institutions must include new drugs in their procurement catalogs by the end of February 2026, with provisions for temporary green channels if necessary [3] - Negotiated drugs will not be subject to administrative restrictions like "one drug, two regulations" or total medical insurance expenditure limits, facilitating quicker access to high-value innovative drugs [3] Group 3: Innovation and Market Dynamics - Among the newly added drugs, 50 are classified as first-class innovative drugs, with an overall success rate of 88%, up from 76% in 2024, indicating a shift towards strategic purchasing and value-based reimbursement in the healthcare system [4][5] - The 2025 catalog includes both domestic innovative products and foreign original research products, reflecting a commitment to enhancing drug accessibility and supporting innovation [4] Group 4: Commercial Health Insurance Innovations - The first Commercial Health Insurance Innovative Drug Catalog includes 19 drugs, primarily high-innovation treatments for conditions like neuroblastoma and Gaucher disease, which are often prevalent in children [7] - The commercial insurance catalog complements the basic medical insurance, allowing pharmaceutical companies to expand their market presence while reducing patient financial burdens [7][8] Group 5: Future Directions and Industry Impact - The policy signals strong government support for independent innovation and aims to ensure that the value of innovations is recognized and rewarded, encouraging pharmaceutical companies to invest more in original and differentiated research [8] - The National Medical Insurance Bureau plans to refine policies and enhance management to ensure the effective implementation of the drug catalogs, ultimately improving the clinical medication experience for insured individuals [8]

Core Insights - The new National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug Catalog (2025) and the first Commercial Health Insurance Innovative Drug Catalog (2025) will be implemented nationwide starting January 1, 2026, adding 114 new drugs to the basic insurance catalog and 19 to the commercial insurance catalog [1][6] Group 1: Drug Catalog Adjustments - The adjustment of the National Medical Insurance Drug Catalog adheres to principles of supporting genuine innovation and differentiated innovation, aiming to meet diverse medication needs and enhance accessibility to high-value innovative drugs [1][2] - The updated catalog includes 36 cancer drugs, 12 chronic disease medications, 13 anti-infection drugs, and 10 rare disease treatments, increasing the total number of drugs in the catalog to 3,253 [1][2] - The inclusion of 50 first-class innovative drugs reflects a significant increase in the success rate of new drug approvals, rising from 76% in 2024 to 88% in 2025 [3][4] Group 2: Policy Implementation and Impact - The National Medical Insurance Bureau has adjusted the drug catalog for eight consecutive years, adding a total of 949 new drugs, with expenditures exceeding 460 billion yuan and sales exceeding 600 billion yuan during the negotiation period [2][3] - New policies require medical institutions to include newly added drugs in their procurement lists by the end of February 2026, addressing the issue of drugs being listed but not available in hospitals [2][3] Group 3: Commercial Health Insurance Innovative Drug Catalog - The first Commercial Health Insurance Innovative Drug Catalog includes 19 drugs, primarily high-innovation and clinically valuable treatments, which complement the basic medical insurance offerings [6][7] - The catalog features advanced therapies such as CAR-T cell treatments and bispecific antibodies, targeting rare diseases prevalent in children, thus expanding market opportunities for pharmaceutical companies [6][7] Group 4: Industry Response and Future Outlook - The policy sends a clear signal of government support for independent innovation, encouraging pharmaceutical companies to invest more in original and differentiated research and development [7] - The National Medical Insurance Bureau plans to refine policies and enhance management to ensure the effective implementation of the drug catalogs, ultimately improving the clinical medication experience for insured individuals [7]

Core Insights - The new National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug Catalog (2025) and the first Commercial Health Insurance Innovative Drug Catalog (2025) will be implemented nationwide starting January 1, 2026, adding 114 new drugs to the basic insurance catalog and 19 to the commercial insurance catalog [1][6]. Summary by Sections Drug Inclusion and Coverage Expansion - The basic medical insurance catalog includes 114 new drugs, with 36 for cancer, 12 for chronic diseases like diabetes, 13 for anti-infection, and 10 for rare diseases, while 29 drugs were removed due to better alternatives [1]. - The total number of drugs in the national medical insurance catalog will increase to 3,253, comprising 1,857 Western medicines and 1,396 traditional Chinese medicines [1]. Innovation and Market Impact - The inclusion of 50 first-class innovative drugs reflects a significant increase in the success rate of new drug approvals to 88%, up from 76% in 2024, indicating a shift towards strategic and value-based purchasing in medical insurance [3][4]. - Notable foreign innovative products, such as Novartis' and Johnson & Johnson's drugs, have also been included, highlighting the commitment to enhancing drug accessibility [3]. Policy Measures for Drug Accessibility - To address the issue of newly included drugs not being available in hospitals, the policy mandates that medical institutions must include these drugs in their procurement lists by the end of February 2026 and allows for temporary green channels if necessary [2]. - Negotiated drugs will not be subject to administrative restrictions, ensuring better access for patients [2]. Commercial Health Insurance Innovations - The first commercial health insurance innovative drug catalog includes 19 drugs, focusing on high-innovation, clinically valuable treatments that exceed basic insurance coverage, thus addressing gaps in clinical drug availability [6]. - The drugs listed are primarily from the 2021-2025 period and include advanced therapies for rare diseases, enhancing market appeal and patient access [6]. Industry Response and Future Directions - The policy signals strong government support for independent innovation, encouraging pharmaceutical companies to invest more in original and differentiated research and development [7]. - The National Medical Insurance Bureau plans to refine policies and strengthen management to ensure the effective implementation of the new drug catalogs, ultimately improving public access to necessary medications [7].

来源：港股第一眼 今日（2026年1月2日），港股市场迎来近13年最强开局。 截至收盘，恒生指数大涨707.93点，以26338.47点报收，涨幅2.76%，创下2013年以来最强开局表现。 2013年1月2日，当时恒指单日大涨2.89%。 此外，恒生科技指数表现更强，截至收盘，恒生科技指数报收于5736.44点，上涨220.46点，涨幅达 4%。 从行业来看，各类行业全线飘红，半导体、国防军工、软件服务、家电领涨。 | | | Wind香港二级行业指数 | | | | --- | --- | --- | --- | --- | | 未曾体 | 国防军工 | 软件服务 | 家电II | 钢铁Ⅱ | | 7.87% | 7.78% | 4.18% | 3.99% | 3.59% | | 可选消费零售 | 有色金属 | 非银金融 | 耐用消费品 | 硬件设备 | | 3.53% | 3.34% | 2.81% | 2.65% | 2.58% | | 建筑 | 交通运输 | 在亚服务 | 环保II | 房地产投资信托 | | 1.12% | 0.80% | 0.78% | 0.74% | 0.66% | | 纺织服 ...

"巨大的投资收益往往来源于需求大幅扩张、产业规模快速增长的领域。"李进表示，他的日常工作聚 焦于追踪社会变迁与产业演进，着力寻找存在阶段性市场效率缺失、需求尚未得到充分满足的行业。 因此，他对成长性行业抱有更高关注度，对这些方向投入更多研究精力，并保持持续紧密的跟踪。 2025年落下帷幕，公募基金再现赚钱效应。据银河证券基金研究中心2026年1月1日发布的数据，融 通产业趋势2025年净值上涨114.61%（同期业绩比较基准为17.02%），该基金业绩回报在标准股 票型基金中位居首位（具体排名为1/349，同类为银河证券1.1.1标准股票型基金(A类)）。 融通基金旗下的融通产业趋势臻选也实现了业绩翻倍，2025年获得100.22%的收益率（同期业绩比 较基准为17.02%）。 优秀业绩的缔造者是融通基金的基金经理李进。他是电子系科班出身，研究生期间，在国内率先研发 出单通道100G大功率光通信探测器芯片；清华大学博士毕业后加入融通基金，从事TMT、新能源等 行业的研究工作；2023年开始担任基金经理。 笔者近期采访了李进，复盘了他过去一年的操作，并展望了2026年的A股市场。 构建"时代感"组合 翻开融通产 ...

2025年落下帷幕，公募基金再现赚钱效应。据银河证券基金研究中心2026年1月1日发布的数据，融通产 业趋势2025年净值上涨114.61%(同期业绩比较基准为17.02%)，该基金业绩回报在标准股票型基金中位 居首位(具体排名为1/349，同类为银河证券1.1.1标准股票型基金(A类))。 融通基金旗下的融通产业趋势臻选也实现了业绩翻倍，2025年获得100.22%的收益率(同期业绩比较基准 为17.02%)。 优秀业绩的缔造者是融通基金的基金经理李进。他是电子系科班出身，研究生期间，在国内率先研发出 单通道100G大功率光通信探测器芯片；清华大学博士毕业后加入融通基金，从事TMT、新能源等行业 的研究工作；2023年开始担任基金经理。 笔者近期采访了李进，复盘了他过去一年的操作，并展望了2026年的A股市场。 构建"时代感"组合 翻开融通产业趋势的季报，超额收益来源清晰可见：AI、新消费与创新药。李进将其归结为一种"时代 感"的投资。 至此，AI、新消费、创新药构成了他进攻的"三叉戟"。但李进的操作并未止步于买入。2025年第三季 度，他做了一次关键的"战术调整"：果断减持了新消费和创新药。理由是：新消费 ...

Group 1 - The core viewpoint of the article highlights the significant rise in Hong Kong's innovative drug concept stocks, indicating a positive trend in the sector [2] - Jingtai Holdings experienced a surge of over 6%, reflecting strong investor interest and confidence in the company [2] - Hengrui Medicine saw an increase of over 5%, suggesting robust performance and market positioning [2] - Four Seasons Pharmaceutical rose by more than 4%, indicating a favorable market response [2] - Innovent Biologics and WuXi Biologics both increased by over 3%, showcasing the overall strength of the innovative drug sector [2] - BeiGene's stock rose by over 2%, further contributing to the positive sentiment in the market [2]

2026年，A股投资的路线图已然切换：一方面，科技的盛宴还在延续，AI、量子科技等新兴产业依然潜 力巨大；另一方面，传统行业的盈利修复、估值回升已在眼前，逆向布局的时点似乎悄然临近。 2026年的财富密码，或许正藏在这些有共识又有分歧的预判里！以下是六大私募2026年投资策略的核心 提炼： 星石投资 2025年，经济运行呈现显著的结构性特征，以人工智能为代表的泛科技行业表现亮眼，是经济增长的重 要动能；传统行业稍显平淡，景气修复尚不充分。 展望2026年，预计这种结构性分化有望趋于收敛。市场层面看，2025年流动性宽松环境下的估值抬升是 行情向上的主要驱动，尽管经历了一年多结构性修复行情，但A股的股债比价显示权益资产总体仍具备 相对吸引力。 策略上，泛科技行业和传统行业均进入业绩释放期，估值驱动逐步走向业绩驱动，并带动相关行业的表 现再上台阶。重点关注两大主线：高景气趋势的产业投资，如人工智能、创新药、机械设备、军工等； 供需关系改善的行业投资，如交通运输、可选消费、房地产等。 重阳投资 康曼德资本 当前处于科技驱动的康波周期回升阶段，主导产业为AI与能源，预计将持续数十年；短周期层面，库 存周期也处于启动阶 ...

1月1日，《国家基本医疗保险、生育保险和工伤保险药品目录及商业健康保险创新药品目录(2025年)》 正式落地执行。 在这份关系亿万群众健康福祉的"民生清单"中，科伦博泰(6990.HK)自主研发的芦康沙妥珠单抗(佳泰 莱)、西妥昔单抗N01(达泰莱)和塔戈利单抗(科泰莱)三款新药成功入选，标志着公司创新成果通过医保 准入正式转化为民生福祉，让更多患者迎来"用得上、用得起"的治疗新希望，也彰显了国家医保政策与 企业创新实践"双向奔赴"的民生温度。 填补空白：直击临床未满足需求 国家医保目录的调整，从来都不只是简单的价格谈判，而是一场精准平衡医保基金可持续性与患者用药 可及性、兼顾当下保障与未来创新的系统工程。 国产替代：亲民定价提升可负担性 创新药研发，是一场"十年磨一剑"的长征。企业既要承受高投入、高风险的压力，更需坚守"以患者为 中心"的初心。科伦博泰的创新实践，始终扎根临床需求的土壤。 "我们之所以坚持，是因为在临床调研中看到了太多无助的眼神和无奈的迷茫。尤其是癌症后线无药可 用的时候，对一条生命、一个家庭甚至社会都会带来很大的损失。"科伦博泰总经理葛均友博士表示。 "当你知道自己的创新研究成果可能改变一 ...