Macro Economy - The Chairman of the China Securities Regulatory Commission, Wu Qing, stated that during the "14th Five-Year Plan" period, the securities industry will undertake four major missions, including serving the real economy and supporting the construction of a financial power [2] - As of the end of November 2025, China's foreign exchange reserves reached $33,464 billion, an increase of $3 billion from the end of October, marking a continuous four-month stay above the $3.3 trillion mark [2] - The People's Bank of China reported that as of the end of November, gold reserves were 74.12 million ounces, an increase of 30,000 ounces from the previous month [3] Industry Trends - The National Healthcare Security Administration and the Ministry of Human Resources and Social Security issued the 2025 drug directory, which includes 114 new drugs, 50 of which are Class 1 innovative drugs [5] - The real estate market is transitioning from a focus on construction to filling properties with people and industries, with current housing prices under pressure due to insufficient usage value [4] - The storage chip market has seen a significant surge in spot prices, with DDR4x chip prices increasing over four times this year, while manufacturers face low inventory levels [6] Company Dynamics - Wuliangye plans to adjust the price of its 52-degree eighth-generation product to 900 yuan per bottle, with potential costs for distributors dropping to around 800 yuan after discounts and rebates [7] - Apple is experiencing significant executive turnover, with key positions related to AI and design seeing resignations, raising concerns about leadership stability [7] - China Life Insurance announced that its vice president is under investigation for serious violations of discipline and law [10]

Core Insights - The company, Sihuan Pharmaceutical (02096), announced that its drug Enze Shu (injectable Suweisit monoclonal antibody) has been officially included in the National Medical Insurance Catalog for 2025, effective from January 1, 2026 [1] - Additionally, the drug Endu® (recombinant human vascular endothelial inhibitor injection) has successfully completed the renewal process for the National Medical Insurance Drug List (NRDL) [1] Drug Approvals and Indications - Enze Shu is a next-generation recombinant humanized anti-VEGF monoclonal antibody, approved for market in China on June 30, 2025 [1] - It is indicated for the treatment of adult patients with recurrent ovarian cancer, fallopian tube cancer, or primary peritoneal cancer who have received no more than one prior systemic therapy and are platinum-resistant, in combination with paclitaxel, liposomal doxorubicin, or topotecan [1] Market Position and Historical Context - Endu is recognized as China's first anti-angiogenesis targeted drug and the only endothelial inhibitor approved for sale globally [1] - Since its inclusion in the NRDL in 2017, Endu has become a cornerstone treatment for advanced non-small cell lung cancer [1]

Core Points - The National Healthcare Security Administration announced the 2025 National Medical Insurance Drug List, which will take effect on January 1, 2026, adding 114 new drugs, including 50 innovative drugs, while removing 29 drugs that are either unavailable or can be replaced by better alternatives [2][4] Group 1: Drug List Adjustments - The total number of drugs in the directory has increased to 3,253, comprising 1,857 Western medicines and 1,396 traditional Chinese medicines, with significant improvements in coverage for key areas such as cancer, chronic diseases, mental illnesses, rare diseases, and pediatric medications [2][4] - The 2025 adjustment marks the 8th update since the establishment of the National Healthcare Security Administration [7] Group 2: Company Announcements - 15 A-share pharmaceutical companies announced that their products have been included in the new directory, with many innovative drug companies benefiting from this inclusion [4] - Zai Lab's drug, Jikaxitinib, has been included in the directory, which is expected to enhance sales and improve patient accessibility [4] - Junshi Biosciences reported that its products, including Toripalimab and an additional indication for another drug, have been successfully included in the directory [4] - Innovent Biologics' drug, IBI301, has also been added to the new directory, marking a significant milestone for the company [5] - Leading A-share pharmaceutical companies like Fosun Pharma, East China Pharmaceutical, and Heng Rui Medicine have also had several products included, with Heng Rui reporting a combined sales figure of approximately 8.66 billion yuan for the newly added drugs in 2024 [6][7]

Core Viewpoint - The 2025 National Medical Insurance Drug List has been announced, including 114 new drugs, with a focus on innovative drugs and significant improvements in coverage for key areas such as oncology and chronic diseases [4][9]. Group 1: Drug List Adjustments - The 2025 National Medical Insurance Drug List will be implemented on January 1, 2026, with a total of 3,253 drugs, including 1,857 Western medicines and 1,396 traditional Chinese medicines [4]. - The list includes 50 first-class innovative drugs and removes 29 drugs that are either not clinically available or can be replaced by better alternatives [4]. Group 2: Impact on A-Share Companies - 15 A-share pharmaceutical companies announced that their products were included in the new drug list, particularly benefiting innovative drug companies [6]. - Zai Lab's drug, Jikaxitinib, was included, which is used for treating specific types of myelofibrosis, enhancing its market accessibility and sales potential [6]. - Junshi Biosciences reported that its products, including Toripalimab and Oncorine, were added to the list, with all four of its commercialized products now covered [6]. Group 3: Major Pharmaceutical Companies - Leading A-share pharmaceutical companies like Fosun Pharma, Hengrui Medicine, and others have also had products included in the new list, with Hengrui having 10 drugs added and several others with new indications [7]. - Hengrui's drugs are projected to generate approximately 8.66 billion yuan in sales for 2024 and about 7.55 billion yuan for the first three quarters of 2025 [8]. Group 4: Complementary Innovations - In addition to the basic medical insurance list, 19 drugs have been added to the first version of the commercial insurance innovative drug list, including treatments for rare diseases and Alzheimer's, providing a complementary framework to the basic insurance [9].

Key Points - The article summarizes significant events over the weekend and the latest assessments from major securities firms regarding the Chinese market and economy [2] Group 1: Economic and Policy Developments - Chinese Vice Premier He Lifeng held a video call with U.S. Treasury Secretary Janet Yellen and Trade Representative Katherine Tai to discuss practical cooperation and resolving economic concerns [3] - The People's Bank of China has increased its gold reserves for the 13th consecutive month, now holding 7.412 million ounces, reflecting a strategic move to bolster financial stability [4] - The China Securities Regulatory Commission (CSRC) is focusing on differentiated regulation for quality institutions while tightening oversight on problematic firms, aiming to enhance capital efficiency [5] Group 2: Market Insights and Predictions - Insurance companies are expected to benefit from lowered risk factors for long-term holdings in indices like CSI 300 and STAR Market, potentially leading to significant equity allocations [6][7] - A new performance assessment guideline for fund managers has been proposed, which may result in salary reductions exceeding 30% for underperforming managers, aiming to enhance accountability in the fund management industry [8] - The 2025 National Medical Insurance Drug List will include 114 new drugs, with 50 classified as innovative, indicating a focus on advancing healthcare and pharmaceutical sectors [9] Group 3: Securities Firms' Analysis - CITIC Securities suggests that the current market volatility is a normal phase before potential positive changes in fundamentals, with a focus on resource and traditional manufacturing sectors [12] - Shenwan Hongyuan highlights that the lowered risk factors for insurance companies could lead to significant equity investments, particularly in the context of the upcoming spring market [13] - China International Capital Corporation (CICC) believes that the recent bond market fluctuations will have limited impact on equity markets, supported by a strong RMB and favorable economic conditions [14] - Guotai Junan emphasizes the importance of upcoming policy meetings and their potential impact on market sentiment and structural opportunities [18] - GF Securities notes that while the market may experience short-term fluctuations, there remains significant upside potential, particularly in dividend-paying and consumer sectors [22]

Core Insights - The National Healthcare Security Administration (NHSA) announced the 2025 version of the National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug List, along with the first version of the Commercial Health Insurance Innovative Drug List, effective January 1, 2024 [1] Group 1: Drug List Adjustments - A total of 114 new drugs have been added to the list, including 50 Class 1 innovative drugs, while 29 drugs that are either not clinically available or can be better replaced by other medications have been removed [3] - The total number of drugs in the directory has increased to 3,253, comprising 1,857 Western medicines and 1,396 traditional Chinese medicines, with significant improvements in coverage for key areas such as oncology, chronic diseases, mental illnesses, rare diseases, and pediatric medications [3] Group 2: Commercial Health Insurance Innovative Drug List - The first version of the Commercial Health Insurance Innovative Drug List includes 19 drugs that are highly innovative, clinically valuable, and provide significant patient benefits beyond the basic insurance coverage [5] - This list features treatments for conditions such as cancer (including CAR-T therapies), neuroblastoma, Gaucher disease, and Alzheimer's disease, which have garnered considerable social attention [5] - The new commercial drug list will be implemented nationwide on January 1, 2026 [5]

Core Insights - The National Healthcare Security Administration and the Ministry of Human Resources and Social Security have issued the updated National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug Catalog, along with the Commercial Health Insurance Innovative Drug Catalog for 2025, which will take effect on January 1, 2026 [1] Group 1: National Medical Insurance Drug Catalog - The 2025 National Medical Insurance Drug Catalog successfully adds 114 new drugs, including 50 innovative drugs classified as Category I, achieving an overall success rate of 88%, which is a significant increase from 76% in 2024 [1] - The total number of drugs in the adjusted National Medical Insurance Drug Catalog has increased to 3,253, comprising 1,857 Western medicines and 1,396 traditional Chinese medicines [1] - The updated catalog notably enhances coverage for key areas such as oncology, chronic diseases, mental health, rare diseases, and pediatric medications [1] Group 2: Commercial Health Insurance Innovative Drug Catalog - The first version of the Commercial Health Insurance Innovative Drug Catalog includes 19 new drugs [1]

（原标题：周末重磅！两部门，最新印发！2026年1月1日起正式执行） 12月7日，国家医保局公布2025年版国家基本医疗保险、生育保险和工伤保险药品目录和首版商业健康 保险创新药品目录。今年是国家医保药品目录连续第八年进行调整。 国家医保局、人力资源社会保障部印发《国家基本医疗保险、生育保险和工伤保险药品目录》以及《商 业健康保险创新药品目录》（2025年）。 新版药品目录自2026年1月1日起正式执行，《国家基本医疗保险、工伤保险和生育保险药品目录（2024 年）》（医保发〔2024〕33号）同时废止。各地要严格执行新版药品目录，不得自行调整目录内药品品 种、备注、甲乙分类等内容。要及时更新信息系统和数据库，将新增的医保目录药品按规定纳入，调出 的药品按规定删除，调整"备注"内容的药品要更新支付范围，同步做好药品编码数据库与智能监管子系 统的对接，落实新版药品目录管理要求，加强费用审核和基金监管。 对于本次目录调整中未成功续约被调出目录的协议期内谈判药品，为保障用药连续性，给予其6个月的 过渡期，2026年6月底前医保基金可按原支付标准继续支付，过渡期内各统筹地区要采取有效措施做好 衔接，指导定点医疗机构及 ...

Core Insights - The 2025 National Medical Insurance Drug List has successfully added 114 new drugs, with 50 being innovative drugs, achieving an overall success rate of 88%, an increase from 76% in 2024 [2] - The new drug lists will be implemented starting January 1, 2026, enhancing coverage for critical diseases and rare conditions [2] Group 1 - The 2025 National Medical Insurance Drug List includes drugs for major diseases such as triple-negative breast cancer, pancreatic cancer, and lung cancer, as well as treatments for rare diseases like Langerhans cell histiocytosis and thalassemia [2] - The total number of drugs in the National Medical Insurance Drug List has increased to 3,253, comprising 1,857 Western medicines and 1,396 traditional Chinese medicines, significantly improving coverage for key areas such as cancer, chronic diseases, and rare diseases [2] Group 2 - Since the establishment of the National Medical Insurance Bureau in 2018, the drug list management policies have been continuously improved, allowing for annual dynamic adjustments instead of the previous 4-8 year cycle [3] - The focus on clinical value and patient benefits has led to the inclusion of innovative therapies, such as immune therapies and antibody-drug conjugates, enhancing the quality of the drug list [5] Group 3 - A total of 949 drugs have been added to the list since 2017, representing a nearly 40% increase from the 2,535 drugs in the 2017 list, while 467 drugs have been removed, facilitating the update of clinical medications [5] - As of October 2025, negotiated drugs have benefited 1.08 billion insured patients, with fund expenditures reaching 465.55 billion yuan, driving drug sales of approximately 680 billion yuan [5]

2025年国家医保药品目录及首版商保创新药目录在广州发布。 2025年国家医保药品目录成功新增114种药品，有50种是一类创新药，总体成功率88%， 较2024年的 76%明显提高。19种药品纳入首版商保创新药目录。 2025年国家医保药品目录纳入了一些弥补基本医保保障空白的药品，如三阴乳腺癌、胰腺癌、肺癌等重 大疾病用药；朗格汉斯细胞组织细胞增生症、螯合剂不耐受的地中海贫血症等罕见病用药；糖尿病、高胆 固醇血症、自身免疫性疾病等慢性病用药。 纳入首版商保创新药目录的19种药品中，既有CAR-T等肿瘤治疗药品，也有神经母细胞瘤、戈谢病等罕 见病治疗药品， 还有阿尔茨海默病治疗药品等。 点击关键字可查看 潜望系列深度报道丨 股事会专栏 丨 投资小红书 丨 e公司调查 丨 时报会客厅 丨 十大明星私募访谈 丨 深圳紧急辟谣：网传"318号函"系伪造，已报警 丨 芯片重要收购，终止！ 丨 吴清，最新发声！ 丨 刷屏！俞敏洪回应员工吐槽加班 丨 重大资产重组！A股公司，密集公告！ 丨 周末突发！中国人 保副总裁于泽被查！ 丨 SpaceX，重磅！ 丨 中美，大消息！中概股大涨 丨 国常会，最新部署！ 丨 600082 ...