Group 1 - The global innovative drug investment and financing environment is recovering, with significant growth in sub-sectors like peptides and ADCs, which is expected to boost the CXO industry's performance [1] - WuXi AppTec reported Q1 2025 revenue of approximately 9.655 billion yuan, a year-on-year increase of 20.96%, and a net profit of about 3.672 billion yuan, up 89.06% year-on-year [1] - The Hong Kong innovative drug sector is experiencing a significant valuation correction, with the Hong Kong innovative drug index's P/E ratio dropping from 64 times to 27 times in less than two months, indicating attractive investment opportunities [1] Group 2 - The Hong Kong innovative drug ETF (159567) tracks the National Securities Hong Kong Stock Connect Innovative Drug Index, which has a 90% weight in innovative drug companies, positioning it to benefit from trends like AI-enabled drug development and the expansion of domestic innovative drugs [2] - The innovative drug ETF (159992) tracks an index that includes leading companies in the innovative drug industry chain, benefiting from AI advancements and new healthcare policies aimed at supporting innovative drugs [2] - Policies from Beijing and Shenzhen are promoting the development of innovative drugs and devices, focusing on R&D innovation, clinical trials, and regulatory approvals, which will enhance the competitiveness of innovative drug companies [2]

Group 1 - WuXi AppTec, a leading player in the CXO sector, reported better-than-expected performance with double-digit growth in both revenue and net profit, maintaining a revenue guidance of RMB 41.5 billion to RMB 43 billion for 2025 [1] - In 2024, WuXi AppTec generated RMB 16.64 billion from the top 20 global pharmaceutical companies, highlighting its significant role in the global CXO market [1] - The Hong Kong innovation drug index saw a significant drop in P/E ratio from 64 times on February 21 to 27 times on April 28, indicating a strong value proposition for investors [1] Group 2 - The innovation drug ETF (159992) tracks an index that includes leading companies in the innovation drug industry, benefiting from trends such as AI-enabled drug development and the international expansion of domestic innovative drugs [2] - According to Insight database, there were 79 new drug license-out transactions in 2024, with 24 transactions completed in the first five months of 2025, totaling over USD 2 billion, showcasing the growing international recognition of Chinese innovative drugs [2] - Chinese pharmaceutical companies are demonstrating strong competitiveness in the global market through high-standard R&D, particularly in areas like antibodies and ADCs [2]

Core Viewpoint - The 2025 "Shenzhen Huimin Insurance" program has been upgraded to include Shenzhen residents participating in off-site medical insurance, maintaining the premium at 88 yuan while expanding coverage and reducing deductibles [1][2]. Group 1: Coverage Expansion - The 2025 "Shenzhen Huimin Insurance" will now cover Shenzhen residents with off-site medical insurance, allowing participation regardless of age, occupation, or health status [1]. - The program has seen significant uptake, with 6.09 million participants in 2024, ranking among the top in the country [1]. Group 2: Deductible Reductions - The deductibles for various benefits have been reduced by up to 28.6%, with specific reductions of 4,000 yuan across five treatment categories [2]. - For instance, the deductible for "medical directory expenses" and "hospital self-paid compliant drugs" has decreased from 15,000 yuan to 11,000 yuan [2]. Group 3: Enhanced Benefits - The program now includes coverage for self-paid compliant diagnostic and treatment expenses during hospitalization, with a deductible of 11,000 yuan and a payment ratio of 70% [3]. - The annual maximum coverage for rare diseases has been increased to 600,000 yuan, and new treatments have been added to the coverage list [3]. Group 4: Direct Settlement Process - The "one-stop" direct settlement process allows participants to settle both medical insurance and "Shenzhen Huimin Insurance" claims simultaneously at over 9,600 designated medical institutions [4]. - This process has resulted in 99% of claims being settled directly, minimizing the need for participants to prepay and submit extensive documentation [4]. Group 5: Enrollment and Payment Options - Participants can use their medical insurance personal account balances for eligible family members and can enroll through various online platforms, including WeChat and Alipay [5]. - An AI assistant has been integrated into the official enrollment platform to provide users with quick and accurate responses to inquiries [5].

2025年度"深圳惠民保"来了。 88元保费不变 作为深圳市多层次医疗保障体系的重要组成部分，深圳惠民保衔接深圳市基本医疗保险、大病保险、医疗救助 三重保障体系，为广大参保人提供普惠、多元的补充医疗保障。自2023年5月首次上线以来，截至2025年3月 底，累计赔付近23万人次，单人累计最高理赔金额达180万元，享受理赔的参保人最小为出生1个月的婴儿，最 大为103岁的老人。 2025年，"深圳惠民保"继续坚持88元/人/年保费不变，通过降低理赔门槛、拓宽自费保障范围、扩大参保人群 覆盖面，让更多深圳市民群众受惠，获得感、幸福感、安全感更加充实。 记者从发布会获悉，新一年度"深圳惠民保"在原有保障待遇上再次升级，通过"五降、三拓、一增"优化产品保 障内容，继续实施"一站式"直接理赔和医保个账支付保费等便利措施。 与去年同期相比，2025年度"深圳惠民保"的"待遇一"至"待遇五"的免赔额各下调4000元，其中，待遇一"医保 目录内费用保障"、待遇二"住院自费合规药品、耗材、诊疗及检验检查费用保障"、待遇四"罕见病自费药品费 用保障"这三项待遇，免赔额从去年的1.5万元降至1.1万元；待遇三"门诊自费合规药品"和 ...

消息面上，创新药多元化支付持续推进。今年2月，中国保险行业协会组织部分保险公司召开主题座谈 会，推动构建全覆盖、多层次的商保药品目录体系。所谓"全覆盖"，即通过建立健全ABCDE目录体 系，逐步将医保目录外药品扩展覆盖至境内外药监局审批上市的所有药品。3月28日，A系初稿开始向 行业征求意见。各公司应于4月11日前反馈相关意见。 大而全：创新药ETF（159992）跟踪创新药指数，该指数布局创新药产业链龙头企业，既汇聚全球CXO 龙头企业，又包含国内仿创药企龙头，有望同时受益于AI赋能创新药、国产创新药出海、针对高价创 新药的医保丙类目录出台等。 平安证券表示，两会定调支持创新药发展，释放积极信号，为创新药板块带来了显著的投资价值。2025 年政府工作报告明确将创新药列为十大政府工作任务之一，提出健全药品价格形成机制，制定创新药目 录，支持创新药发展。这一政策导向不仅为创新药行业提供了更灵活的定价空间和多层次的支付渠道， 还推动了丙类目录和商保支付的实质性进展，进一步释放了国内创新药的市场增长潜力。此外，政府还 提出稳步推动基本医疗保险省级统筹，深化医保支付方式改革，促进分级诊疗，这些措施将为创新药行 业创造 ...