Core Viewpoint - The National Healthcare Security Administration (NHSA) has introduced measures to support the high-quality development of innovative drugs, focusing on enhancing research support, facilitating access to insurance, and encouraging clinical application [1][2]. Summary by Relevant Sections Support for Innovative Drug Development - The NHSA has outlined 16 measures across five key areas to bolster innovative drug development, including support for research, inclusion in insurance directories, and enhancing payment capabilities [1][2]. - Approximately 80% of innovative drugs can be included in the insurance payment scope within two years of market launch [2]. Dynamic Adjustment Mechanism - A dynamic adjustment mechanism for the insurance directory has been established, reducing the adjustment cycle from a maximum of 8 years to 1 year, allowing for a more responsive inclusion of new drugs [2]. - The proportion of new drugs approved within five years that are included in the insurance directory has increased from 32% in 2019 to an expected 98% in 2024 [2]. Negotiation and Renewal Rules - The NHSA has improved negotiation and renewal rules for innovative drugs, focusing on patient clinical benefits to determine pricing [3]. - The number of first-class innovative drugs approved has significantly increased, with 48 new approvals expected in 2024, marking a fivefold increase since 2018 [3]. Encouragement of True Innovation - The measures emphasize the importance of supporting genuine and differentiated innovation in the pharmaceutical industry, addressing challenges such as homogenization and unclear clinical value [4][5]. - Since 2018, 149 innovative drugs have been included in the insurance directory, with total fund expenditures reaching 4.1 trillion yuan, driving significant sales growth [4]. Global Market Development - The NHSA aims to facilitate the global market expansion of innovative drugs, with over 90 overseas licensing transactions completed by Chinese pharmaceutical companies in 2024, totaling over $50 billion [7]. - The measures include building platforms for overseas market access and encouraging commercial health insurance to invest in innovative drugs [7][8]. Clinical Application and Usage - The NHSA encourages timely access to innovative drugs in designated medical institutions and supports the establishment of green channels for procurement [9]. - Measures have been introduced to enhance the capacity of medical institutions to use innovative drugs effectively, including optimizing payment standards and supporting special case applications [10].

Group 1: IPO Activity - A-share IPO activity has surged in the first half of 2025, with a total of 177 companies accepted for listing, marking a significant increase compared to previous years [1] - In June alone, 150 companies were accepted, accounting for over 80% of the total for the first half of the year, setting a new monthly record [1] - The increase is attributed to the gradual easing of the "phase tightening IPO" policy and the withdrawal of non-compliant applications, which has reduced pressure on exchanges and improved acceptance and review efficiency [1] Group 2: Federal Reserve Signals - Federal Reserve Chairman Jerome Powell indicated that most committee members expect a rate cut later this year, depending on economic data [3] - Following Powell's comments, the probability of a rate cut in July rose to approximately 25%, up from less than 20% previously [3] - Goldman Sachs predicts that the Fed will restart rate cuts in September, with expected cuts of 25 basis points in September, October, and December [3] Group 3: Automotive Industry Performance - BYD reported June sales of 382,500 new energy vehicles, up from 341,700 in the same month last year, with a cumulative sales increase of 33.04% year-on-year [8] - Great Wall Motors sold 110,700 vehicles in June, a year-on-year increase of 12.86%, with a total of 197,700 vehicles sold in the first half of the year [8] - Xiaomi's automotive division delivered over 25,000 vehicles in June [8] Group 4: Innovation in Pharmaceuticals - The National Healthcare Security Administration and the National Health Commission issued measures to support the high-quality development of innovative drugs, emphasizing the use of healthcare data for drug research [10] - The measures aim to enhance collaboration among healthcare, insurance, and pharmaceutical sectors to facilitate innovative drug development [10] Group 5: Corporate Developments - He Yuan Bio's IPO application has been approved, marking the first company to pass under the newly restarted fifth set of standards for the Sci-Tech Innovation Board [14] - The company plans to raise 2.4 billion yuan for projects including the construction of a human albumin industrialization base and new drug research [14] - Zhongke Environmental announced the acquisition of 100% equity in two environmental companies for a total of 354 million yuan, expanding its waste treatment capabilities [19]

● 本报记者 傅苏颖 国家医保局网站7月1日消息，国家医保局会同国家卫健委于近日印发《支持创新药高质量发展的若干措 施》。《若干措施》聚焦我国创新药发展面临的突出问题，立足医保、卫生健康部门职能，提出5方面 16条措施，对创新药研发、准入、入院使用和多元支付进行全链条支持，实现"真支持创新、支持真创 新、支持差异化创新"目标。《若干措施》提出，支持创新药进入基本医保药品目录和商业健康保险创 新药品目录；增设商业健康保险创新药品目录。 国家医保局医药价格和招标采购司司长王小宁介绍，中国创新药产业已由"引进模仿"转向"创新输出"， 不断赢得国际赞誉，为世界提供了守护生命健康的"中国方案"。有统计显示，2024年我国药企完成超90 笔海外授权交易，总交易金额超500亿美元。 《若干措施》提出促进创新药全球市场发展。支持鼓励商业健康保险扩大创新药投资规模，培育支持创 新药的耐心资本。王小宁表示，国家医保局将支持更多有条件的地区发挥区位优势，搭建创新药交易平 台，加强国际推广。为了支持部分创新药海外上市，借鉴国际的做法，按照企业自愿的原则实行谈判价 格保密。对于商保创新药目录药品，将探索更加严格的价格保密机制。 天风证 ...

被天价订单拉到聚光灯下，在赴港上市的热潮中异军突起，如今的创新药又迎来"全链条"的政策东风。 下半年的第一天，国家医保局、国家卫生健康委印发支持创新药高质量发展的若干措施，瞄准创新药产 业从"实验室"到"病床边"的全链条核心痛点，推出16项针对性举措。 这份文件被业内视为"及时雨"，通过数据开放、支付创新、准入松绑等多维度突破，力图破解创新 药"研发难、支付难、进院难"的老大难问题，有望进一步点燃本土医药创新引擎。 眼下，出海掘金开花结果，资本市场价值重估，经历了多年低谷后，中国创新药正在创造属于自己的 DeepSeek时刻。 要让这样的时刻久留，光靠创新还不够。如何破题谁买单、谁能用，直接关系着创新药的命运。 对外授权让出海故事有了新讲法，也让创新药企有了新活法。以往看似悲壮的"出售""被收购"，变成成 功的商业拓展，成了另一种"化悲壮为金钱"的力量，传导了行业信心。 政策和商业化看似分离，实则联系紧密。本次若干措施中，最具突破性的是首次提出设立"商业健康保 险创新药品目录"。 中国商业健康保险对于创新药的保障进行了诸多有益的探索，惠民保、百万医疗险、带病体特病特药保 险等产品逐步走向公众视野。这些尝试在实 ...

Core Viewpoint - The National Healthcare Security Administration and the National Health Commission have released measures to support the high-quality development of innovative drugs, focusing on integrating innovative drugs into basic medical insurance and commercial health insurance [1][2]. Group 1: Support for Innovative Drugs - The introduction of a commercial health insurance innovative drug directory is a significant step towards establishing a multi-tiered medication security system, which aims to better meet the diverse medication needs of the public [1]. - The commercial health insurance innovative drug directory will clarify the boundaries of basic medical insurance coverage and provide more development space for commercial health insurance [1][2]. - The measures encourage the development of innovative drugs as a means to enhance clinical medication technology levels and support the self-reliance and technological innovation of China's biopharmaceutical industry [2][3]. Group 2: Trends in Innovative Drug Approvals - From 2018 to 2024, the number of approved Class 1 innovative drugs in China has shown a significant upward trend, with 48 approvals expected in 2024, over five times the number in 2018 [3]. - The increase in innovative drugs entering the medical insurance directory has led to a substantial improvement in the public's medication security level [3]. Group 3: Global Market Development - The measures propose to promote the global market development of innovative drugs, with plans to build platforms to assist in expanding overseas markets [3][4]. - The National Healthcare Security Administration is supporting regions to leverage their advantages in establishing innovative drug trading platforms and enhancing international promotion [3][4]. - The measures also include providing price support for innovative drugs going abroad, exploring stricter price confidentiality mechanisms for drugs in the commercial health insurance innovative drug directory [4].

Market Overview - The A-share market continued to rise, with the Shanghai Composite Index increasing by 0.39% to close at 3457.75 points. The total trading volume in the Shanghai and Shenzhen markets reached 14,660 billion yuan, a slight decrease of 208 billion yuan compared to the previous day [1]. Sector Performance - Sectors such as innovative drugs, gold, and electronic cloth within the PCB industry chain saw significant gains. The National Healthcare Security Administration and the National Health Commission issued measures to support the high-quality development of innovative drugs, including increased support for R&D, inclusion in basic medical insurance, and enhanced clinical application [2]. Competition and Rewards - The 65th session of the simulated stock trading competition, known as the "掘金大赛," began, with participants starting with a simulated capital of 500,000 yuan. The competition runs from July 1 to July 11, with various cash rewards for participants based on their performance [4][5]. Investment Insights - Some experienced participants believe that if the Shanghai Composite Index closes above 3500 points, the likelihood of entering a main upward trend will significantly increase [6]. Additionally, sectors such as copper-clad laminates, non-ferrous metals, high-temperature superconductors, and BeiDou navigation are viewed as promising investment opportunities [8]. Participation Benefits - Participants in the competition receive various benefits, including access to a personalized "火线快评" for five days upon successful registration, which provides insights into market events, investment logic, and company analysis. There are also opportunities to join a competition group for sharing valuable information and investment strategies [12].

一是推动创新药加快进入定点医药机构。鼓励医保定点医疗机构及时召开药事会，根据需要及时调整药 品配备或设立临时采购绿色通道，保障临床诊疗需求和患者合理用药权益。医疗机构不得以医疗机构用 药目录数量、药占比等为由影响创新药配备使用。医保目录中的谈判药品和商保创新药目录药品可不 受"一品两规"限制。其中有些政策已经有具体实践，如在2020年修订的三级医院评审标准中，剔除了药 品品种品规数量要求，目前国家层面已不存在相关政策限制。 二是提高临床使用创新药的能力。创新药研发出来之后，会给患者带来明显的临床受益，临床医师规范 合理的使用是关键。《若干措施》提出相关部门要指导医疗机构加强创新药使用能力建设。我们也希望 各医疗机构、行业学协会总结创新药使用经验，开展创新药临床使用等方面的培训，按需合理使用，确 保临床用药安全。 医保目录中的谈判药品和商保创新药目录药品可不受"一品两规"限制。 7月1日，国家医保局召开"支持创新药高质量发展的若干措施"新闻发布会。国家医保局医保中心副主任 王国栋表示，随着创新药上市速率的加快，越来越多的药品是先入医保目录然后才入院，这对医保管理 和医疗机构精细化管理等提出了更高的要求。《支持创 ...

近期创新药行情如火如荼，这里到底是为何呢？ 截至 5 月，全球大型跨国药企引进的创新药项目中，42% 来自中国企业，交易总金额超 370 亿美元（接近 2023 年全年水平）。 技术追赶。ASCO大会中国医药公司表现非常的亮眼， 中国药企贡献 73 项口头报告，首次有 11 项入选 "最新突破摘要"（LBA），涵盖肿瘤免疫、ADC 等前沿领域，与跨国药企同台竞 技。 这个抢了大部分海外头部医药公司的风头创新药企业 出海战略的成功不仅带来现金流（如首付 款和里程碑收入），更通过国际多中心临床试验（如 ASCO 会议上 73 项口头报告）提升品 牌影响力，为后续产品出海奠定基础。 其实可以拆分成主要的三个原因： 政策支持。 2024年出台的《全链条支持创新药发展实施方案》为创新药产业构建了覆盖从研 发到商业化的系统性支持体系，尤其突出价格机制、医保支付与商业保险三大核心环节的协同 作用 。 这个简单说就是要保证创新药企业卖药有钱可赚；将创新药进入医保名单的速度加快， 快速通 道进入医保谈判，显著缩短上市后放量周期 。 除此之外， 优先审评审批政策持续推进，如 5 月 29 日单日获批 11 款创新药（含 7 款 ...

Core Viewpoint - The recent surge in the innovative drug market is driven by three main factors: policy support, improved liquidity, and positive performance indicators [1][2][3] Group 1: Policy Support - The implementation of the "Full Chain Support for Innovative Drug Development" plan in 2024 establishes a systematic support framework for the innovative drug industry, emphasizing the collaboration of pricing mechanisms, medical insurance payments, and commercial insurance [1] - The acceleration of the inclusion of innovative drugs into the medical insurance list and the establishment of a fast track for negotiations significantly shorten the post-launch volume cycle [1] - Continuous promotion of priority review and approval policies has led to record approvals, with 11 innovative drugs approved in a single day on May 29, marking a five-year high for the same period [1] Group 2: Improved Liquidity - After enduring difficult times, innovative drug companies are now entering a harvest season, aided by the anticipated interest rate cuts in the U.S. in 2024, which will facilitate financing and reduce costs [2] - Many companies that faced cash flow issues between 2019 and 2021 are now achieving milestone results in drug development [2] - By 2025, China's innovative drugs are expected to enter a "golden period" for overseas expansion, with transaction amounts and numbers reaching historical highs [2] Group 3: Performance Indicators - Chinese pharmaceutical companies showcased impressive performances at the ASCO conference, contributing 73 oral presentations, with 11 selected for "Latest Breakthrough Abstracts," covering cutting-edge fields like tumor immunology and ADC [2] - The successful overseas strategies of innovative drug companies not only generate cash flow through upfront payments and milestone revenues but also enhance brand influence through international multi-center clinical trials [2] - The innovative drug ETF has been a market leader from the beginning of the year, reflecting the positive impact of policy, liquidity, and performance improvements [3]

Group 1 - The report maintains an overweight rating for the pharmaceutical and biotechnology industry, indicating a potential recovery and growth in the sector [3][7] - The SW pharmaceutical and biotechnology index increased by 6.61% from January to May 2025, outperforming the CSI 300 index by approximately 9.02 percentage points [9][17] - The industry valuation is currently at a relatively low level, with a PE ratio of approximately 50.45 times as of June 12, 2025, which is higher than the beginning of the year but still within the lower range historically [9][24] Group 2 - The report highlights that the 11th batch of national drug procurement is expected to commence in June 2025, with a focus on systemic anti-infection drugs [33][34] - The report emphasizes the ongoing optimization of policies supporting innovative drug development, which is expected to enhance the industry's growth [38][39] - The innovative drug sector is experiencing a significant increase in the proportion of First-in-Class new drug development, indicating improved quality and competitiveness [42][43] Group 3 - The global obesity population is projected to exceed 4 billion by 2035, driving demand for weight loss medications [54][55] - The market for GLP-1 drugs is rapidly expanding, with forecasts suggesting a market size exceeding $140 billion by 2030 [56][59] - GLP-1 drugs are continuously expanding their indications, showing efficacy in various chronic diseases beyond diabetes and weight loss [60][61] Group 4 - The report identifies key companies in the innovative drug sector, such as Heng Rui Medicine, which has shown significant revenue growth and a strong pipeline of innovative drugs [47][48] - The report notes that Heng Rui Medicine's revenue increased from 11.094 billion yuan in 2016 to 27.985 billion yuan in 2024, with a CAGR of 12.26% [48][49] - The company maintains a high level of R&D investment, with R&D expenses rising from 3.896 billion yuan in 2019 to 6.583 billion yuan in 2024, indicating a commitment to innovation [50][51]