消息面上，基石药业近日宣布，公司RET抑制剂普吉华(普拉替尼胶囊，100mg)被成功纳入中国国家医 疗保障局公布的最新版《国家基本医疗保险、生育保险和工伤保险药品目录》，该目录将于2026年1月1 日起正式实施。截至目前，基石药业已成功推进4款创新药获批上市，其中3款由基石药业在中国完成临 床试验及注册获批上市的产品，已被纳入国家医保目录。 天风证券（601162）今年8月发布的研报指出，预计普拉替尼纳入医保后有望加速放量。基石药业的临 床前管线包括多特异性抗体、ADC等超过九个潜在候选药物，专注于FIC/BIC研究，涵盖肿瘤学、自身 免疫和炎症性疾病等多个治疗领域。公司创新的内部ADC技术平台，以优化专有连接子为特色，改善 肿瘤选择性有效载荷的释放。平台支持管线2.0多个ADC产品，有望为公司未来发展提供持续动力。 基石药业-B(02616)涨超5%，截至发稿，涨5.57%，报6.07港元，成交额2270.42万港元。 ...

Core Viewpoint - 基石药业's RET inhibitor, Pralsetinib (普吉华®), has been included in the latest National Medical Insurance Drug List in China, effective January 1, 2026, which is expected to enhance its market penetration and sales growth [1] Group 1: Company Developments - 基石药业's stock rose by 5.57% to HKD 6.07, with a trading volume of HKD 22.7042 million [1] - The company has successfully advanced four innovative drugs to market approval, with three of them having completed clinical trials and registration in China, now included in the national medical insurance list [1] Group 2: Market Expectations - Tianfeng Securities reported in August that the inclusion of Pralsetinib in the insurance list is anticipated to accelerate its market uptake [1] - The company's preclinical pipeline includes over nine potential candidates, focusing on FIC/BIC research across oncology, autoimmune, and inflammatory diseases [1] Group 3: Technological Advancements - 基石药业 has developed an innovative internal ADC technology platform, characterized by optimized proprietary linkers to improve tumor-selective payload release [1] - The platform supports multiple ADC products in its pipeline 2.0, which is expected to provide ongoing momentum for the company's future growth [1]

证券研究报告：医药生物 | 公司点评报告 发布时间：2025-12-12 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 17.79 | | --- | --- | | 总股本/流通股本（亿股）3.97 | / 3.97 | | 总市值/流通市值（亿元）71 | / 71 | | 52 周内最高/最低价 | 20.31 / 15.97 | | 资产负债率(%) | 62.7% | | 市盈率 | 8.05 | | 第一大股东 | 朱朝阳 | 研究所 分析师:盛丽华 SAC 登记编号:S1340525060001 Email:shenglihua@cnpsec.com 分析师:龙永茂 SAC 登记编号:S1340523110002 Email:longyongmao@cnpsec.com 柳药集团(603368) Q3 批发业务逐步恢复，来年稳健增长可期 l Q3 批发业务逐步恢复 公司发布 2025 年三季报：2025Q1-3 公司实现营业收入 157.58 亿 元（-1.47%），归母净利润 6.46 亿元（-9.81%），扣非净利润 6.34 亿 元（-9.85%）， ...

Core Insights - The article highlights the successful development and approval of the innovative drug "Taretnib" by Baoyuan Pharmaceutical, marking a significant milestone for Chinese pharmaceutical innovation on the global stage [2][6] Group 1: Drug Development and Approval - Taretnib is the first Class 1 innovative drug to emerge from the Hangzhou Medical Port, recently receiving approval from Japan's Ministry of Health, Labor and Welfare, following its approval in the United States [2] - The drug targets a specific genetic mutation in non-small cell lung cancer, which affects only 1% to 3.4% of patients, yet represents a breakthrough opportunity for Chinese innovation in pharmaceuticals [3] Group 2: Company Strategy and Collaboration - Baoyuan Pharmaceutical adopts a "global rights, global development" strategy, collaborating with partners in China, South Korea, and Japan to enhance clinical development and commercialization efforts [4] - The company has successfully navigated the drug approval process, benefiting from China's accelerated drug approval system, particularly under the "14th Five-Year Plan" which emphasizes support for the biopharmaceutical industry [6] Group 3: Industry Growth and Impact - The biopharmaceutical industry in Hangzhou has seen significant growth, with the number of pharmaceutical production companies increasing from 94 to 133 and wholesale companies from 167 to 318 over the past five years, reflecting an average growth rate of 83% [7] - The successful acquisition of Baoyuan Pharmaceutical by a U.S. biopharmaceutical company underscores the global recognition of Chinese innovative drugs, completing a cycle of internationalization from development to market acceptance [7]

恒生医药ETF（159892）聚焦创新药、CXO及相关产业，在港交所18A制度优势下覆盖众多创新标的 （百济神州、信达生物等），在创新药出海+商保目录等催化下有望延续估值修复行情。 随着创新药持续调整，前期的泡沫化担忧逐步淡化，资金已连续11日申购恒生医药ETF，该ETF在跟踪 恒生生物科技指数的ETF中规模最大，日均成交额排名第一，流动性良好。 港股市场创新药板块延续震荡调整走势，恒生医药ETF（159892）已连续4日收跌，其二级市场交易价 格自9月高位调整幅度超18%，今日一度触及60日新低，先声药业、药明合联、三生制药等盘中领跌。 ...

Core Insights - The 2025 National Medical Insurance Drug List has successfully added 114 new drugs, including 50 innovative drugs, achieving an overall success rate of 88%, significantly higher than the 76% in 2024 [1] - The first version of the Commercial Health Insurance Innovative Drug List has been released, marking a substantial breakthrough in the multi-tiered medical security system [1] - Nine innovative drugs from the Sci-Tech Innovation Board have been included in the new lists, showcasing the strength of these companies [1] Group 1: National Medical Insurance and Commercial Insurance - The new drug lists aim to establish a multi-tiered medical security system, with the basic insurance list covering essential drugs and the commercial insurance list focusing on high-value drugs not covered by basic insurance [4] - Since 2018, 149 innovative drugs have been included in the medical insurance list, accounting for 17% of the new drugs, supported by various policies to facilitate the entry of innovative drugs [2] - The successful inclusion of innovative drugs in the insurance lists reflects the government's recognition of their clinical value and the importance of supporting local innovation [6] Group 2: Sci-Tech Innovation Board Companies - Nearly 90% of the Sci-Tech Innovation Board's biopharmaceutical companies have received medical insurance support for their approved new drugs [2] - Notable products such as Junshi Biosciences' innovative drug, which is the only domestic PCSK9-targeted drug for statin-intolerant patients, have been included in the insurance list [2] - The successful renewal of contracts for drugs like Baiyue's Bai Ze An and Junshi's Tuoyi further expands the insurance coverage, benefiting a wider patient population [6] Group 3: Research and Development Investment - The R&D investment of Sci-Tech Innovation Board companies reached a new high in the first three quarters of 2025, with a year-on-year increase of over 10% and an R&D intensity of 42%, significantly surpassing the overall level of A-shares [6] - Companies like Baiyue have invested over 10 billion yuan in R&D, demonstrating a strong commitment to innovation [6] - The cycle of R&D investment leading to innovative outcomes, insurance support, market returns, and reinvestment in R&D has been established and is continuously strengthening [7]

Group 1 - The National Medical Products Administration (NMPA) supports companies in enhancing the research and development of innovative drugs and medical devices, prioritizing original products and domestic alternatives to critical technologies [1] - China's innovative drug industry has achieved rapid development driven by policy support, with significant reforms in the review and approval system leading to a shortened market entry timeline for innovative drugs and devices [1] - During the 14th Five-Year Plan period, the NMPA approved 210 innovative drugs and 269 innovative medical devices, with a continuous growth trend, positioning China's biopharmaceutical market as the second largest globally, holding about 30% of the world's innovative drugs in development [1] Group 2 - BeiGene's Zebrutinib has become the first Chinese innovative drug to exceed $2 billion in sales in the U.S., marking a 106% year-on-year growth and indicating China's entry into the global mainstream market for anti-tumor drugs [2] - Forecasts suggest that China's innovative drug market size will grow from 800 billion yuan in 2025 to 1.5 trillion yuan by 2030, with a compound annual growth rate of 13% [2] - Morgan Stanley predicts that the penetration rate of Chinese innovative drugs in the European and American markets will increase from 5% in 2025 to 15% by 2030, driving up the valuation of the sector [2]

Group 1: Central Economic Work Conference Highlights - The conference emphasized five "musts" in response to new circumstances, focusing on the prominent contradiction of strong supply and weak demand domestically [8][11][19] - The fiscal policy remains "more proactive," with a clear emphasis on maintaining necessary fiscal deficits, total debt scale, and expenditure [8][11][19] - Monetary policy aims to promote stable economic growth and reasonable price recovery, highlighting the dual support role of monetary policy for the economy and prices [8][11][19] Group 2: Real Estate Sector Insights - The conference introduced measures for "controlling increment, reducing inventory, and optimizing supply," encouraging the acquisition of existing properties for affordable housing [11][14][19] - There is a focus on stabilizing the real estate market, with expectations for policies to support both supply and demand sides, including potential mortgage rate reductions and financing support for real estate companies [11][14][19] - The emphasis on "good housing" indicates a shift towards high-quality property development, with policies expected to support this direction [11][14][19] Group 3: Investment Opportunities - The report suggests focusing on ten key investment areas for the future, including artificial intelligence, robotics, aerospace, and strategic resource metals [12][19] - The construction sector is expected to stabilize in 2026, with emerging sectors likely to gain higher investment opportunities due to national strategic implementations [19][20] - The report highlights the potential for value reassessment in commercial real estate and the "good housing" sector, indicating a positive outlook for quality commercial enterprises during the monetary easing period [14][19][20]

Group 1: Industry Developments - Jiangsu Province has officially released its 15th Five-Year Plan, emphasizing the enhancement of industries such as biomedicine, new generation information technology, and high-end equipment, aiming to cultivate strategic emerging industry clusters with international competitiveness [1] - The global first CDK2/4/6 inhibitor, Kimosir, developed by China National Pharmaceutical Group's subsidiary, has been approved for marketing, marking a significant advancement in targeted therapy for breast cancer in China [1] - The innovative drug, Simoziran, developed by Shanghai Pharmaceuticals, has been approved for the treatment of primary hypertension, representing a new addition to the hypertension treatment market [2] Group 2: Company Announcements - Health元 has received a drug registration certificate for its innovative anti-influenza drug, Marpacisavir, which is effective for treating influenza A and B in adolescents and adults, showcasing significant advantages in efficacy and safety [3] - Baijun Medical's subsidiary has received approval for its collagen implant product, the first of its kind in China for improving facial smoothness, highlighting the company's innovation in the collagen field [4] - Innovent Biologics has announced the approval of its next-generation TRK inhibitor, Zoltritinib, for treating adult and adolescent patients with NTRK fusion gene solid tumors, marking a milestone in China's oncology market [5] Group 3: Market Movements - Saili Medical has reported a reduction in shareholding by Shanghai Anze Private Equity Fund to 5.00%, indicating a strategic shift in investment [6][7] - Newnow has submitted an application for H-share listing on the Hong Kong Stock Exchange, reflecting the trend of innovative pharmaceutical companies seeking dual listings [8] - Yunding New Medicine has entered into strategic cooperation with Haishen Biopharmaceuticals, enhancing its commercialization capabilities in the cardiovascular field through service and licensing agreements [9]

Group 1 - The National Healthcare Security Administration released the first version of the "Medical Insurance + Commercial Insurance Dual Directory" on December 7, which may boost investment enthusiasm for innovative drugs in the short term [1] - The innovative drug sector has seen a recent stock price correction, but the long-term logic of the rise of Chinese innovative drugs remains unchanged, suggesting that investment opportunities in innovative drugs, CXO, and upstream life sciences should be emphasized [1] - High-end medical devices may present turning point opportunities, benefiting from the recovery of domestic demand and the resumption of hospital procurement, driving business growth [1] Group 2 - The Guotai Innovative Drug ETF (517110) tracks the SHS Innovative Drug Index (931409), which selects listed companies involved in innovative drug research and biopharmaceuticals from the Chinese A-share market, reflecting the overall performance of innovative pharmaceutical enterprises [1] - The index components focus on research-driven companies, characterized by high growth potential and industry representation [1]