Group 1 - The core viewpoint is that the recent policy announcements significantly impact the development of innovative drugs in China, expanding market opportunities and encouraging pharmaceutical companies to increase R&D efforts [1][2] - The introduction of the commercial health insurance innovative drug directory is a major exploration of the innovative payment system, injecting new vitality into the innovative drug ecosystem [1][2] - The report expresses a strong long-term outlook for the Chinese innovative drug industry, highlighting that leading companies are entering profitability stages and their R&D pipelines are transitioning into regular revenue streams [1][2] Group 2 - The measures released by the National Healthcare Security Administration and the National Health Commission aim to support the high-quality development of innovative drugs across the entire chain, with specific actions proposed in five areas: R&D support, insurance directory, clinical application, diversified payment, and security measures [2][3] - The establishment of the commercial health insurance innovative drug directory opens up new payment avenues for innovative drugs, allowing for the inclusion of high-innovation drugs that exceed basic insurance coverage [2][3] - The process for creating the commercial health insurance innovative drug directory is organized by the National Healthcare Security Administration and aligns with the adjustments of the insurance directory, allowing companies to apply for both directories simultaneously [3]

Group 1 - The core viewpoint of the news is the introduction of measures to support the high-quality development of innovative drugs in China, focusing on various aspects such as research and development, insurance coverage, clinical application, and payment capabilities [1][3]. - The measures include 16 specific actions aimed at providing comprehensive support for the entire chain of innovative drug development, from research to market access and payment [1]. - A new commercial health insurance innovative drug directory will be established, which will include drugs with high innovation, significant clinical value, and benefits for patients that exceed the basic medical insurance coverage [1][2]. Group 2 - The National Healthcare Security Administration (NHSA) will promote the development of innovative drugs in the global market by building platforms, expanding overseas markets, and providing price support [2]. - The measures aim to create a new landscape for innovative drug research and development that is guided by clinical value, encouraging investment and aligning with treatment needs [3]. - The establishment of a multi-channel payment system for innovative drugs will enhance accessibility and encourage reasonable use, addressing concerns related to the availability of innovative drugs [3].

Group 1 - The medical health ETF Taikang (159760) rose by 0.68% as of July 3, 2025, with the index it tracks, the National Certificate Public Health and Medical Health Index (980016), increasing by 1.01% [1] - Key stocks in the sector include Zhenhua Cell (688520) up 19.99%, Huahai Pharmaceutical (600521) up 10.01%, and Changchun High-tech (000661) up 9.05% [1] - The WAIC 2025 event will be held in Shanghai from July 26-28, focusing on innovations in diagnosis and treatment, AI drug development, and featuring over 30 medical products [1] Group 2 - The National Healthcare Security Administration and the National Health Commission issued measures to support the high-quality development of innovative drugs, aiming to transition China from a "generic drug powerhouse" to an "innovative drug stronghold" [2] - The National Certificate Public Health and Medical Health Index reflects the market performance of listed companies in the public health and medical health industry in A-shares [2] - As of May 30, 2025, the top ten weighted stocks in the index accounted for 52.46%, including companies like Heng Rui Medicine (600276) and WuXi AppTec (603259) [2]

Group 1: Market Performance - The Hang Seng Medical ETF (513060) opened high and experienced a nearly 2% increase during the session, with a trading volume close to 1.8 billion and a turnover rate exceeding 20%, indicating active trading [1] - More than half of the constituent stocks rose, with notable increases such as Ascentage Pharma-B up over 6%, and other companies like Innovent Biologics and WuXi AppTec also showing significant gains [1] Group 2: Policy Impact - The National Healthcare Security Administration recently issued guidelines for the adjustment of the basic medical insurance directory and the commercial insurance innovative drug directory, marking a significant step for commercial health insurance in the multi-level medical security system [1][2] - The inclusion of the commercial health insurance innovative drug directory is expected to enhance the role of commercial insurance in the multi-level medical security system, providing more opportunities for the industry [1][2] Group 3: Innovation Drug Development - From 2018 to 2024, the number of Class 1 innovative drugs approved in China has shown a significant upward trend, with 48 drugs expected to be approved in 2024, more than five times that of 2018 [2] - The introduction of measures to support innovative drug development aims to guide the biopharmaceutical industry and avoid excessive competition, promoting high-quality development of innovative drugs [2][3] Group 4: Payment and Application Mechanisms - The establishment of a "commercial health insurance innovative drug directory" is expected to create a tiered security mechanism that promotes the global market development of innovative drugs [3] - Specific measures include optimizing the drug listing process and encouraging the use of innovative drugs in designated medical institutions, which will enhance the efficiency of the entire process [6][7] Group 5: Investment Opportunities - The Hang Seng Medical ETF is positioned as a core vehicle for investing in the turning point of innovative drugs, benefiting from policy support and historical valuation gaps [8] - The ETF's underlying assets include leading companies that are expected to benefit from payment reforms and the commercial insurance directory, indicating a potential for cash flow stability and valuation recovery [8]

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].