中信建投证券认为，考虑到2026年产业景气预期，创新药有望成为跨年行情主要上涨方向。中长期逻辑 上，中国医药产业已迈入"创新兑现+全球布局"的关键阶段，人口与内需基数、全产业链制造能力构成 核心支撑，创新药长期产业趋势具备高度确定性。 把握港股创新药低吸窗口期，重点关注同类最大港股通创新药ETF（520880）及其场外联接基金 （025221），标的指数恒生港股通创新药精选指数具备三大独特优势：其一，纯粹，全面。不含 CXO，纯正创新药！全面覆盖创新药研发类公司；其二，龙头占比大。前十大创新药龙头权重超72%， 表征创新药硬核力量；其三，风险更可控。对流动性较差的成份股强制降权，有力管控尾部风险。 （文章来源：每日经济新闻） 12月8日，创新药震荡磨底，个股跌多涨少，港股通创新药ETF（520880）超7成仓位押注创新药龙头 股，场内价格现跌1.08%，盘中持续宽幅溢价，实时溢价率超0.5%，显示买盘资金态度强势。自9月初 至今，港股创新药板块回调幅度已超17%，前期高位风险得以充分释放。分析指出，当下或是中长期维 度配置创新药核心资产的较佳时机。 信达证券指出，12月7日国家医保局发布首版"医保+商保双目录 ...

Group 1: Investment Opportunities in New Energy - The new energy sector is experiencing structural opportunities, driven by global carbon neutrality goals, with strong growth resilience observed in the photovoltaic, energy storage, and electric vehicle industries [1] - The photovoltaic industry is shifting its focus from maximizing conversion efficiency to reducing levelized cost of electricity, with perovskite battery commercialization potentially reshaping the competitive landscape [1] - The energy storage sector is diversifying in technology routes, with flow batteries showing potential for long-duration storage applications and sodium-ion batteries gaining attention as a resource-constrained alternative [1] - The value focus in the electric vehicle supply chain is shifting from vehicle manufacturing to intelligent components and automotive-grade chips, marking the onset of the software-defined vehicle era [1] Group 2: Digital Economy and AI - The deepening development of the digital economy is creating new investment dimensions, with breakthroughs in artificial intelligence technology reshaping production methods and business models across various industries [3] - The rapid application of generative AI in vertical industries such as finance, healthcare, and manufacturing is creating urgent demands for intelligent transformation, favoring companies with industry know-how and technological implementation capabilities [3] - The industrial internet is becoming a key vehicle for the integration of the digital economy and the real economy, with platform development and data value extraction driving the transformation and upgrading of the manufacturing sector [3] - The cultivation of a data factor market is generating growth momentum for niche areas such as data security and privacy computing [3] Group 3: Consumer Market Trends - The structural upgrade and innovative transformation of the consumer market are giving rise to new investment opportunities, with a parallel development of high-end and cost-effective products under the trend of consumption stratification [3] - Emerging sectors such as health consumption, the silver economy, and national trend culture are showing robust vitality, with innovative business models that meet personalized and experiential demands continuously emerging [3] - Upgrades in flexible production and intelligent manufacturing are enhancing industry efficiency, while the globalization of cross-border e-commerce is creating new opportunities for Chinese brands to expand overseas [3] - The investment logic in the consumer sector is shifting from traffic-driven to value creation, with companies focusing on product strength and user experience expected to gain long-term development space [3] Group 4: Healthcare Industry Innovations - The healthcare industry is experiencing sustained growth driven by accelerated population aging and increased health awareness [4] - Differentiated R&D strategies in the innovative drug sector are yielding significant results, with therapies based on cutting-edge technologies like gene editing and cell therapy gradually moving towards clinical application [4] - The domestic substitution process in medical devices is accelerating, with a number of internationally competitive companies emerging in high-end imaging equipment and in vitro diagnostic reagents [4] - The modernization and internationalization of traditional Chinese medicine are encountering new opportunities, with the secondary development of classic formulas and the global dissemination of Chinese medicine culture opening new blue oceans for the industry [4] - Investment in the healthcare sector is evolving from single project investments to the construction of industrial ecosystems, with collaborative development of the innovation chain becoming key to enhancing investment value [4]

过去一个世纪，全球生物医药创新的版图长期由跨国药企主导。然而，这一格局正在发生深刻的结构性 变化。 中国创新药产业经过多年在研发、监管、资本和供应链上的厚积薄发，正以不可忽视的姿态站上全球舞 台中央。中国创新药从"快速追随者"向"首创者"的艰难攀登，已演变为不可逆的新浪潮。国际顶级财经 媒体《经济学人》敏锐地捕捉到这一趋势，指出中国创新药正处于全球化的"临界点"。 这一判断背后，是实打实的数据与市场表现：中国在全球临床试验和对外授权许可交易中的占比显著攀 升；过去一年，中国生物科技企业的股价涨幅甚至大幅超越美国同业；而中国上市生物科技企业的总市 值尚不足美国同类的15%，授权交易价值也显著低于全球平均水平——这被国际资本视为一个"历史性 的投资契机"。 谈及这一现实情况的转变，摩根大通亚太区医疗健康投资银行主管、中国投资银行联席主管刘伯伟在接 受21世纪经济报道记者专访时也坦言，对于引进早期创新管线，跨国药企的"中国采购"倾向愈发明显。 医药魔方《2025Q1-Q3医药交易趋势》报告显示：2025前三季度中国创新药对外授权总金额如今已突破 1000亿美元，动辄数亿美元的首付款，不仅让业界窥见了国产创新药价值兑 ...

中国创新药产业经过多年在研发、监管、资本和供应链上的厚积薄发，正以不可忽视的姿态站上全球舞 台中央。中国创新药从"快速追随者"向"首创者"的艰难攀登，已演变为不可逆的新浪潮。国际顶级财经 媒体《经济学人》敏锐地捕捉到这一趋势，指出中国创新药正处于全球化的"临界点"。 这一判断背后，是实打实的数据与市场表现：中国在全球临床试验和对外授权许可交易中的占比显著攀 升；过去一年，中国生物科技企业的股价涨幅甚至大幅超越美国同业；而中国上市生物科技企业的总市 值尚不足美国同类的15%，授权交易价值也显著低于全球平均水平——这被国际资本视为一个"历史性 的投资契机"。 谈及这一现实情况的转变，摩根大通亚太区医疗健康投资银行主管、中国投资银行联席主管刘伯伟在接 受21世纪经济报道记者专访时也坦言，对于引进早期创新管线，跨国药企的"中国采购"倾向愈发明显。 刘伯伟分享了一个极具说服力的案例：一家大型MNC的CFO曾坦言，如果在中国采购同一管线的成本 仅为美国的30%～40%，且可能获得更优的效果，他们必然选择中国。"成本与效果的极致平衡，正成 为跨国药企将中国视为核心研发管线来源地的关键逻辑。"据摩根大通团队观察，当前除了持续 ...

Investment Rating - The report maintains a "positive" outlook on the pharmaceutical industry, particularly focusing on innovative drug sectors [3]. Core Insights - The pharmaceutical sector's performance saw a decline of 0.7% this week, while the Shanghai Composite Index rose by 0.4%. The pharmaceutical index ranked 21st among 31 sub-industries [3][4]. - The new National Medical Insurance Drug List added 114 drugs, including 50 innovative drugs, with an overall success rate of 88%, significantly up from 76% in 2024. The first commercial health insurance innovative drug list includes 19 drugs, enhancing coverage for critical areas such as cancer and chronic diseases [3][12][14]. - The establishment of the Chinese Drug Price Registration System allows companies to self-declare innovative drug prices, facilitating global pricing strategies for innovative drugs [17][18]. Market Performance - The pharmaceutical index's valuation stands at 29.3 times earnings, ranking 10th among 31 primary industries [6]. - The performance of various sub-sectors includes: raw materials (-2.5%), chemical preparations (-0.9%), and medical devices (-0.9%), while medical circulation saw an increase of 6.5% [6][4]. Recent Key Events - The report highlights significant clinical trial results from companies like Junsheng Pharmaceutical, which demonstrated advantages in glycemic control and cardiovascular benefits with its new drug HTD1801 [25]. - The report notes the strategic partnership between Kelun Pharmaceutical and Crescent for developing ADC therapies, with potential milestone payments reaching up to $1.25 billion [27][28]. - The report also mentions the IPO application of Lingke Pharmaceutical, focusing on innovative small molecule drugs for autoimmune and inflammatory diseases, with a post-investment valuation of 3.42 billion yuan [30]

12 月7日，贝达药业股份有限公司（简称"贝达药业" 300558.SZ）发布公告称，公司产品盐酸埃克替尼 片、 盐酸恩沙替尼胶囊、甲磺酸贝福替尼胶囊以及伏罗尼布片纳入《国家基本医疗保险、生育保险和 工伤保险药品目录（2025年）。 南都N视频记者注意到，贝达药业资深副总裁兼首席运营官万江在其企业公众号中表示，四款创新药物 顺利续约2025年国家医保目录，体现了国家医保部门对贝达药业自主创新能力和药物临床价值的充分认 可。目前，贝达已上市创新药的全部适应症均纳入国家医保目录。 据公告，埃克替尼是公司自主研发的、我国第一个拥有自主知识产权的治疗肺癌的靶 向药，该药品是 一种强效、高选择性的小分子口服表皮生长因子受体酪氨酸激酶 抑制剂（EGFR-TKI）。 恩沙替尼是一种新型强效、高选择性的新一代ALK抑制剂，是公司和控股子 公司Xcovery共同开发的自 主创新药。 贝福替尼是第三代EGFR-TKI，是全新的、拥有自主知识产权的国家1类创新药。 伏罗尼布是具有全新化学结构的新一代多靶点酪氨酸激酶血管内皮生长因子 受体（VEGFR）/ 血小板 衍化生长因子受体（PDGFR）抑制剂，可抑制肿瘤血管 生成及生长，可用 ...

Core Viewpoint - The National Healthcare Security Administration (NHSA) has released the new basic medical insurance drug list for 2025, which will take effect on January 1, 2026, leading to a significant increase in the success rate of new drug negotiations, particularly for innovative drugs with high clinical value [1][2]. Group 1: New Drug Negotiation Success - The success rate for new drug negotiations in 2025 has significantly improved to 88%, up from 76% in 2024, with 114 new drugs added to the national medical insurance drug list, including 50 Class 1 innovative drugs [2][3]. - The total number of drugs in the national medical insurance drug list has increased to 3,253, enhancing coverage for critical areas such as cancer, chronic diseases, mental health, rare diseases, and pediatric medications [2]. Group 2: Unique Drug Inclusion - Among the 114 newly added drugs, 105 are unique varieties, representing 92.11% of the total, including 98 Western medicines and 7 traditional Chinese medicines [3]. - The inclusion of unique traditional Chinese medicines from companies like China Resources Sanjiu, Yiling Pharmaceutical, and others indicates a balanced representation in the new drug list [3]. Group 3: Market Potential and Growth - The inclusion of 116 drugs in the latest negotiation, particularly 11 new drugs from Heng Rui Medicine and others, is expected to lead to rapid market share growth and product volume increase due to their entry into the medical insurance directory [4][5]. - The negotiation also included new mechanism drugs, such as antibody-drug conjugates and small nucleic acid siRNA drugs, which are anticipated to drive market penetration and accessibility [5]. Group 4: Commercial Health Insurance Directory - The first commercial health insurance innovative drug directory saw intense competition, with 121 candidates but only 24 entering negotiations, resulting in 19 drugs being successfully included [6]. - The directory covers critical diseases such as Alzheimer's and multiple myeloma, with a balanced mix of imported and domestic drugs [6]. Group 5: Investment Recommendations - Companies with a significant number of innovative drugs included in the new medical insurance directory, such as Heng Rui Medicine, BeiGene, and others, are recommended for investment [9]. - Potential growth in traditional Chinese medicine products included in the new directory, such as those from China Resources Sanjiu and Yiling Pharmaceutical, is also highlighted [9].

Investment Rating - The report maintains a positive outlook on the innovative drug sector and recommends focusing on companies with strong performance in medical devices, CXO, and upstream sectors [3][4]. Core Insights - The report highlights a 0.7% decline in the Shenwan Pharmaceutical Bio Index, while the Shanghai Composite Index rose by 0.4% during the same period [3][4]. - The new National Medical Insurance Drug List added 114 drugs, including 50 innovative drugs, with an overall success rate of 88%, significantly up from 76% in 2024 [3][13]. - The launch of the Chinese Drug Price Registration System allows companies to self-declare innovative drug prices, enhancing the global pricing strategy for these drugs [19][21]. - Recent clinical trial successes and milestone payments indicate a robust pipeline for several companies, including a $250 million milestone payment received by BaiLi Tianheng [26][29]. Market Performance - The Shenwan Pharmaceutical Bio Index ranked 21st among 31 Shenwan first-level sub-industries, with a current overall valuation of 29.3 times earnings, placing it 10th among all first-level industries [3][4][6]. - Various sub-sectors showed mixed performance, with medical circulation and offline pharmacies seeing increases of 6.5% and 1.8%, respectively, while raw materials and chemical preparations declined by 2.5% and 0.9% [3][6]. Recent Key Events - The report notes the release of the first Commercial Health Insurance Innovative Drug Directory, which includes 19 drugs aimed at enhancing coverage for critical diseases and rare conditions [13][18]. - The FDA's drug review center director's resignation adds uncertainty to the regulatory environment, which may impact drug approvals and market dynamics [19][21]. - The report emphasizes the importance of monitoring flu vaccine stocks and related pharmaceutical companies as flu activity rises [22]. Company Dynamics - BaiLi Tianheng received a significant milestone payment, indicating strong progress in its global drug development efforts [26]. - Junsheng Pharmaceutical announced positive results from a head-to-head clinical trial, showcasing the advantages of its new drug HTD1801 over existing treatments [29]. - Heng Rui Pharmaceutical appointed a new senior vice president from Eli Lilly, enhancing its research and development capabilities [30]. - Kelong Botai entered a strategic partnership to develop and commercialize new cancer therapies, indicating a focus on innovative treatment options [31]. IPO Dynamics - Lingke Pharmaceutical has initiated its IPO process in Hong Kong, focusing on innovative small molecule drugs for autoimmune and inflammatory diseases [34]. - Hansi Aitai's IPO application has passed the hearing process, indicating strong market interest in its dual-function antibody therapies [36].

Core Viewpoint - The article highlights a significant rise in the stock prices of several innovative pharmaceutical companies following the announcement of the 2025 National Medical Insurance drug list, which includes a substantial number of new innovative drugs [1] Group 1: Stock Performance - WuXi AppTec (02126) saw an increase of 8.77%, trading at HKD 3.35 [1] - Kintor Pharmaceutical (02171) rose by 3.8%, reaching HKD 18.87 [1] - Beihai Kangcheng (01228) increased by 3.38%, priced at HKD 2.45 [1] - Junshi Biosciences (01877) gained 2.29%, with a share price of HKD 24.1 [1] Group 2: Drug List Adjustments - The 2025 National Medical Insurance drug list is the 8th adjustment since the establishment of the National Healthcare Security Administration [1] - A total of 114 new drugs were added to the list, including 50 Class 1 innovative drugs [1] Group 3: Notable Drug Inclusions - Fosun Pharma's (600196) Luwomei Tablets and Beihai Kangcheng's injectable Vilazodone Beta were included in the commercial insurance innovative drug list [1] - The highly anticipated CAR-T cell therapies from various companies, including Fosun Kairui's Acalabrutinib Injection and WuXi AppTec's Regorafenib Injection, were also included in the first batch of commercial insurance innovative drug list [1]

智通财经APP获悉，部分创新药概念股早盘走高，截至发稿，药明巨诺-B(02126)涨8.77%，报3.35港 元；科济药业-B(02171)涨3.8%，报18.87港元；北海康成-B(01228)涨3.38%，报2.45港元；君实生物 (01877)涨2.29%，报24.1港元。 值得注意的是，备受瞩目的百万CAR-T细胞疗法——复星凯瑞的阿基仑赛注射液、药明巨诺的瑞基奥仑 赛注射液、合源生物的纳基奥仑赛注射液、驯鹿生物的伊基奥仑赛注射液、恺兴生命科技的泽沃基奥仑 赛注射液均被纳入首批商保创新药目录。 消息面上，2025年国家基本医疗保险、生育保险和工伤保险药品目录是国家医保局成立以来的第8次调 整。本次目录调整新增114种药品，其中50种为1类创新药。据智通财经报道，复星医药的芦沃美替尼片 进入2025年医保目录，北海康成的注射用维拉苷酶β进入商保创新药目录。 ...