Core Insights - The Chinese medical insurance directory will undergo its largest expansion of innovative drugs in history starting January 1, 2026, adding 114 new drugs, including 50 class 1 innovative drugs, while removing 29 drugs that are either unavailable or can be replaced by better alternatives [1][2] - The total number of drugs in the directory will increase to 3,253, significantly enhancing coverage for key areas such as oncology, chronic diseases, mental health, rare diseases, and pediatric medications [1][2] - The inclusion of innovative drugs in the medical insurance directory reflects a strong commitment to support genuine innovation and differentiated innovation in the healthcare sector [1][2] Medical Insurance Directory Expansion - The new directory will include 114 drugs, with nearly 44% being class 1 innovative drugs, indicating a growing emphasis on innovative treatments [1][2] - The directory will enhance the insurance coverage for critical areas, improving access to necessary medications for patients [1][2] Innovative Drug Market Dynamics - The entry of innovative drugs into the medical insurance directory is a key driver for market growth, with those included typically experiencing rapid sales growth within a year [4] - Companies like Heng Rui Medicine and Innovent Biologics have successfully included multiple innovative products in the new directory, indicating a trend towards increased market access for innovative therapies [4][5] Clinical Needs and Treatment Options - The new directory addresses significant clinical needs, particularly in oncology, with new drugs targeting various types of cancers, thereby expanding treatment options for patients [9][10] - The inclusion of targeted therapies for conditions like severe asthma and breast cancer provides patients with more accessible and effective treatment options [6][10] Commercial Insurance Directory - The introduction of a commercial insurance directory for innovative drugs aims to balance clinical value, corporate profits, and the sustainability of insurance funds [2][12] - The commercial insurance directory includes 19 innovative drugs, highlighting a focus on high-value treatments that exceed basic insurance coverage [12][15] Policy and Regulatory Environment - Recent reforms in drug approval and medical insurance payment systems have created a conducive environment for the development of innovative drugs in China [17][18] - The acceleration of drug approvals and the establishment of a more rigorous evaluation system for innovative drugs are reshaping the landscape for pharmaceutical companies [17][18] Future Outlook - The ongoing expansion of the medical insurance directory signifies a shift towards making innovative drugs more accessible and affordable for the general population, enhancing overall healthcare outcomes [20][21] - The collaboration between policy, industry, and capital markets is essential for fostering high-quality development in the innovative drug sector [19][20]

作为国家"重大新药创制"专项成果，奥布替尼拥有更精准的靶点选择性，对BTK靶点的占有率近 100%；个体间差异小，对其他激酶无明显抑制作用，在确保疗效的同时又有效避免了由于脱靶效应造 成的不良反应。此外，奥布替尼实现了一天一次口服给药，为患者持续治疗带来了方便。 （编辑 郭之宸） 2025年国家医保药品目录在2025创新药高质量发展大会期间发布。作为创新药企业代表，诺诚健华在大 会期间展示了核心管线和创新亮点。 今年4月，奥布替尼获批用于一线治疗CLL/SLL患者，这是奥布替尼在中国获批的第四个适应症。 本报记者 许林艳 12月7日，2025年《国家基本医疗保险、生育保险和工伤保险药品目录》（国家医保药品目录）在广州 正式公布。诺诚健华医药有限公司（以下简称"诺诚健华"）自主研发的布鲁顿酪氨酸激酶（BTK）抑制 剂宜诺凯®（奥布替尼）新增适应症被纳入2025年国家医保药品目录，用于一线治疗慢性淋巴细胞白血 病/小淋巴细胞淋巴瘤（CLL/SLL）患者。与此同时，奥布替尼用于既往至少接受过一种治疗的 CLL/SLL、既往至少接受过一种治疗的套细胞淋巴瘤（MCL）以及既往至少接受过一种治疗的边缘区 淋巴瘤（MZL） ...

Core Insights - The 2025 National Medical Insurance Drug List was officially announced on December 7, 2023, in Guangzhou, including the addition of the BTK inhibitor, Ibrutinib (brand name: Acalbrutinib), developed by Nocera Pharmaceuticals, for the first-line treatment of Chronic Lymphocytic Leukemia/Small Lymphocytic Lymphoma (CLL/SLL) patients [1][2] - Acalbrutinib has also successfully renewed its indications for previously treated CLL/SLL, Mantle Cell Lymphoma (MCL), and Marginal Zone Lymphoma (MZL) [1] - The new drug list will be implemented starting January 1, 2026, and was released during the 2025 Innovative Drug High-Quality Development Conference [1] Company Highlights - Nocera Pharmaceuticals showcased its core pipeline and innovative highlights at the conference, representing innovative drug companies [1] - Acalbrutinib, as a result of the national "Major New Drug Creation" initiative, demonstrates nearly 100% target selectivity for BTK, with minimal inter-individual variability and no significant inhibition of other kinases, ensuring efficacy while avoiding adverse effects due to off-target effects [2] - The drug offers the convenience of once-daily oral administration, facilitating continuous treatment for patients [2]

Core Insights - Huadong Medicine has entered into an exclusive commercialization agreement for the product Linaracast (戊二酸利那拉生酯胶囊) with Sinopharm Biotech and its subsidiaries, marking a significant strategic move in the digestive health sector [1][2] - The new drug has been included in the 2025 National Medical Insurance Directory, enhancing its market accessibility and potential for commercial success [1][4] Group 1: Product and Market Potential - Linaracast is a new generation potassium-competitive acid blocker (P-CAB) developed for treating digestive system diseases, specifically gastroesophageal reflux disease (GERD), and has already been approved for commercialization in China [2][3] - The drug's inclusion in the National Medical Insurance Directory is expected to significantly improve its accessibility for patients, potentially leading to increased sales and market penetration [3][4] - The market for P-CABs is growing, with the first P-CAB drug, Vonoprazan, achieving sales exceeding 5 billion yuan in 2024, indicating strong clinical value and market potential for Linaracast [3] Group 2: Strategic Positioning and Commercialization - Huadong Medicine's strategic introduction of Linaracast reflects its commitment to advancing innovative therapies and expanding its product offerings in the digestive health sector [3][5] - The company has established a robust commercialization platform, which has successfully launched multiple core products, including the CAR-T product Zewokaiolun (赛恺泽), demonstrating its market strength [5] - With the addition of Linaracast to its portfolio, Huadong Medicine is poised to enhance its competitive position in the digestive disease market, leveraging its established sales network and commercialization capabilities [5]

Core Insights - The release of the "dual directory" for medical insurance and commercial health insurance on December 7 marks a significant update in China's healthcare policy, with the new directories set to be implemented nationwide on January 1, 2026 [1] Group 1: National Medical Insurance Directory - The 2025 National Medical Insurance Drug Directory will add 114 new drugs, including 50 first-class innovative drugs, increasing the total number of drugs to 3,253 [2] - Key areas such as cancer, chronic diseases, mental health, rare diseases, and pediatric medications will see improved coverage levels [2] - Notable companies like Heng Rui Medicine, Innovent Biologics, and others have had multiple products included in the new directory, enhancing their market presence [3][4] Group 2: Commercial Health Insurance Innovative Drug Directory - The inaugural Commercial Health Insurance Innovative Drug Directory includes 19 drugs, focusing on high clinical value and innovation, particularly in oncology and rare diseases [7][8] - The directory features five CAR-T cell therapies, highlighting the growing importance of advanced treatment options in the market [7] - Companies such as Fosun Pharma and BeiGene have successfully included their innovative products, indicating a trend towards supporting cutting-edge therapies [7][8] Group 3: Market Implications - The adjustments reflect a structured approach to healthcare policy, emphasizing "true innovation" and "differentiated innovation" to enhance patient access to new drugs [4] - The pharmaceutical sector is expected to continue focusing on innovation, with analysts suggesting that the innovative drug market will remain a key investment theme [8]

Core Points - The 2025 National Medical Insurance Drug List was officially announced in Guangzhou on December 7, 2023, including the addition of the BTK inhibitor Ibrutinib (brand name: Aobutini) for the first-line treatment of Chronic Lymphocytic Leukemia/Small Lymphocytic Lymphoma (CLL/SLL) patients [2] - Aobutini also successfully renewed its indications for previously treated CLL/SLL, Mantle Cell Lymphoma (MCL), and Marginal Zone Lymphoma (MZL) [2] - The new drug list will be implemented starting January 1, 2026, and was released during the 2025 Innovative Drug High-Quality Development Conference [2] Company Highlights - Aobutini was approved for the first-line treatment of CLL/SLL patients in April 2023, marking its fourth indication in China [3] - As a result of the "Major New Drug Creation" initiative, Aobutini has nearly 100% target selectivity for the BTK target, with minimal inter-individual variability and no significant inhibitory effects on other kinases, ensuring efficacy while avoiding adverse reactions due to off-target effects [3] - Aobutini offers the convenience of once-daily oral administration, facilitating continuous treatment for patients [3]

Core Points - The 2025 National Medical Insurance Drug List has been officially released, adding 114 new drugs, including 50 innovative drugs, with an overall success rate of 88%, significantly up from 76% in 2024 [1][4] - The first version of the Commercial Health Insurance Innovative Drug List includes 19 drugs, featuring advanced therapies such as CAR-T and T-cell treatments, as well as medications for rare diseases that basic medical insurance cannot currently address [1][4] Summary by Sections National Medical Insurance Drug List - The new drug list will be implemented starting January 1, 2026, replacing the 2024 version [2] - The total number of drugs in the National Medical Insurance Drug List will increase to 3,253, with 1,857 Western medicines and 1,396 traditional Chinese medicines [5] - The list includes treatments for major diseases like triple-negative breast cancer, pancreatic cancer, and lung cancer, as well as medications for rare diseases and chronic conditions [4][5] Commercial Health Insurance Innovative Drug List - The list is a recommendation and includes 19 drugs, with 121 drugs meeting the application criteria [4] - Notable entries include CAR-T therapies and drugs for conditions like short bowel syndrome and Gaucher disease [4] - The commercial health insurance sector is encouraged to design new products based on this innovative drug list [3] Implementation and Management - Local medical insurance departments are tasked with guiding medical institutions on the proper use of the new drug list [3] - A six-month transition period is provided for drugs that were not successfully renewed in the list, allowing continued payment at original rates [2] - The management of the new drug list will involve regular updates to information systems and databases to ensure compliance [2][3] Market Outlook - Analysts suggest that the innovative drug market is expected to continue its upward trend, with recent adjustments in the drug list creating investment opportunities in the pharmaceutical sector [6] - The focus will be on the performance of related pharmaceutical companies and the potential for structural optimization in payment systems for innovative drugs [6]

05 央行，连续13个月增持黄金！ 01 事关节能降碳工作！国常会最新部署 12月5日，国务院总理李强主持召开国务院常务会议，研究进一步做好节能降碳工作；听取规范涉企行政执法专项行动情况汇报并审议通过 《行政执法监督条例（草案）》；讨论《中华人民共和国国家消防救援人员法（草案）》；部署全链条打击涉烟违法活动有关举措。 其中会议指出，节能降碳是推进碳达峰碳中和、加快发展方式绿色转型的重要抓手。要更高水平、更高质量做好节能降碳工作。要切实增强 节能降碳内生动力，充分发挥政策效应，不断完善市场机制。 02 何立峰与美国财政部长贝森特、贸易代表格里尔举行视频通话 12月5日晚，中美经贸中方牵头人、国务院副总理何立峰与美方牵头人、美国财政部长贝森特和贸易代表格里尔举行视频通话，双方围绕落 实好中美两国元首釜山会晤和11月24日通话重要共识，就下一步开展务实合作和妥善解决经贸领域彼此关切，进行了深入、建设性的交流。 双方积极评价中美吉隆坡经贸磋商成果执行情况，表示要在两国元首战略引领下，继续发挥好中美经贸磋商机制作用，不断拉长合作清单、 压缩问题清单，推动中美经贸关系持续稳定向好。 03 吴清周末发声：适度打开资本空间和 ...

Investment Rating - The report maintains an investment rating of "Outperform" with a target price set for the leading stocks [7]. Core Insights - The National Healthcare Security Administration released the "Commercial Health Insurance Innovative Drug Directory (2025)", which includes 19 high-cost innovative drugs, including five CAR-T therapies and two Alzheimer's drugs. This is expected to improve payment difficulties for high-value innovative drugs and provide an additional payment pathway beyond basic medical insurance [3][24]. - The report highlights several promising stocks to watch, including those with high certainty for overseas expansion and those with potential overseas data catalysts [2][22]. Weekly New Drug Market Review - From December 1 to December 7, 2025, the new drug sector saw significant stock movements, with the top five gainers being Beihai Kangcheng (+13.94%), Maibo Pharmaceutical (+11.32%), Jiahe Biotech (+8.38%), Junsheng Tai (+7.14%), and Nuo Si Lan De (+6.27%). Conversely, the top five losers included Shengnuo Pharmaceutical (-15.18%), Shouyao Holdings (-9.06%), Boan Biotech (-8.62%), Tengsheng Bo Pharmaceutical (-8.05%), and Yiming Angke (-7.72%) [1][16]. New Drug Approval and Acceptance Status - This week, one new drug or new indication application was approved, and 16 new drug or new indication applications were accepted in the domestic market [4][28]. Clinical Application Approval and Acceptance Status - A total of 44 new drug clinical applications were approved, and 40 new drug clinical applications were accepted this week [5][31].

Core Viewpoint - The 2025 National Medical Insurance Drug List and the first Commercial Health Insurance Innovative Drug List have been officially released, marking the eighth consecutive year of adjustments to the national medical insurance drug list [1][3]. Group 1: National Medical Insurance Drug List - The new drug list will be implemented starting January 1, 2026, replacing the 2024 version [3]. - A total of 114 new drugs have been added to the National Medical Insurance Drug List, with 50 of these being innovative drugs, achieving a success rate of 88%, an increase from 76% in 2024 [3]. - The total number of drugs in the National Medical Insurance Drug List has increased to 3,253, including 1,857 Western medicines and 1,396 traditional Chinese medicines, with significant improvements in coverage for critical areas such as cancer, chronic diseases, and rare diseases [3]. Group 2: Commercial Health Insurance Innovative Drug List - The first Commercial Health Insurance Innovative Drug List includes 19 drugs from 18 companies, featuring treatments for conditions such as cancer and rare diseases [4][5]. - The National Medical Insurance Bureau emphasizes the need to actively promote the use of drugs listed in the Commercial Health Insurance Innovative Drug List, ensuring they meet clinical needs and patient rights [4]. - There is encouragement for commercial insurance providers to design new products and adjust coverage based on the innovative drug list to better meet patient medication needs and reduce financial burdens [5].