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]

又有积极信号出现！ 为进一步保障和改善民生，着力解决群众急难愁盼，推动民生建设更加公平、均衡、普惠、可及，今日，中 办、国办印发《关于进一步保障和改善民生 着力解决群众急难愁盼的意见》。 意见提出，推进优质医疗卫生资源共享。推进优质医疗资源扩容下沉和区域均衡布局，优化区域医疗中心建设 模式、管理体制和运行机制。完善基本医疗保险药品目录调整机制，制定出台商业健康保险创新药品目录，更 好满足人民群众多层次用药保障需求。 研究机构认为，完善基本医疗保险药品目录调整机制，制定出台商业健康保险创新药品目录，对于医药企业， 特别是创新药来说，又是一个重磅驱动。 中办、国办重磅发布 今天下午，中共中央办公厅、国务院办公厅发布《关于进一步保障和改善民生 着力解决群众急难愁盼的意 见》， 意见指出: 一要增强社会保障公平性。 （一）有效扩大社会保障覆盖面。强化社会保险在社会保障体系中的主体作用，健全灵活就业人员、农民工、 新就业形态人员社会保险制度，全面取消在就业地参加社会保险的户籍限制，健全参保激励约束机制，完善转 移接续机制，稳妥有序提高城镇就业人员参加职工基本养老保险和医疗保险比例。对连续参保和当年零报销人 员按规定提高 ...

Summary of the Conference Call Records Industry Overview: Pharmaceutical Sector Key Points on Industry Performance - In 2024, the biopharmaceutical sector is expected to stabilize in revenue, but profits are under pressure; the chemical preparation sector shows significant cost reduction and efficiency improvement, with A-share revenue growing by 5% year-on-year and non-recurring net profit increasing by 24%, mainly due to the release of innovative products and milestone revenue from business development [1][2][3] - The innovative drug companies are entering a high-speed development phase, with sample hospital data indicating a revenue growth rate of 60% year-on-year; the number of drug registration certificates has significantly increased from 2019 to 2024, and leading companies are improving operational efficiency, resulting in enhanced profitability [1][6] - In Q1 2025, there was a significant increase in holdings of chemical preparations and other biopharmaceuticals by both pharmaceutical and non-pharmaceutical funds, indicating a rising interest in innovative drug companies; despite some recovery in overall valuation, the pharmaceutical sector remains at a historical low, presenting investment opportunities [1][8] Financial Performance Insights - The overall profitability of the pharmaceutical sector has improved, with the chemical preparation sector showing a notable optimization in sales expense ratio, which decreased by 2.4 percentage points year-on-year in 2024; however, the biopharmaceutical sector's revenue growth rate declined by 1 percentage point in 2024, with an 8% year-on-year increase in Q1 2025 [2][3] - In Q1 2025, Ganli Pharmaceutical's insulin product price increase led to a 100% year-on-year net profit growth, while Tonghua Dongbao's profit fell by 49%, primarily due to the impact of a new round of insulin centralized procurement [1][10] Company-Specific Developments - In Q1 2025, companies like Rongchang Bio and Junshi are narrowing their losses, with core products accelerating profitability; a positive development trend is expected over the next three years [1][11] - The chemical preparation sector's revenue growth for large pharmaceutical companies remained stable, while smaller companies faced short-term profit pressures; high-barrier and innovative transformation companies performed well [3][12] Investment Recommendations - Recommended companies in the Pharma sector include Heng Rui, Han Sen Pharmaceutical, China Biologics, and others; in the Biotech sector, companies like BeiGene, Innovent Biologics, and others are highlighted for their strong competitive positions and promising core products [1][9] Market Trends and Valuation - The pharmaceutical sector's overall valuation is at a historical low, with significant recovery signs since 2025; the biopharmaceutical and chemical preparation sectors are particularly noted for their growth potential [1][22] - The active public funds' holdings in the pharmaceutical sector increased to 10% in Q1 2025, reflecting a growing interest in the sector, especially in innovative drugs [16][17] Additional Insights - The performance of the insulin sub-sector in Q1 2025 showed a stark contrast between Ganli Pharmaceutical and Tonghua Dongbao, driven by pricing strategies influenced by centralized procurement [10] - The focus of funds on different sub-sectors indicates a shift, with significant increases in holdings in chemical preparations and biopharmaceuticals, while medical devices and consumables are also gaining attention from non-pharmaceutical funds [18][20]