新华社北京12月4日电 题：药品价格登记系统上线，将带来哪些影响？ 新华社记者彭韵佳 日前，中国药品价格登记系统正式上线，国家医保局同步发布相关公告，9家国内外头部药企完成首批药品价格登记。 这一独立于省级医药采购平台的全新价格系统，将给企业、患者等带来哪些影响？记者采访了相关专家和业内人士。 提供国家参考定价 助力解决"出海"定价难题 "中国药品价格登记系统是应对医药创新发展新形势的全新探索，是企业构建全球化、多元化价格体系的展示平台。"国家医保局副局长施子 海说。 放眼全球，一些国家和地区在药品准入时，往往要求其提供原研国的价格作为国际参考定价。然而以前，我国药品缺乏权威认证的价格信 息，导致海外市场参考中国市场的价格时，难以找到可靠的定价依据。 2025年以来，三生制药与辉瑞公司签订双抗创新药海外授权协议、恒瑞医药与葛兰素史克达成创新药海外授权协议、信达生物与武田制药就 双抗等创新药达成合作……我国创新药出海迎来爆发式增长。 在此背景下，创新药的国际化需要构建全球化的价格体系，需要权威的价格认证体系。 中国药品价格登记系统首页。 "我们的一款创新药想进入巴西市场，对方要求提供中国市场价格证明，但当时药品 ...

港股创新药板块今日早盘走强。截至10:39，康方生物、再鼎医药涨超3%，映恩生物-B、康诺亚-B、科 伦博泰生物-B等涨超2%。受盘面影响，恒生创新药ETF（159316）标的指数涨超1%。 有券商表示，中国如今已成为全球创新药研发的重要参与者，越来越多国产创新药通过"出海"实现价值 升级，海外授权交易金额屡创新高，为板块增长注入新动力。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，企业积极探索多元化的出海路径。展望 2026年，可以重点关注创新商业化、全球化突破、政策优化带来的新增量及行业并购整合的机遇。 资料显示，恒生港股通创新药指数是ETF跟踪的指数中首批"纯度"100%的创新药指数，更加精准地反映 我国创新药企的整体表现，恒生创新药ETF（159316）是目前市场唯一跟踪该指数的产品，可助力投资 者便捷把握行业发展机遇。 ...

Group 1 - The core performance of banks is expected to recover and grow in 2026, marking the first year of the 14th Five-Year Plan, with a focus on a "new momentum combination" for bank stocks [2] - The investment strategy for bank stocks will be discussed, including the outlook on fundamentals and the value of bank stock investments [2] - The investment perspective on the banking sector and stock selection strategies will be highlighted [2] Group 2 - The investment strategy for 2026 will focus on three main investment lines, targeting new opportunities in the Beijing Stock Exchange, particularly in technology growth, high-end manufacturing, and new materials [5] - The valuation levels of the Beijing Stock Exchange are expected to recover, with a decrease in discount rates, aligning with national strategic emerging industry development directions [5] - The Beijing Stock Exchange is home to a number of high-quality enterprises that are technically solid and leading in niche fields, providing investors with opportunities to capture long-term value [5] Group 3 - The potential for AI and intelligent control to ignite a new wave in the computer industry will be explored, along with the prospects for the "rare metals" cycle and the energy sector's transition to a zero-carbon era [7] - East Guangdong Securities will focus on the technological, resource, and energy transformations as the main investment lines for 2026 [7] Group 4 - The potential for innovative drugs to expand internationally and the expected turnaround in biotechnology will be examined, alongside the performance improvements in the medical device sector [9] - Structural opportunities in consumer healthcare and biological products will be discussed, aiming to reshape the investment logic in the pharmaceutical sector for 2026 [9]

Core Insights - The launch of the Chinese Drug Price Registration System on December 2 is seen as a significant positive development for the innovative drug sector, facilitating the international expansion of domestic innovative drugs [1][4]. Group 1: Drug Price Registration System - The Chinese Drug Price Registration System was launched on December 2, with nine pharmaceutical companies participating in the initial registration, including both multinational and traditional Chinese medicine firms [2]. - The system currently includes limited information, with only 10 drug entries available, indicating a nascent stage of development [2]. - The system allows for independent pricing by companies outside of the National Medical Insurance (NMI) framework, which is a notable shift in policy [1][5]. Group 2: Innovative Drugs Highlighted - Four drugs showcased on the system are recognized as either the first of their kind in China or globally, including innovative treatments like Toripalimab and Icaritin [3]. - For instance, Toripalimab is the first Chinese PD-1 monoclonal antibody approved in both Europe and the U.S., while Icaritin is the first CAR-T therapy targeting BCMA approved in China [3]. Group 3: Market Implications - The establishment of the registration system is expected to enhance the global pricing framework for Chinese innovative drugs and attract high-quality foreign drugs to the Chinese market [4][5]. - Data indicates that in the first three quarters of 2025, Chinese pharmaceutical companies completed 103 license-out transactions totaling $92.03 billion, highlighting the growing importance of the Chinese market in the global pharmaceutical industry [4]. - The NMI's non-interference in pricing for the non-NMI market is seen as a positive step towards respecting market dynamics and enhancing the pricing power of domestic companies in international markets [5].

Group 1 - The Hong Kong Innovation Drug ETF (159570) experienced a 1.5% decline, marking its fourth consecutive day of decrease, with a trading volume exceeding 1.3 billion yuan [1] - The ETF has attracted a net inflow of over 6 million yuan during the day and has accumulated over 740 million yuan in the last 10 days, with a total size exceeding 23.6 billion yuan as of December 2 [1] - Major weighted stocks in the ETF, such as 3SBio, Innovent Biologics, and China Biologic Products, saw declines of over 2%, while others like CSPC Pharmaceutical and BeiGene dropped over 1% [2][3] Group 2 - The upcoming ASH conference is expected to reveal key data in the hematology field, which may catalyze the valuation recovery of related pipelines, particularly for companies with differentiated advantages in oncology, autoimmune, and rare disease products [5] - The Chinese innovative drug industry has shown significant growth, with the number of clinical trials increasing from 1,473 in 2020 to 2,539 in 2024, reflecting a compound annual growth rate of over 15% [6][9] - Chinese pharmaceutical companies are becoming increasingly prominent in global research, contributing 27% in oncology and 19% in autoimmune fields, with significant positions in ADC targets such as HER2 and TROP2 [9]

投创新药，首选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： 1、纯粹，全面。不含CXO，纯正创新药！全面覆盖创新药研发类公司。 2、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。 3、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。 | | | 港股通创新药ETF (520880) 标的指数 | | | --- | --- | --- | --- | | | | 前十成份股权重高达72.57%，龙头优势显著 | | | 代码 | 简称 | 权重(%) | 总市值(亿港元) | | 6160.HK | 百济神州 | 11.51 | 3,070 | | 1801.HK | 信达生物 | 10.19 | 1,613 | | 1177.HK | 中国生物制药 | 9.47 | 1,323 | | 9926.HK | 康方生物 | 66'8 | 1,132 | | 1093.HK | 石药编团 | 8.39 | 911 | | 1530.HK | 三生制药 | 8.32 | 760 | | 3692.HK | ...

Core Insights - The article discusses the recent developments in the Hong Kong pharmaceutical sector, particularly focusing on the innovative drug industry, which is experiencing a shift from traditional financing to becoming a showcase for new economy enterprises [3][4][5] - The article emphasizes the importance of external factors such as U.S. Federal Reserve monetary policy, international trade environment, and competition dynamics in influencing the performance of the Hong Kong pharmaceutical sector [6][7][8] Industry Overview - The Hong Kong stock market is transitioning to showcase high-quality companies in sectors like technology, innovative drugs, and new consumption, attracting global capital [3] - Recent adjustments in the Hong Kong pharmaceutical sector are attributed to short-term market sentiment fluctuations and profit-taking, rather than fundamental changes in the industry [4][5] Market Dynamics - The Hang Seng Healthcare Index and the Hong Kong Stock Connect Innovative Drug Select Index are highlighted for their differing coverage and focus, with the former being broader and the latter concentrating on high R&D investment and liquidity companies [2][20] - The innovative drug sector is seeing a significant increase in attention from investors, driven by strong performance in CXO and life sciences services, with profits in these areas growing over 50% year-on-year [19] Policy Environment - Domestic policies are shifting towards supporting genuine innovation, with measures like the establishment of a new drug pricing mechanism and the integration of commercial insurance with the medical insurance directory [7][8] - The article notes that the regulatory environment is improving, which is expected to stabilize profit expectations for pharmaceutical companies [7][8] Investment Strategies - The article advocates for ETF investments in the innovative drug sector due to their diversification, low entry barriers, cost advantages, and high liquidity [21][22] - Suggested investment strategies include dollar-cost averaging and phased investments to manage volatility in the high-risk pharmaceutical sector [24][25] Future Outlook - The long-term growth of the innovative drug sector is supported by a combination of favorable policies, improving industry fundamentals, and the ongoing internationalization of Chinese pharmaceutical companies [15][16] - The article concludes that the current market adjustments provide an opportunity for investors to reassess the long-term value of companies in the innovative drug sector [15][16]

Core Viewpoint - The launch of the drug price registration system in China is a significant step towards establishing a global pricing framework for innovative drugs, enhancing the international competitiveness of Chinese pharmaceutical companies [1][3][6]. Group 1: Drug Price Registration System - The drug price registration system, initiated by the National Healthcare Security Administration, allows domestic and foreign pharmaceutical companies to independently declare drug prices, creating a comprehensive pricing archive [1][3]. - The system operates independently from provincial procurement platforms and follows principles of "one location acceptance, nationwide sharing, and global openness," which aids in building a globalized drug pricing system [1][3]. - The registration of prices does not alter the medication costs for insured and uninsured individuals [1]. Group 2: Support for Chinese Pharmaceutical Companies - The new system addresses the shortcomings in the pricing mechanism for innovative drugs, facilitating their entry into international markets and allowing for pricing that aligns with local payment systems [3][4]. - Companies like Yifan Pharmaceutical highlight that the system will provide substantial support for overseas expansion, allowing for a more accurate reflection of the true value of innovative drugs [4]. - The system enables companies to register prices according to international practices, providing verifiable pricing information to regulatory bodies and partners [4]. Group 3: Attracting Foreign Innovative Drugs - The establishment of the drug price registration system is expected to attract more high-quality foreign innovative drugs into the Chinese market, as multinational companies will be encouraged to participate in national healthcare negotiations [6][7]. - The system allows multinational companies to register prices independently in China, creating a clear distinction between market supply prices and negotiated healthcare prices, which enhances the certainty of market entry for innovative drugs [7].

（来源：E药资本界） 2025年，中国医药健康产业正式迈入"创新深化+全球突围"双轮驱动的关键阶段。以小核酸、 PROTAC、CGT为代表的新兴疗法从临床验证加速迈向商业化兑现，ADC、双抗、TCE等前沿技术引领 创新药疗法升级；国产高端医疗设备与外周介入器械在中高端市场实现关键突破，国产替代进程持续提 速。 产业变革浪潮中，头部券商的深度研判成为穿透行业迷雾、把握核心机遇的重要指引。 2025年度中国券商十大医药技术研报汇聚来自华福证券、西南证券、国金证券、中信建投证券、国盛证 券、兴业证券、天风证券（维权）、平安证券、开源证券、东吴证券医药首席分析师精选的重磅报告， 覆盖技术迭代、产业趋势、全球化布局等核心议题。 这些报告不仅解码了技术突破的核心逻辑与商业化落地的关键节点，更精准捕捉了行业价值重构的新范 式，为产业从业者、投资者及行业观察者提供了兼具深度与前瞻性的权威参考。 接下来，让我们聚焦十大券商研报的核心精华，共探医药产业创新与增长的核心密码。 01 华福证券研究所副所长、医药首席分析师陈铁林 《小核酸行业深度：技术平台和适应症不断验证，迎来销售和临床密集兑现期》 ▲图为华福证券研究所副所长、医药首 ...

2023年8月27日，中国证监会发布《统筹一二级市场平衡优化IPO、再融资监管安排》（即"827新 政"），明确阶段性收紧IPO节奏，推动资本市场从"重规模"向"重质量"转型。两年来，A股IPO审核持 续趋严，Wind数据显示，截至2025年8月27日，已有约560家企业主动撤回上市申请，"撤单潮"折射出 企业面对更高信息披露与持续盈利能力要求的战略调整。 在此背景下，一批以研发驱动、尚未实现规模化盈利的创新型医药企业，开始将目光投向更具包容性的 境外资本市场。港交所因其对科技创新企业的制度性支持，正成为越来越多中国生物医药公司的首选上 市地。 构建全链条能力 借力港股迈向价值跃升 作为国内领先的端到端医药研发与生产服务企业，南京海纳医药科技股份有限公司（以下简称：海纳医 药）的发展路径正是这一趋势的生动注脚。公司自2001年成立以来，已从一家临床前CRO逐步成长为 覆盖药物发现、CMC开发、临床研究、注册申报及商业化生产的全链条CXO服务商，并同步构建了具 有自主知识产权的专有管线体系。 | | HERE | ... | 11 | 40-080 | 998 | 1.893 | 1 BIRGE 2808 | ...