7月24日，国家医疗保障局副局长施子海在国新办发布会上表示，近期第11批药品集采工作已经启动， 国家医保局研究优化了具体的采购规则。在中选规则方面，优化了价差计算的"锚点"，不再以简单的最 低价作为参考，同时报价最低企业要公开说明报价的合理性，并承诺不低于成本报价。 施子海指出，集采过程中，国家医保局将按照国务院常务会议研究通过的优化集采措施，坚持"稳临 床、保质量、防围标、反内卷"的原则。 "过去简单以最低价作为药品集采参考，让企业陷入价格战漩涡。为了中标，企业拼命压低价格，甚至 不惜低于成本报价，这不仅压缩了利润空间，还导致企业无暇顾及研发创新。"国研新经济研究院创始 院长朱克力向证券时报记者表示，国家医保局相关举措，能有效遏制恶性低价竞争。企业不能再盲目压 价，而是要综合考虑成本、质量等因素合理报价，将促使企业把精力从价格战转移到提升药品质量和研 发创新上。从医药行业整体看，这有利于形成良性竞争环境，让真正有实力、有创新能力的企业脱颖而 出，推动整个行业向高质量发展迈进。 在质量保证方面，要求投标药品的生产线两年内不存在违反药品生产质量管理规范的情形，药监部门对 集采中选企业检查和产品抽检两个"全覆盖" ...

Group 1 - The National Medical Insurance Administration (NMIA) has initiated the 11th batch of drug procurement, focusing on optimizing procurement rules while ensuring clinical stability, quality assurance, and preventing price collusion [1][2] - Since 2018, the NMIA has conducted ten batches of centralized procurement covering 435 drug varieties, which has effectively reduced drug prices and improved accessibility for the public [1][2] - The 11th batch aims to include 55 drug varieties across various therapeutic areas, maintaining the principle of excluding new drugs from procurement and aligning with the medical insurance catalog negotiations [2] Group 2 - The NMIA is advancing payment reform during the 14th Five-Year Plan, transitioning from a retrospective payment system to a prospective one, and from project-based payments to disease-based payments [3] - By 2024, the basic medical insurance fund expenditure is projected to reach 2.98 trillion yuan, with a 5% decrease in patient out-of-pocket expenses year-on-year [3] - The NMIA is also enhancing the payment reform by developing version 2.0 of the disease-based payment scheme and establishing supporting mechanisms to promote medical technology innovation [3]

Core Viewpoint - The recent adjustments in China's drug procurement policies mark a shift towards a "value-oriented" approach, moving away from a simple focus on the lowest price, which is expected to foster a healthier development of the pharmaceutical industry [1][3][5]. Group 1: Policy Changes - The 11th batch of centralized procurement has been initiated, with the National Medical Insurance Administration optimizing the rules, particularly in the calculation of price differences, no longer solely relying on the lowest bid as a reference [1][4]. - The new rules require companies to justify their lowest bids and ensure they do not fall below cost, aiming to prevent irrational competition and promote quality over price [2][3]. Group 2: Market Reactions - Following the announcement of the procurement policy adjustments, the capital market responded positively, with many generic drug companies seeing significant stock price increases, with some companies like Yipinhong rising nearly 40% since July 15 [4][5]. - Analysts believe that the new measures will provide companies with more profit margins, reducing the pressure to bid at a loss, which previously compromised product quality [4][5]. Group 3: Industry Impact - The optimization of procurement rules is expected to benefit companies with strong R&D capabilities and strict quality control, promoting structural optimization and high-quality development within the pharmaceutical industry [3][6]. - Some companies are already adapting to the new environment, with reports of increased R&D investments and a shift towards innovative drug development, indicating a positive long-term outlook for the industry [3][7]. Group 4: Historical Context and Future Outlook - Since 2018, ten batches of centralized procurement have been conducted, covering 435 types of drugs, resulting in significant savings for the medical insurance fund, estimated at around 440 billion yuan [6]. - The scope of centralized procurement is expanding to include various drug categories and medical devices, with expectations for continued acceleration in the future [6][7].

Group 1 - The National Healthcare Security Administration announced that drug procurement will no longer simply reference the lowest bid, indicating a shift in policy that could benefit companies with strong quality systems and cost advantages [1] - The recent announcement led to a significant increase in Hong Kong's biopharmaceutical stocks, particularly in the vaccine sector, with notable gains for companies such as Ai Mei Vaccine (+13.5%) and CanSino Biologics (+9.03%) [1] - The 11th batch of centralized procurement has been initiated, with new rules optimizing the calculation of price differences and requiring transparency from the lowest bidders regarding the rationality of their pricing [1] Group 2 - The vaccine sector has shown remarkable performance due to multiple favorable factors, including a warning from the World Health Organization regarding mosquito-borne diseases, which has boosted market sentiment [2] - Ai Mei Vaccine has successfully commercialized eight vaccines, including leading products like rabies and hepatitis B vaccines, and has a robust pipeline of 21 vaccines in development, with three key products nearing market launch [2] - The vaccine sector is seen as having significant potential for valuation recovery, as many companies' pipeline values have not yet been fully reflected in their market valuations [2]

近期第十一批集采工作已经启动。 国务院新闻办公室7月24日上午举行"高质量完成'十四五'规划"系列主题新闻发布会，请国家医疗保障局局 长章轲介绍"十四五"时期深化医保改革，服务经济社会发展有关情况，并答记者问。 要点如下： 全国基本医保参保率稳定在95%左右 章轲在新闻发布会上介绍，"十四五"期间，全国基本医保参保率稳定在95%左右，2024年度全国基本医保 参保人数达13.27亿人。 "十四五"以来累计402种药品进入目录 章轲在新闻发布会上介绍，"十四五"以来累计402种药品进入目录。国家医保药品目录实现全国统一，目 录内药品总数达到3159种。 十四五以来医保基金累计支出12.13万亿元，年均增速9.1% 章轲在新闻发布会上介绍，全国跨省联网定点医药机构达64.4万家，四年多来全国跨省异地就医直接结算 惠及5.6亿人次，累计减少参保群众垫资5900亿元。 全国超9600万人次享受生育保险待遇 章轲在新闻发布会上介绍，截至2025年6月，2.53亿人参加生育保险，基金累计支出4383亿元，享受待遇 9614.32万人次。31个省份和新疆生产建设兵团都将辅助生殖项目纳入医保报销。 2021年至2024年累计 ...

Report Industry Investment Rating Not provided in the content Core Viewpoints - This week (from July 14 to July 18, 2025), among various types of fund products, active equity funds had the highest weekly average return rate of 3.00%. The other types of funds, ranked by their weekly average return rates from high to low, were QDII funds (2.45%), ETF funds (1.81%), quantitative funds (1.48%), FOF funds (0.55%), bond funds (0.19%), and REITs funds (0.08%) [2][8]. - Year - to - date, REITs funds led with an average increase of 19.07%. The other types of funds, ranked by their return rates from high to low, were QDII funds (17.11%), active equity funds (11.94%), quantitative funds (9.79%), ETF funds (9.75%), FOF funds (4.94%), and bond funds (1.71%) [8]. Summary by Directory 1. Cross - Category Fund Product Return Overview - Selected funds for statistical analysis had a scale of over 0.1 billion yuan at the end of the latest reporting period and were established before 2025. This week, active equity funds had the highest weekly average return rate of 3.00%. Year - to - date, REITs funds led with an average increase of 19.07% [8]. 2. Active Equity Funds 2.1 Performance of Major Broad - Based Indexes in A - share and Hong Kong Markets - This week, all major broad - based indexes in the A - share market except the BeiZheng 50 index rose, with the overall increase slightly lower than last week. The ChiNext Index had the best performance with a weekly change of 3.17%, followed by the Shenzhen Component Index with 2.04%. The BeiZheng 50 index had the weakest performance with a weekly change of - 0.16%. All major broad - based indexes in the Hong Kong market rose this week, with the increase significantly higher than last week. The Hang Seng Index and the Hang Seng Tech Index had changes of 2.84% and 5.53% respectively [11]. 2.2 Performance of Shenwan Primary Industry Indexes - Most Shenwan primary industry indexes rose this week. The communication, pharmaceutical biology, and automobile industry indexes performed relatively well, with weekly changes of 7.56%, 4.00%, and 3.28% respectively. The public utilities, real estate, and media industry indexes performed weakly, with weekly changes of - 1.37%, - 2.17%, and - 2.24% respectively [13]. 2.3 Overview of Returns of High - Performing Active Equity Funds - This week, the overall average return rate of active equity funds was 3.00%. Great Wall Health Mix A had the best performance with a weekly return rate of 16.27%, driven by the launch of the national drug procurement and the total License - out amount approaching 66 billion yuan in the first half of the year. High - performing funds mostly had heavy positions in industries such as pharmaceutical biology and communication [15]. 2.4 Overview of Returns of Industry - Specific Active Equity Funds - This week, the average return rate of industry - specific active equity funds was 5.15%, significantly better than the overall level of active equity funds. Pharmaceutical industry funds performed brightly this week with an average return rate of 8.54%. TMT industry funds had a weekly average return rate of 4.86%. Financial real - estate industry funds had a relatively weak performance with a weekly average return rate of 0.03% [18]. 2.5 Overview of Returns of Non - Industry Active Equity Funds - This week, the average return rate of non - industry funds was 2.72%, slightly weaker than the overall level of active equity funds. The growth - style funds were relatively dominant this week with a weekly average return rate of 3.58% [21]. 3. Quantitative Funds 3.1 Overview of Quantitative Fund Returns - This week, the average return rate of quantitative funds was 1.48%. Huaxia CSI All - Share Pharmaceutical and Healthcare Enhanced had the highest weekly return rate of 8.83%. In terms of strategy types, active quantitative funds had the best weekly average return of 1.66% [23]. 3.2 Overview of Returns of Major Index - Enhanced Quantitative Funds - This week, among index - enhanced quantitative funds, funds tracking the Guozheng 2000 index performed better with an average return rate of 1.69%. The weekly average return rates of funds tracking the CSI 300, CSI 500, and CSI 1000 indexes were 1.10%, 1.06%, and 1.44% respectively. The proportion of funds achieving positive excess returns was 58.72%, slightly higher than last week [25]. 4. Bond Funds 4.1 Performance of Major Bond Indexes - This week, major bond market indexes generally rose. The CSI Aggregate Bond Index rose 0.11% to close at 261.42, the CSI Treasury Bond Index rose 0.04% to close at 247.89, and the CSI Credit Bond Index rose 0.08% to close at 214.00 [27]. 4.2 Performance of Convertible Bond Indexes - This week, the CSI Convertible Bond Index rose 0.67% to close at 453.86, with the weekly trading volume increasing by 3.75%. The median convertible bond price rose 1.07% to close at 127.55, and the median conversion premium rate rose 0.25% to 26.52% [30]. 4.3 Overview of Bond Fund Returns - This week, the average return rate of bond funds was 0.19%. Huashang Shuangyi Balance Mix A had the best performance with a weekly return rate of 5.09%. High - performing bond funds were mostly partial - debt hybrid, convertible bond, and hybrid bond funds [32]. 4.4 Overview of Returns of Pure - Bond Funds - This week, the average return rate of pure - bond funds was 0.07%. The return rates of short - term and medium - long - term pure - bond funds were 0.05% and 0.07% respectively. Huatai Zijin Zhihe Interest - Rate Bond performed relatively best with a weekly average return rate of 1.90% [34]. 4.5 Overview of Returns of Hybrid Bond Funds - This week, the weekly average return rate of hybrid bond funds was 0.26%. The return rates of hybrid bond - type level - 1 and level - 2 funds were 0.14% and 0.35% respectively. Golden Eagle Yuanfeng Bond A performed best with a weekly average return rate of 3.07% [37]. 4.6 Overview of Returns of Partial - Debt Hybrid and Flexible Allocation Bond Funds - This week, the average return rate of partial - debt hybrid bond funds was 0.49%, and that of flexible allocation bond funds was 0.30%. Huashang Shuangyi Balance Mix A performed best with a weekly return rate of 5.09% [39]. 4.7 Overview of Returns of Convertible Bond Funds - This week, the average return rate of convertible bond funds was 1.09%. Southern Changyuan Convertible Bond A performed best with a weekly average return rate of 2.42% [41]. 5. ETF Funds 5.1 Overview of ETF Fund Fund Flows - This week, ETF funds had a net inflow of 56.265 billion yuan, a 265.37% increase compared to the previous period. Except for bond - type and cross - border ETFs, which had net inflows, other types of ETFs had net outflows. Bond - type ETFs had a large - scale net inflow of 73.367 billion yuan, reaching a historical high. Stock - type ETFs had a net outflow of 17.072 billion yuan [43]. 5.2 Overview of ETF Funds with Top Net Inflows by Index - Among the tracked indexes, ETFs tracking the AAA Sci - tech Innovation Bond and Shanghai AAA Sci - tech Innovation Bond indexes in the bond index had the top net inflows, with 48.339 billion yuan and 18.073 billion yuan respectively. Among the equity indexes, ETFs tracking the securities company, Hong Kong securities, and Sci - tech Innovation 50 indexes had relatively large net inflows [47]. 5.3 Overview of ETF Funds with Top Net Outflows by Index - This week, the tracked indexes with top net outflows were all equity indexes, including the CSI A500 index (10.228 billion yuan), the CSI 300 index (7.175 billion yuan), the ChiNext Index (2.904 billion yuan), the CS Artificial Intelligence index (2.410 billion yuan), and the CSI 1000 index (2.235 billion yuan) [50]. 5.4 Overview of ETF Funds with Top Net Inflows - This week, most of the ETFs with top net inflows were Sci - tech Innovation Bond ETFs. Huaxia Sci - tech Innovation Bond ETF had the largest net inflow of 12.296 billion yuan, followed by Harvest Sci - tech Innovation Bond ETF with a net inflow of 11.324 billion yuan. Hong Kong Securities ETF also had a relatively large net inflow of 24.63 billion yuan this week [52]. 5.5 Overview of ETF Funds with Top Net Outflows - This week, most of the ETFs with top net outflows were scale - index ETFs. YinHua RiLi ETF had the largest net outflow of 3.632 billion yuan. Among the scale - index ETFs, CSI 300 ETF had a relatively large net outflow of 3.252 billion yuan. In addition, the Artificial Intelligence ETF in the theme - index ETF also had a relatively large net outflow [54]. 5.6 Overview of Returns of High - Performing ETF Funds - This week, the overall average change rate of ETF funds was 1.81%. Hang Seng Innovative Drug ETF had the highest weekly increase of 13.69%. High - performing ETF funds were mostly cross - border ETFs with investment themes such as innovative drugs. In addition, the ChiNext Artificial Intelligence ETF (Fullgoal) in the theme - index ETF also had a relatively high increase of 10.95% [56]. 6. FOF Funds - This week, the average return rate of FOF funds was 0.55%. Bank of Communications Smart Selection Starlight Mix (FOF - LOF) A had the best performance with a weekly return rate of 5.11%. Among the types, stock - type FOF funds performed best with an average return rate of 1.80% [57]. 7. QDII Funds - This week, the overall average return rate of QDII funds was 2.45%. Huatai - PineBridge Hong Kong Advantage Select Mix (QDII) A had the highest weekly return rate of 15.89%. The average return rates of different types of QDII funds were: stock - type 2.71%, hybrid - type 3.41%, bond - type - 0.04%, and other - type - 0.38% [60]. 8. REITs Funds - This week, the average change rate of REITs funds was 0.08%. China Merchants Sci - tech Innovation REIT had the best performance with a weekly change rate of 3.05% [62].

Core Viewpoint - The article discusses the impact of China's drug procurement policy on pharmaceutical companies, highlighting the shift from a price-cutting competition to a focus on quality and innovation in the industry [2][4][6]. Group 1: Price Competition and Its Consequences - The aggressive price competition in the pharmaceutical industry has led to significant revenue losses, with a total of 48.3 billion yuan cut from the national drug market after four rounds of procurement [2]. - The phenomenon of "price wars" has resulted in extremely low prices for drugs, exemplified by the 0.09 yuan per tablet price for Amlodipine, which is unsustainable for many companies [2][4]. - The intense competition has forced companies to compromise on quality, leading to concerns about supply disruptions and product quality [2][3]. Group 2: New Procurement Rules - The latest round of procurement introduces new rules aimed at curbing the "race to the bottom" in pricing, shifting the focus from "lowest price wins" to "value for money" [3][4]. - A new price difference mechanism has been established, allowing for reasonable price premiums, which requires companies to ensure that their quoted prices do not lead to losses [3][4]. - Quality standards have been tightened, with new regulations mandating that only companies with at least two years of production experience can participate, along with comprehensive inspections of both companies and products [3][4]. Group 3: Focus on Innovation - The new procurement policy allows for the exclusion of high-risk and patented drugs from the procurement process, enabling original branded drugs to compete in public hospitals if they agree to lower prices [4]. - The policy aims to facilitate a market environment where innovative drugs can thrive, with 60% of the savings from procurement being reinvested into innovative drug development [4][6]. - The shift from a focus on generic drugs to innovative solutions is seen as essential for the long-term sustainability of the pharmaceutical industry in China [6].

Group 1: Healthcare and Insurance - The 2024 resident medical insurance surplus reached 51.942 billion RMB, an increase of over 40 billion RMB compared to the previous year, despite a decline in the number of insured individuals [1] - The total expenditure growth rate of the medical insurance fund has decreased to 5.5%, down from 14.7% in 2023 [1] - The total number of cross-regional medical visits in 2024 was 397 million, a 63.2% increase year-on-year, with total expenses amounting to 786.774 billion RMB, up 10.6% [1] Group 2: Employment and Labor Market - The unemployment rate for urban labor aged 16-24 was 14.5% in June, a decrease of 0.4 percentage points from the previous month, marking four consecutive months of decline [3] - The overall urban survey unemployment rate averaged 5.2% in the first half of the year, with June's rate at 5.0% [3] - The unemployment rate for the 30-59 age group increased slightly, indicating challenges for middle-aged workers in finding new employment [4] Group 3: Pharmaceutical Industry - The 11th batch of national drug procurement has been initiated, with significant changes including the removal of the "lowest price" benchmark and increased quality supervision [5] - The new procurement rules aim to balance the interests of pharmaceutical companies and patients, ensuring that drug prices remain reasonable while maintaining quality [7] - The focus on clinical usage and transparency in procurement processes is expected to enhance the effectiveness of drug procurement [7] Group 4: European Union Budget - The European Commission proposed a new budget of 2 trillion euros for 2028-2034, significantly higher than the current budget of 1.21 trillion euros, focusing on defense, economic competitiveness, and agricultural subsidy reforms [8] - The proposal faces opposition from key member states like Germany and France, which may hinder its approval [9] Group 5: E-commerce and Delivery Services - Douyin has adjusted its food delivery business model from open access to targeted invitations, focusing on quality merchants [10] - The introduction of the AI product "Tanfang" aims to enhance user experience by providing a comprehensive service from restaurant discovery to order placement [10] - Douyin's strategy appears to be a shift towards differentiated competition rather than engaging in aggressive subsidies [11] Group 6: Securities Industry - The number of securities practitioners in China has decreased by 7,268 to 329,100, marking a net reduction of 25,000 over the past two years [12] - Factors contributing to this decline include reduced IPO activity, lower brokerage commissions, and the digital transformation of securities firms [13] - The demand for talent in the securities industry is shifting, with a growing emphasis on research capabilities and the potential for AI to replace certain roles [14] Group 7: Foreign Investment Trends - South Korean investors have made over 5.4 billion USD in transactions in China's stock markets this year, making it the second-largest overseas investment destination for them [15] - The focus of Korean investments is primarily on Hong Kong stocks, with significant net purchases in companies like Xiaomi and BYD [15] - Despite a general interest in the Chinese market, the actual engagement from foreign investors remains largely speculative rather than long-term [16] Group 8: Stock Market Performance - On July 17, the stock market experienced a rally, with the Shanghai Composite Index rising by 0.37% and the ChiNext Index increasing by 1.76% [17] - The market saw active trading with a total turnover of 1.54 trillion RMB, indicating a robust trading environment [17] - Various sectors, including AI hardware and military stocks, showed strong performance, while real estate and banking sectors lagged [18]

Core Viewpoint - The article discusses the launch of the 11th batch of national drug centralized procurement in China, highlighting significant changes aimed at improving transparency, quality, and clinical relevance in the procurement process [1][3]. Group 1: Key Changes in Drug Procurement - The 11th batch of centralized procurement introduces eight major changes, including the abandonment of the "lowest price" anchor, allowing doctors to report quantities by brand, raising bidding qualification thresholds, and enhancing quality supervision [3][4]. - For the first time, the selection process for procurement drugs has been made public, respecting the opinions of clinical doctors and ensuring a more transparent procedure [4][6]. - The selection criteria now include a requirement that at least seven companies must have passed the consistency evaluation for generics, with 122 products meeting this criterion, of which 55 have been selected for procurement [6][10]. Group 2: Clinical Considerations and Expert Opinions - The selection process emphasizes the importance of clinical and pharmaceutical expert opinions, with consultations held to assess the suitability of drugs for procurement [7][8]. - High-risk drugs, such as certain antibiotics and those with narrow therapeutic indices, have been excluded from this batch to ensure patient safety and effective clinical use [8][10]. Group 3: Market Dynamics and Pricing Strategies - New drugs and those under negotiation for national insurance are excluded from procurement, ensuring that only established generics are considered, which helps maintain innovation in the pharmaceutical industry [10][11]. - A new market scale condition has been introduced, where drugs with a procurement amount of less than 100 million yuan in 2024 will not be included, enhancing the scale effect of procurement [11][12]. - The procurement process will now allow medical institutions to report quantities based on specific drug brands, aligning procurement outcomes more closely with clinical needs [12][14]. Group 4: Quality Control and Bidding Requirements - The procurement strategy will no longer use the lowest bid as a reference point, aiming to prevent excessive price competition and ensure rational bidding [15][16]. - A "low-price declaration" will be required from the lowest bidding company to justify their pricing, addressing concerns about unsustainable low bids [18][19]. - The threshold for bidding qualifications has been raised, requiring companies to have at least two years of experience in producing similar formulations, thereby enhancing the quality of generics [19][20].

Group 1: Company Overview and Financial Performance - The company reported a revenue of 50 million yuan from self-paid products, with the exception of Lugu Peptide Injection, which is not covered by medical insurance [2] - The impact of the centralized procurement policy on the company's main products has stabilized, with a projected 40% increase in sales for Injection of Multiple Vitamins (12) in 2024 [3] - The company expects a slight decline or flat revenue compared to last year due to the effects of drug procurement policies [4] Group 2: Product Development and Market Strategy - The company plans to expand its product offerings in key areas such as vitamins, cardiovascular, and orthopedic fields [3] - New product launches and market expansions are anticipated, including the sales channels for Sitagliptin Metformin Sustained-Release Tablets and the introduction of Meloxicam Tablets [4] - The company aims to enhance its product pipeline through partnerships, acquisitions, and the introduction of differentiated products [5] Group 3: Research and Development Investment - The company's R&D investment is projected to be 3.97% of revenue in 2024, with plans to increase this ratio to align with industry standards [5] - Future acquisitions will focus on innovative and differentiated products, particularly in traditional Chinese medicine and generic drugs [6] Group 4: Financial Management and Cost Control - The company is committed to reducing costs and improving efficiency, aiming to keep sales, management, and financial expenses at a low level [4] - Cash received from investments at the end of Q1 2025 amounted to 261 million yuan, primarily from the redemption of financial products [6]