城乡居民统筹基金收入和支出降幅收窄 [Table_Industry] 医药 医保基金运行月报 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 赵峻峰(分析师) | 0755-23976629 | zhaojunfeng@gtht.com | S0880519080017 | | 余文心(分析师) | 021-38676666 | yuwenxin@gtht.com | S0880525040111 | 本报告导读： 2025 年 1-11 月，医保统筹基金收入增长平稳，支出同比增速回正，其中城乡居民医 保收入和支出增速降幅均收窄。 投资要点： 医药《继续推荐创新药械产业链》2025.12.28 医药《脑机接口医疗器械工作推进会召开》 2025.12.25 医药《人工智能辅助诊断明确收费路径》 2025.12.25 医药《第六批耗材国采降幅预期温和，有望加速 国产厂商放量》2025.12.24 医药《行业高景气，持续推荐创新药械产业链》 2025.12.21 券 研 请务必阅读正文之后的免责条款部分 股 票 研 究 行 业 月 ...

Investment Rating - The report maintains a "Recommended" investment rating for the pharmaceutical industry as of December 28, 2025 [1] Core Insights - The report highlights the intensive policy support for brain-computer interface (BCI) technology development, particularly in the medical field, with several policies already implemented [2] - It emphasizes the significant market opportunity in radiation therapy equipment, particularly the ZAP-X system, which is expected to capture a substantial share of the growing market for non-invasive tumor radiation treatment [3] - The introduction of pathology fee reforms is seen as a breakthrough for the commercialization of AI applications in pathology, allowing for better integration of AI-assisted diagnostics into the pricing structure [5] - The report discusses the trend of Chinese innovative drugs entering international markets, which is expected to reduce domestic competition and provide new valuation anchors for these companies [6] - It also notes the promising developments in oral autoimmune drugs and small nucleic acid drugs, with several companies making significant progress in clinical trials [7][9] Summary by Sections 1. Policy Support for BCI Technology - In July 2025, a joint opinion was issued by multiple government departments to promote BCI industry innovation, with medical health being a core application area [2] - The National Medical Products Administration (NMPA) has prioritized the approval of implantable BCI medical devices, with expected registration certificates to be issued by Q1 2026 [2] 2. Radiation Therapy Equipment Market - The ZAP-X system is designed for precise radiation therapy for brain tumors, with a significant patient population in China, estimated at 1.5 million new cases of brain metastases annually [3] - The non-invasive tumor radiation treatment market is projected to grow from RMB 27.2 billion in 2018 to RMB 59.4 billion by 2024, with a compound annual growth rate (CAGR) of 13.9% [3] 3. AI in Pathology - The NMPA's new guidelines for pathology services include AI-assisted diagnostics as an expansion item, which will help streamline the commercialization of AI technologies in pathology [5] 4. Innovative Drug Exports - The report notes that partnerships between Chinese companies and international firms are increasing, providing funding and reducing competition in the domestic market [6] - The innovative drug index has risen by 38.11% since the beginning of 2025, outperforming the CSI 300 index [6] 5. Oral Autoimmune Drugs - Takeda's new oral TYK2 inhibitor has shown positive results in clinical trials for psoriasis, indicating a potential breakthrough in treatment options [7] - Several domestic companies are also advancing in the development of oral autoimmune drugs targeting various conditions [7] 6. Small Nucleic Acid Drugs - Yuyuan Pharmaceutical's YKYY032 injection has received clinical approval from both the FDA and NMPA, with multiple companies in China advancing in the small nucleic acid drug space [9] - The report highlights the reliability of domestic technology platforms as they progress through clinical trials [9] 7. Stock Recommendations - The report recommends specific companies based on the identified opportunities, including Meihua Medical for BCI technology, Baiyang Pharmaceutical for ZAP-X, and Yuyuan Pharmaceutical for small nucleic acid drugs [11]

Group 1: Zhongsheng Pharma - The core business of Zhongsheng Pharma has stabilized after experiencing centralized procurement, with innovative drug research and development gradually yielding results, particularly in respiratory and metabolic fields [2][4] - The company reported a revenue of 1.889 billion yuan for the first three quarters of 2025, a year-on-year decrease of 1.01%, while net profit attributable to shareholders increased by 68.40% to 251 million yuan [4] - The core products of traditional Chinese medicine have maintained stable growth post-collective procurement, with sales resilience supported by volume compensating for price reductions [4][5] - The innovative pipeline includes RAY1225 injection, a dual-target drug for weight loss and blood sugar reduction, which has shown positive results in clinical trials [5] Group 2: Medical Device Industry - The brain-computer interface (BCI) industry in China has achieved rapid development under policy support, with a focus on establishing a robust technological and industrial framework by 2027 [6][8] - The National Medical Products Administration held a meeting to discuss the advancement of BCI medical devices, emphasizing safety and effectiveness as primary considerations [17] - By 2030, the BCI industry aims to cultivate globally influential leading enterprises and a competitive industrial ecosystem, with significant advancements expected in technology and application [18]

每周 一 景 ： 云南长江第一湾 金沙江 点击右上角菜单，收听朗读版 【医疗器械】脑机接口医疗器械工作推进会召开 2025年12月18日，国家药监局在北京召开脑机接口医疗器械工作推进会。 会议听取高等院校、科研院所、医疗机构相关专家学者和研发企业代表意见建议。 会议要求，要深入贯彻落实党的二十届四中全会精神，深刻领会脑机接口作为前瞻布局未来产业的重要战略意义；要 坚持安全有效为首要前提，创新审评监 管方法，构建标准体系，加强技术指导服务；要加强跨部门合作，联手产学研医各方，合力解决关键技术问题，完善产业链供应链；要落实企业主体责任，以 问题为导向，提升产品可靠性和整体竞争力，积极推动脑机接口器械更快更好服务临床、惠及患者。 此前， 于2025年7月工信部等七部门联合发布《关于推动脑机接口产业创新发展的实施意见》指出，脑机接口通过在脑与机器之间建立信息通道，实现生物智 能与机器智能的协同交互，是生命科学和信息科学融合发展的前沿技术。 今日报告精粹 1、医药：人工智能辅助诊断明确收费路径 2、非银：投融资再平衡持续，股权融资逐步回暖 报告来源 以上内容节选自国泰海通证券已发布的证券研究报告。 报告名称： 脑机接口 ...

Investment Rating - The report assigns an "Accumulate" rating to the medical device industry, indicating a positive outlook for investment opportunities [4]. Core Insights - The National Healthcare Security Administration (NHSA) issued the "Guidelines for the Project Establishment of Pathology Medical Service Pricing (Trial)," which is expected to standardize the artificial intelligence-assisted diagnosis market [2][4]. - The guidelines consolidate existing pricing projects into 28 items, with 3 additional charges and 2 expansion items, aiming to create a unified pricing standard across provinces [4]. - The inclusion of "AI-assisted diagnosis" as an expansion item in the pricing guidelines is anticipated to regulate the market and stimulate research and development in the industry [4]. Summary by Sections - **Policy Implementation**: The NHSA's guidelines are part of a broader initiative to reform medical service pricing, promoting a structured approach to pricing in pathology services [4]. - **Pricing Structure**: The guidelines specify that the pricing for pathology diagnosis includes costs associated with sample reception, interpretation, diagnosis, AI assistance, and report generation [4]. - **Digital Transformation**: The requirement for medical institutions to upload pathology reports and digital images is expected to drive the adoption of digital technologies and facilitate nationwide sharing of diagnostic results [4].

文字早评 2025/12/22 星期一 宏观金融类 股指 【行情资讯】 1、国家网信办会同证监会深入整治涉资本市场网上不实信息，编造传播资本市场虚假信息，扰乱市场 将受法律惩处； 2、国家医保局发布《病理类医疗服务价格项目立项指南（试行）》，明确将"人工智能辅助诊断"列 为病理诊断的扩展项，将人工智能辅助诊断纳入病理诊断价格项目的价格构成； 3、商务部：大力提振消费，扩大优质商品和服务供给，释放服务消费潜力； 4、我国科学家实现新一代光计算芯片研究新突破。 期指基差比例： IF 当月/下月/当季/隔季：0.08%/-0.35%/-0.90%/-1.97%； IC 当月/下月/当季/隔季：0.01%/-0.38%/-1.59%/-4.30%； IM 当月/下月/当季/隔季：0.07%/-0.60%/-2.57%/-5.84%； IH 当月/下月/当季/隔季：-0.01%/0.08%/0.07%/-0.23%。 【策略观点】 年底部分资金兑现收益，市场面临一定的不确定性。但从大方向看，政策支持资本市场的态度未变，中 长期仍是逢低做多的思路为主。 国债 【行情资讯】 行情方面：周五，TL 主力合约收于 112.66 ...

Investment Rating - The industry investment rating is "Outperform the Market" (预计6个月内，行业指数表现强于市场表现5%以上) [32] Core Insights - The National Healthcare Security Administration issued the "Guidelines for the Establishment of Pricing Projects for Pathological Medical Services (Trial)," which aims to systematically reshape existing pathological pricing projects, focusing on biopsy sampling, sample processing, slice replication, pathological staining, and diagnosis, establishing 28 pricing projects, 3 additional charges, and 2 expansion items. This refined pricing is expected to promote high-quality development in pathology and create new scenarios for the application of artificial intelligence-assisted technologies [4] - The guidelines will standardize the charging for digital pathological slices, solidifying the data foundation for large-scale applications of new scenarios. It includes "providing digital images of pathological slices" as an essential item for various pathological services, reflecting the costs of related resource consumption in pricing [4] - The guidelines also explore suitable forms to respond to the charging demands of artificial intelligence assistance, promoting the early application of AI in the pathology field by including "AI-assisted diagnosis" as an expansion item in the pricing structure [4] - The establishment of separate pricing projects for pathological diagnosis and sample testing emphasizes the value of technical services and supports precise medication guidance [4] Summary by Sections Investment Strategy - The report suggests focusing on innovative pharmaceutical companies with rich pipeline layouts, such as Heng Rui Medicine, BeiGene, and China National Pharmaceutical Group. It also highlights companies with significant single-product potential and price revaluation prospects, such as 3SBio, Kaineng Technology, and Qianhong Pharmaceutical. Additionally, it recommends companies leading in cutting-edge technology platform layouts, such as Dongcheng Pharmaceutical, Yuanda Pharmaceutical, and Kelun-Biotech [6] - In the CXO sector, it notes that R&D investment in pharmaceuticals is steadily increasing, and the innovation environment is expected to improve, suggesting attention to companies like WuXi AppTec, WuXi Biologics, and Boteng Co. [6] - For upstream companies, it indicates that quality enterprises are entering a harvest period with overseas layouts, recommending attention to Aopumai, Baipusais, and Baiyao [6] - In the medical device sector, it mentions that ongoing procurement will continue to advance, with equipment companies gradually digesting channel inventory, suggesting attention to Mindray Medical, United Imaging, and Kaili Medical [6] Industry News - The report highlights several key developments in the industry, including Takeda's TYK2 drug achieving positive results in Phase III studies, Baiyatai's anti-VEGF monoclonal antibody application for market approval, Sanofi's innovative therapy for hypertrophic cardiomyopathy receiving domestic approval, and Enhertu (Trastuzumab Deruxtecan) gaining FDA approval for a new indication [8][12][15][16]

（来源：新安晚报） 转自：新安晚报 国家医保局12月19日发布《病理类医疗服务价格项目立项指南（试行）》，明确将"人工智能辅助诊 断"列为病理诊断的扩展项，将人工智能辅助诊断纳入病理诊断价格项目的价格构成。 为推动人工智能在病理领域的应用，立项指南指导各地在定价时关注人工智能辅助诊断的相关资源投入 成本，在价格水平上进行整体调节和引导，为人工智能辅助诊断技术应用理顺收费路径。医疗机构可自 行决定是否选用人工智能辅助诊断技术、自行决定选用哪家企业的产品，具体收益分配由医疗机构与企 业自行协商确定。 临床检查中，影像、检验、病理是患者最常接触的三类检查方式。其中，病理被认为是医学诊断的"金 标准"，依托细胞病理、组织病理及分子病理等技术平台，通过对病变组织与细胞的精准分析，明确疾 病类型、肿瘤分型及关键基因突变，为临床诊疗方案的制定提供关键依据。 下一步，国家医保局将指导各省医保局参考此次立项指南，制定全省统一的价格基准，由具有价格管理 权限的统筹地区对照全省价格基准，上下浮动确定实际执行的价格水平。据新华社电 聚焦活检取样、样本处理、切片复制、病理染色、病理诊断等环节，立项指南将已有价格项目规范整合 为28项、 ...

新华社北京12月19日电（记者彭韵佳）国家医保局12月19日发布《病理类医疗服务价格项目立项指南 （试行）》，明确将"人工智能辅助诊断"列为病理诊断的扩展项，将人工智能辅助诊断纳入病理诊断价 格项目的价格构成。 ...

在秦巴山脉的崇山峻岭间，陕西省商洛市柞水县人民医院正经历一场深刻的数字化变革。近年来，乘着 苏陕协作的东风，特别是在江苏省医疗人才"组团式"帮扶模式的强力助推下，这家县级医院锐意创新， 将"互联网+医疗健康"理念深植于基层实践，打造出智慧医院建设的"柞水样板"，让优质医疗服务跨越 山海，普惠百姓。 苏陕协作为钥，开启互联网医院之门 "以前带娃看病，挂号、候诊折腾大半天，现在在家就能通过视频和医生面对面，太方便了！"柞水县居 民王女士的便捷体验，源于2024年10月正式上线的商洛市首家县级互联网医院。这所"云端医院"已集成 预约挂号、在线诊疗、预约体检等功能，覆盖儿科、内科等多科室，线上注册医护人员330人，服务用 户超2000人。 这一突破性进展的背后，是苏陕协作机制的坚实支撑与江苏省医疗人才"组团式"帮扶团队的智慧注入。 在苏陕"组团式"帮扶框架下，2022年12月签署《南京鼓楼医院与柞水县人民医院合作协议》，成为南京 鼓楼医院集团成员单位，得到技术成熟、运营经验丰富的南京鼓楼医院互联网医院团队的支持。来自江 苏的帮扶专家团队将后方医院的成功模式、管理经验与技术标准"带土移植"，全程参与规划、设计与培 训， ...