12月2日，中国药品价格登记系统上线。国内外医药企业可根据发展需要，自主申报登记药品价格,并为 价格真实性负责。药品价格登记按照"一地受理、全国共享、全球公开"原则，采取社会化运营模式，由 北京市西城区国资企业负责运营，对外提供登记、查询等服务。 业内观点认为，该系统独立于省级医药采购平台，既为药企构建全球化、多元化的价格体系提供有力支 撑，显著提升企业市场化定价能力；也为行业搭建了适配创新发展的价格生态新载体，让药品价格与创 新价值、市场需求更精准对接。 创新是引领发展的第一动力。医药领域创新发展关系人民群众健康福祉，也关乎国家生物医药产业的全 球竞争力。党的二十届四中全会明确提出，要加快建设健康中国，支持创新药和医疗器械的发展，拓展 卫生健康等领域的合作新空间。 近年来，国家医保局旗帜鲜明地支持医药创新发展，2025年出台了《支持创新药高质量发展的若干措 施》，强调促进创新药全球市场发展。在此基础上，中国药品价格登记系统的上线，将有利于中国创新 药"走出去"，有利于吸引更多国外高质量新药进入中国市场，有利于构建全球化价格体系，促进创新药 全球市场发展。重塑药企定价策略 近年来，我国医药产业创新动能持续释放 ...

Core Insights - The innovative drug sector has shown remarkable performance this year, becoming one of the main driving forces behind market growth [1][17] - Recent overseas news related to innovative drugs has increased market volatility, prompting discussions on the true investment value and fundamental changes within the sector [1][17] Group 1: Driving Factors Behind Performance - The strong performance of the innovative drug sector is driven by favorable fundamentals, including robust policy support and rapid revenue growth in China's innovative drug industry [18] - The industry has accelerated its international development, with numerous product collaboration agreements with overseas multinational companies, leading to record-high transaction amounts [18][19] - The innovative drug sector's significant rise is attributed to a combination of fundamental breakthroughs, policy support, and valuation recovery [19] Group 2: Impact of Policy and Internationalization - The introduction of supportive policies, such as the measures from the National Healthcare Security Administration, has provided a solid foundation for the development of innovative drugs [19][22] - The competitive landscape of the innovative drug industry is being reshaped by overseas licensing and policy support, leading to a shift from homogeneous imitation to differentiated innovation [21][22] - The establishment of a "Class B drug directory" has resolved payment bottlenecks, ensuring payment channels for over 100 innovative drugs and creating a multi-channel payment system [22] Group 3: Stock Selection Strategies - Investment strategies focus on companies with significant growth potential, high industry prosperity, and strong management integrity [23] - Continuous tracking of key pipelines and entering positions when companies are undervalued is emphasized to capitalize on market recognition [23] - A balanced portfolio approach is recommended, combining long-term growth companies with those that have potential for short-term gains [23] Group 4: Future Market Outlook - The innovative drug sector is currently in the early stages of a rebound, with significant growth potential as the market for innovative drugs in China is still underdeveloped compared to developed countries [25] - The sector is expected to transition from a phase of broad increases to a performance-driven structural market, focusing on data and earnings rather than mere expectations [26] - Emerging fields such as innovative medical devices and life sciences are also seen as promising areas for investment [27]

Market Overview - The Shanghai Composite Index rose by 0.12% to close at 3597.94 points, with a daily high of 3606.27 points [1] - The Shenzhen Component Index increased by 0.44% to close at 11217.58 points, reaching a high of 11226.18 points [1] - The ChiNext Index saw a rise of 0.96%, closing at 2362.6 points, with a peak of 2366.51 points [1] ETF Market Performance - The median return for stock ETFs was 0.27%, with the highest return from the Huaxia SSE Sci-Tech Innovation Board 200 ETF at 1.89% [2] - The top-performing industry ETF was the Huaxia SSE Medical Health ETF, yielding 2.74% [2] - The best-performing thematic ETF was the Tibet Dongcai CSI Hong Kong-Shanghai Innovation Drug Industry ETF, which achieved a return of 4.1% [2] ETF Gain and Loss Rankings - The top three ETFs by gain were: - Tibet Dongcai CSI Hong Kong-Shanghai Innovation Drug Industry ETF (4.1%) - Tianhong Hang Seng Hong Kong-Shanghai Innovative Drug Selected 50 ETF (3.95%) - Huatai-PB CSI Hong Kong-Shanghai Innovation Drug Industry ETF (3.56%) [5] - The top three ETFs by loss were: - Harvest SSE Sci-Tech Innovation Board Comprehensive ETF (-14.01%) - Guotai CSI Coal ETF (-2.87%) - GF CSI All-Index Energy ETF (-2.57%) [6] ETF Fund Flow - The top three ETFs by fund inflow were: - Huaxia SSE Sci-Tech Innovation Board 50 Component ETF (inflow of 883 million yuan) - Harvest SSE Sci-Tech Innovation Board Chip ETF (inflow of 653 million yuan) - Penghua CSI Wine ETF (inflow of 295 million yuan) [8] - The top three ETFs by fund outflow were: - Huaxia SSE 50 ETF (outflow of 883 million yuan) - Huatai-PB CSI 300 ETF (outflow of 855 million yuan) - Southern CSI 500 ETF (outflow of 704 million yuan) [9] ETF Margin Trading Overview - The top three ETFs by margin buying were: - Huaxia SSE Sci-Tech Innovation Board 50 Component ETF (906 million yuan) - Guotai CSI All-Index Securities Company ETF (324 million yuan) - Guolian An CSI All-Index Semiconductor Products and Equipment ETF (290 million yuan) [11] - The top three ETFs by margin selling were: - Southern CSI 500 ETF (127 million yuan) - Southern CSI 1000 ETF (106 million yuan) - Huatai-PB CSI 300 ETF (21.7 million yuan) [13] Institutional Insights - CITIC Securities noted that China's innovative drug assets are gaining global recognition, with increasing business development (BD) authorization amounts and numbers, indicating a valuation recovery in the innovative drug sector [14] - Jianghai Securities emphasized the long-term investment value of innovative drug companies with rich R&D pipelines, suggesting a focus on companies with deep technical accumulation and extensive pipeline layouts [14]