2025 年 12 月 11 日 晨会速递 分析师点评 市场数据 总量研究 【宏观】CPI 涨势能否延续？——2025 年 11 月价格数据点评 11 月 CPI 同比涨幅扩大，主因低基数效应下，鲜菜价格超季节性上涨；核心 CPI 同 比增速走平，其中金价上涨影响继续扩大，但"以旧换新"对耐用品价格支撑减弱， 节后出行需求回落导致服务价格涨势放缓。PPI 环比继续上涨，但受上年基数影响， 同比降幅略有扩大。结构来看，上游煤炭和有色价格领涨，中游设备制造价格有所好 转，下游消费制造价格企稳，"反内卷"效果持续显现。 行业研究 【医药】医保和商保目录并轨，扩容与提质并重，支持创新药高质量发展——2025 年版医保目录调整政策点评(增持) | | A 股市场 | | | --- | --- | --- | | | 收盘 | 涨跌% | | 上证综指 | 3900.5 | -0.23 | | 沪深 300 | 4591.83 | -0.14 | | 深证成指 | 13316.42 | 0.29 | | 中小板指 | 8030.8 | 0.31 | | 创业板指 | 3209 | -0.02 | | | 股指期货 | ...

Core Viewpoint - The article discusses the recent updates to the National Medical Insurance and Commercial Health Insurance drug directories, highlighting the successful negotiations and the inclusion of innovative drugs, which aim to enhance the healthcare system in China [4][5]. Group 1: Drug Directory Updates - The total number of drugs in the basic medical insurance directory increased from 3,159 to 3,253, with 1,857 Western medicines and 1,396 traditional Chinese medicines included [5]. - A total of 127 drugs outside the directory participated in negotiations, with 112 successfully negotiated, achieving a success rate of 88%, the highest in seven years [5]. - The newly added drugs primarily target cancer, infections, chronic diseases, and rare diseases, indicating a focus on critical therapeutic areas [5]. Group 2: Commercial Health Insurance Directory - The first version of the commercial health insurance directory included 24 drugs for price negotiations, with 19 successfully included, resulting in a success rate of 79% [5]. - Among the included drugs, 9 are classified as first-class new drugs, addressing significant clinical needs such as Alzheimer's disease and multiple myeloma [5]. - The directory aims to bridge the gap between basic medical insurance and commercial health insurance, focusing on high-value drugs not covered by basic insurance [8]. Group 3: Negotiation and Renewal Rates - The recent adjustments added 114 new drugs while removing 29 drugs that were either replaced or not in production, with 111 being newly listed within five years [6]. - The renewal rate for drugs already in the directory reached 75%, indicating strong support for existing treatments [6]. - The overall approval rate for drugs undergoing formal review was 41.48%, reflecting a stringent evaluation process [6]. Group 4: Policy Support for Innovation - The dual-directory system is designed to support "true innovation" and "differentiated innovation" in the pharmaceutical sector [7]. - Measures introduced in June 2025 aim to enhance support for innovative drug development and encourage their inclusion in both insurance directories [7][8]. - The commercial health insurance directory complements the basic insurance directory by focusing on high-value drugs with significant clinical benefits [8].