扫描二维码 立即订阅 彭博生物制药双周报 本期主题： 制药业2026年展望：美国疫苗行业压力料将加剧、商保开辟药企进 本文来自彭博终端，终端用户可运行NSN T7DVACKGZAJI 阅读原文。非终端用户可点击文末 "阅读原文" 预约演示。 全球市场版图日新月异，彭博行业研究（Bloomberg Intelligence）为您的企业战略助力。在 制药与生物技术领域，无论是全球行业资讯与热点，还是制药管线里程碑及催化剂事件、财务 预测…… BI涵盖广泛且深度的关键信息，旨在为您的决策提供可靠且具有竞争力的洞见支撑。 入中国新路径 数据来源：公司文件、彭博行业研究 特朗普推动净价大幅下降 （彭博行业研究）——考虑到当前美国政府短期内将与更多药企达成协议，投资者对美国药 品定价的担忧已经缓解（尽管仍会关注该问题），而疫苗将面临更加严格的政策审查。预计 汇率将在年初对葛兰素史克、诺和诺德、罗氏和赛诺菲构成拖累。 美国药价改革担忧减弱 2 0 2 5年大部分时间里，与当前美国政府各种美国药品定价提议有关的不确定性持续拖累制药 行业。这些提议包括关税、最惠国待遇、直达消费者模式（包括Tr umpRx平台）以及根据 《降低 ...

来源：深蓝观 作者：吴妮 GLP-1类药物的价格战，似乎比预想中来得更猛烈。 如今打开各大电商平台，搜索司美格鲁肽、替尔泊肽等GLP-1药物，"医保国谈降价""2折直降""历史最 低"等标签随处可见。这股突如其来的降价潮，让许多消费者也措手不及。小陈（化名）在12月17日在 某电商平台以2400余元购入替尔泊肽注射液（20mg），短短五天后却发现同款产品价格已降至899元， 差价巨大。 此番电商平台的降价，与医保谈判政策的推行同步。2025年国内医保谈判中，礼来的替尔泊肽与银诺的 依苏帕格鲁肽降糖适应症被纳入目录——尽管它们的减重适应症，与司美格鲁肽一样，仍未进入医保范 围，但这已足以在市场上释放出强烈的价格信号。 GLP-1药物的折价时代已然到来，利润空间也需要重新计算。这一局面，让刚刚获批以及即将获批的国 产GLP-1药物陷入定价上的被动。在进口产品大幅降价、守卫市场份额的氛围下，国产新药要面临更严 峻的考验。 –01– 降价狂欢：没有最低，只有更低 在这场降价狂欢中，首先药厂自身就抱有主动降价、抢占市场的意愿。一位业内人士指出："无论货权 在哪里，最终售价大多仍与药厂协商确定，药厂对其渠道体系内的客户一 ...

问：精神分裂长效制剂方面，如何看待来自国内其他微 球厂家的竞争？ 答：丽珠更看重未来整个中国精神分裂长效制剂市场渗 透率的提升和市场规模的增长。抗精分长效针剂是国际 精神分裂治疗指南推荐的一线治疗方案，抗精分长效针 剂在欧美地区的平均使用率达 25%-30%，而我国临床使 用率尚不足 1%。2025 年 9 月，中华医学会精神医学分 会组织推出了《中国精神分裂症防治指南（2025 版）》， 强调了精神分裂疾病长效治疗的重要性，同时肯定了丽 珠的阿立哌唑微球在精神分裂症治疗中的价值。随着新 版《指南》的推出，精神分裂长效制剂的医患认可度将 出现随之提升，长效制剂在中国的渗透率和市场规模也 将显著增长，丽珠的抗精神分裂长效制剂产品的销售也 将随之增加。 丽珠医药集团股份有限公司投资者关系活动记录表 编号：2025-14 |  | □分析师会议 特定对象调研 | | --- | --- | | 投资者关系活动类 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | 别 | □现场参观 | | | □其他 | | | 丽珠集团——董事会秘书 刘宁 | | 活动参与人员 | 丽珠集团——投资者关 ...

Core Viewpoint - Xuan Bamboo Biotech-B (2575.HK) experienced a significant stock price increase of 25.19% to HKD 96.9, reaching a market capitalization of over HKD 50 billion, following the announcement of its innovative drug Pyrrolisone (brand name: XuanYueNing®) being included in the National Basic Medical Insurance Drug List for 2025 [1] Group 1 - The stock price has surged 735.34% from its IPO price of HKD 11.6 since its listing on October 15, 2023 [1] - The inclusion of Pyrrolisone in the National Basic Medical Insurance Drug List is set to enhance affordability and accessibility for patients, positively impacting the drug's market promotion and sales growth [1] - The company plans to actively support the implementation of the insurance policy, expand core market access, and enhance patient medication accessibility [1]

Core Viewpoint - Xuan Zhu Bio-B (02575) saw its stock price rise over 5%, reaching a high of 71.9 HKD, approaching its historical peak of 72 HKD, following the inclusion of its innovative drug, Xuan Yue Ning, in the national basic medical insurance drug list [1] Group 1: Stock Performance - The stock price of Xuan Zhu Bio-B increased by 4.42%, trading at 70.8 HKD with a transaction volume of 22.02 million HKD [1] Group 2: Drug Approval and Market Impact - The inclusion of Xuan Yue Ning in the national basic medical insurance drug list is expected to enhance the affordability and accessibility of the drug for patients, thereby promoting its market sales and positively impacting the long-term operational development of Xuan Zhu Bio [1] - Pyridostatin tablets, a new type of CDK2/4/6 inhibitor, have shown strong efficacy in inhibiting tumor cell proliferation and were approved by the National Medical Products Administration of China for specific types of advanced or metastatic breast cancer patients in May 2025 [1] - The two approved indications for Pyridostatin tablets have been included in the 2025 national basic medical insurance directory, and an application for the first-line treatment indication in combination with aromatase inhibitors is currently under review [1]

机构：中信建投证券 研究员：贺菊颖/袁清慧/赵旭 核心观点 12 月7 日，国家医疗保障局发布了2025 年医保谈判结果，信达生物此次有6 款相关创新产品及1 款产品 新适应症成功纳入新版国家医保药品目录，涵盖肿瘤和心血管及代谢等社会负担较重的疾病领域，继续 提高患者的用药可及性和可负担性。 12 月8 日，信达生物在2025 年美国血液学会年会(ASH)上以口头报告形式首次公布其自主开发的抗 GPRC5D/BCMA/CD 3 三特异性抗体IBI3003 用于复发或难治性多发性骨髓瘤（R/R MM）患者的首次人 体试验的初步数据。IBI3003 展示出良好的耐受性和可控的安全性特征，尽管当前随访时间尚短， IBI3003 已经显现出令人鼓舞的初步疗效信号，特别在伴有髓外病变或既往接受抗BCMA 和GPRC5D 单 一或双重靶向治疗的高危患者中展现了积极的疗效。 未来可以关注：①IBI363（PD-1/IL2α）1L CRC POC、1L NSCLC POC数据读出，②IBI3002 （IL4/TSLP）哮喘适应症1 期数据读出，③IBI3001（EGFR/B7H3 ADC）实体瘤1 期数据读出， ④IBI30 ...

科创板公司共9款创新药首次纳入新版国家医保目录，另有多款代表性创新药实现成功续约或扩大适应 症，充分彰显了科创板创新药企的硬核实力与蓬勃生机。此外，科创板龙头药企百济神州有限公司(以 下简称"百济神州")的百赫安(通用名：注射用泽尼达妥单抗)、凯泽百(通用名：达妥昔单抗β注射液)2款 产品入选首版商保创新药目录，前沿产品获得了更广阔的支付路径，为产业高质量发展注入新动能。 前沿疗法加速惠及患者 在政策明确、路径清晰的有利环境下，科创板创新药公司的硬科技实力得以加速步入价值释放期，迎来 快速发展与成果收获。截至目前，科创板生物医药企业近九成已获批新药得到了医保支持。 科创板创新药公司上海君实生物医药科技股份有限公司(以下简称"君实生物")产品君适达(通用名：昂戈 瑞西单抗注射液)首次纳入医保目录，是新版国家医保目录中唯一用于他汀不耐受人群的国产PCSK9靶 点药物。 科创板创新药公司海创药业股份有限公司(以下简称"海创药业")自主研发的首款上市药物海纳安(通用 名：氘恩扎鲁胺软胶囊)于2025年5月底获批上市，用于治疗转移性去势抵抗性前列腺癌。海创药业表 示，该药物被纳入2025年医保目录将有利于后续市场推广， ...

Core Insights - The National Healthcare Security Administration (NHSA) has released the 2025 National Medical Insurance Drug List, adding 114 new drugs, including 50 innovative drugs of Class A, and 19 drugs included in the first commercial insurance innovative drug list [1][4] Summary by Sections New Drug Additions - The 2025 National Medical Insurance Drug List primarily adds chemical drugs, with a rapid increase in biological products and some traditional Chinese medicine [1] - Out of the 114 new drugs, 112 were included through negotiation and bidding, while 2 were directly included from national procurement [1] - A total of 111 new drugs were approved in the last five years, with the number of Class A innovative drugs reaching a historical high of 50 [1] Financial Impact - As of October 2023, the NHSA has paid over 460 billion yuan for drugs under agreement, benefiting over 1 billion patients and driving related sales exceeding 670 billion yuan [2] - Basic medical insurance covers approximately 44% of the costs for innovative drugs, while commercial insurance covers about 7% [2] Evaluation and Selection Criteria - The selection process for new drugs has seen a low pass rate during expert reviews, with only 127 out of 311 drugs passing to the negotiation table this year [2] - Some drugs were not favored due to "involutionary innovation," where the clinical value does not significantly improve compared to existing drugs [3][4] - To be included in the list, drugs must meet at least one of three criteria: filling clinical gaps, superior efficacy, or better cost-effectiveness [4] Commercial Insurance Innovations - The newly introduced commercial health insurance innovative drug list emphasizes drug innovation and clinical value, with 19 out of 141 submitted drugs successfully negotiated for inclusion [5] - The drugs in the commercial insurance list include 9 Class A new drugs, addressing gaps in basic medical insurance coverage [5] Future Directions - The NHSA plans to continue annual adjustments to the drug list to meet evolving clinical needs and incorporate advancements in medical technology [6] - The focus will be on supporting domestic and innovative drugs, enhancing collaboration between commercial insurance and innovative pharmaceutical companies [6]

中信建投证券指出，当前，创新药在医保谈判中取得显著进展，多款产品及新适应症成功纳入国家医保 目录，部分企业如信达生物、康方生物、科伦博泰等谈判成功率高，医保支付标准明确，有助于提升药 物可及性。同时，商保目录成为重要增量市场，推动创新药商业化进程。行业整体呈现创新药研发加 速、适应症拓展、国际化推进的态势。 12月10日，港股创新药延续调整，核心标的港股通创新药ETF（520880）水面下方震荡，场内价格一度 逼近7月以来低点。阶段破位之际，低吸资金闻风而动，520880溢价飙升，显示买盘尤为活跃。 未来，创新药有望在医保支持下将加速放量，尤其是针对高发、高未满足临床需求的肿瘤、自身免疫性 疾病等领域。出海模式持续升级，中国创新药管线的全球竞争力增强，新技术如双抗、靶向药物等推动 产品差异化。此外，政策持续鼓励创新药发展，为行业提供长期增长动力。 港股创新药自9月上旬开始进入阶段调整期，至今已调整近3个月，前期高位风险得以释放。把握港股创 新药低吸窗口期，认准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： 此前两日已有资金大举进 ...

Investment Rating - The report maintains a "Positive" investment rating for the pharmaceutical and biotechnology industry, indicating an expected return that is stronger than the market benchmark by over 5% [5]. Core Insights - The National Medical Insurance Administration is strongly encouraging the high-quality development of innovative drugs, with clear policies supporting the payment side for innovative drugs. Domestic leading innovative drug companies are entering a commercial realization phase [3][7]. - The 2025 National Medical Insurance Drug List includes 127 products, with 114 successfully added, of which 50 are innovative drugs, marking a historical high. The overall negotiation success rate reached 90%, the highest in nearly seven years [7]. - The report highlights that the domestic innovative drug market is becoming increasingly concentrated, with leading companies like Heng Rui and Xin Da Biotech significantly benefiting from the new insurance policies [7]. Summary by Sections Investment Recommendations and Targets - Recommended stocks include Heng Rui Pharmaceutical (600276, Buy), Ke Lun Pharmaceutical (002422, Buy), Xin Li Tai (002294, Hold), Ao Sai Kang (002755, Buy), Jing Xin Pharmaceutical (002020, Buy), and others [3]. Market Dynamics - The report notes that the introduction of the commercial insurance directory marks the beginning of a "new golden decade" for Chinese innovative drugs, with a focus on high clinical efficacy and value innovation [7]. - The report emphasizes that the competition in the GLP-1 market remains clear, with the entry of new drugs not significantly altering the competitive landscape for existing treatments [7].