华源证券最新研报观点认为，中国医药生物行业已基本完成新旧动能转换，创新药显著打开增长新曲 线。创新产业规模逐步扩大，恒瑞医药、翰森制药等传统药企完成创新转型，百利天恒等公司以全球首 创姿态崛起；出海能力持续提升，中国药企成为跨国药企重要的创新来源，医疗设备和供应链在全球市 场崭露头角。 Wind数据显示，四季度以来，多家创新药企业迎来内外资机构的密集调研。其中，百济神州获得88家 公募和外资机构调研；泽璟制药获得36家公募和外资机构调研；迈威生物和微芯生物也获得10家以上公 募和外资机构调研。 规模方面，截至2025年11月21日，港股创新药ETF最新规模达241.02亿元。从资金净流入方面来看，港 股创新药ETF近6天获得连续资金净流入，最高单日获得5657.52万元净流入，合计"吸金"1.70亿元。 有机构认为，中国医药产业已迈入"创新兑现+全球布局"的关键阶段，人口与内需基数、全产业链制造 能力构成核心支撑，企业积极探索多元化的出海路径。展望2026年，可以重点关注创新商业化、全球化 突破、政策优化带来的新增量及行业并购整合的机遇。中信建投指出，医保谈判稳步推进，创新产品有 望惠及更多患者，2025年新 ...

近期，第76届AASLD年会召开，作为全球权威肝脏病学会议之一，我国创新药企在会上表现如何？展 望后市，创新药行业景气度会持续延续吗？（资料参考：证券日报《我国乙肝创新药物临床研究取得突 破性进展》，2025.11.10） 我国创新药企业在会上表现如何？ 1. 中国学者与团队整体表现突出 我国多个研究团队发表AASLD 2025大会报告，发布乙肝基础研究、临床诊治、新药研发、肝癌发病机 制、肝硬化、脂肪肝等肝病领域多方面最新研究成果。多位中国专家获得重要荣誉，年轻学者也屡 获"青年研究者"奖；国内多家医院的年轻医生积极参与学术交流，展现出中国肝病领域雄厚的人才储 备，中国肝病研究在国际舞台上的影响力正在不断提升。（资料参考：上海证券报《我国乙肝创新药物 研究获进展 多项研究成果亮相AASLD》，2025.11.10）；国际肝病《AASLD名家连线丨尤红教授：聚 焦乙肝指南革新、新药研发突破与中国学术力量——大会三大核心亮点》，2025.11.16） 创新药后续景气度如何？ 创新药领域再添重磅研究成果，产业后续景气度会持续吗？综合来看，创新药正受益于多个积极的行业 趋势： 一、出海热潮持续。创新药"出海"已成为 ...

Core Viewpoint - The A-share market is experiencing a rebound with strong performance in sectors like consumer goods, food and beverage, and oil, while sectors such as communication and electronics are under pressure. The "20CM New Species" Sci-Tech Innovation Drug ETF Huatai (589120) has seen a significant inflow of funds, accumulating over 190 million yuan in nine consecutive days, with a total scale exceeding 500 million yuan [1][3]. Group 1: Market Performance - The A-share market is showing a mixed trend, with certain sectors like consumer goods and food and beverage performing strongly, while others like communication and electronics are facing challenges [1]. - The "20CM New Species" Sci-Tech Innovation Drug ETF Huatai (589120) has risen over 1% amid this market fluctuation, indicating investor interest in innovative drug sectors [1]. Group 2: Fund Inflows and Performance - The Sci-Tech Innovation Drug ETF Huatai (589120) has attracted over 190 million yuan in funds over the past nine days, reflecting strong investor confidence in the innovative drug sector [1]. - The ETF's latest scale has surpassed 500 million yuan, showcasing its growing popularity among investors [1]. Group 3: Company-Specific Developments - BeiGene reported a 41% year-on-year increase in third-quarter revenue, reaching 1.41 billion USD, primarily driven by strong sales of its drug, Zebrutinib [3]. - Several component stocks of the ETF, such as Teva Biopharma and Zai Lab, have shown positive performance, with Teva Biopharma rising over 4% [3][4]. Group 4: Policy and Market Dynamics - The National Medical Insurance Administration is conducting negotiations for the medical insurance drug catalog, with 120 companies participating, indicating a significant policy shift aimed at enhancing drug accessibility [5][6]. - The introduction of a dual catalog negotiation system allows pharmaceutical companies more strategic options, potentially leading to better market access for innovative drugs [6][7]. Group 5: Future Outlook - The innovative drug sector is expected to continue thriving, supported by favorable policies and increasing international collaboration, with projections indicating substantial market growth by 2030 [8]. - The focus on innovative drugs, particularly in the context of the upcoming medical insurance negotiations, is likely to enhance the market landscape for these products [8].

Summary of Fosun Pharma's APAC Healthcare Corporate Day 2025 Company Overview - **Company**: Fosun Pharma (2196.HK) - **Industry**: Pharmaceuticals and Healthcare Key Points Industry and Market Dynamics - **VBP Impact**: The company noted ongoing impacts from the Volume-Based Procurement (VBP) policy on its generic drug portfolio, leading to a decline in total sales by **5.5% year-over-year** in Q3 [3] - **Sales Performance**: The pharmaceutical segment, which includes a large generic portfolio with sales exceeding **Rmb20 billion**, is facing further price cuts due to VBP renewal [3] Financial Performance - **Sales Figures**: Innovative products generated **Rmb6.7 billion** in sales, reflecting an **18% year-over-year** growth for the first nine months of 2025, partially offsetting the decline in generics [3] - **Device Business Recovery**: The device segment is showing signs of recovery, driven by increased demand for aesthetic equipment and flu vaccines [3] Growth Strategy - **CAGR Target**: The company aims for a **20% compound annual growth rate (CAGR)** for its innovative product sales from 2025 to 2027, supported by several key drivers [4] - **Biosimilars and New Products**: The growth strategy includes expanding its biosimilar portfolio and launching new products such as denosumab and pertuzumab, alongside overseas commercialization efforts [4] Research and Development - **R&D Investment**: Fosun Pharma has allocated approximately **Rmb6 billion** annually for R&D, with the majority focused on drug development, including biologics and innovative therapies [7] - **Efficiency in R&D**: The company has improved the efficiency of its R&D spending, with a focus on cutting duplicated projects based on clinical data [7] Risks and Valuation - **Price Target**: The 12-month price targets are set at **HK$27.35** and **Rmb37.63**, indicating potential upsides of **22.0%** and **33.3%** respectively [9] - **Key Risks**: Upside risks include better-than-expected sales from innovative drugs and aesthetic devices, while downside risks involve pricing pressures on generics and potential slower growth from Sinopharm [8] Additional Insights - **Asset Divestiture**: The company is considering divesting assets, although Gland Pharma is not currently prioritized for this strategy [2] - **Commercial Insurance**: Yescarta has been included in the commercial insurance drug list, which is expected to facilitate patient access [2] This summary encapsulates the critical insights from Fosun Pharma's recent corporate day, highlighting the company's strategic focus on innovation amidst regulatory challenges in the pharmaceutical landscape.

Investment Rating - The report maintains a "Buy" rating for several companies in the pharmaceutical sector, indicating a potential upside of over 15% in the next 12 months [30]. Core Insights - The MSCI China Healthcare Index has increased by 59.5% since early 2025, outperforming the MSCI China Index by 24.0%. However, the healthcare sector has recently experienced a 10% pullback, presenting opportunities in undervalued stocks [1]. - The report emphasizes the importance of overseas clinical advancements for authorized innovative drug pipelines, which are expected to be significant catalysts for stock price increases [3]. - The report highlights a recovery in domestic innovative drug research and development demand, driven by a resurgence in capital market financing and an increase in the scale of innovative drug transactions abroad [1][3]. Summary by Sections Industry Overview - The report suggests a more conservative investment approach, focusing on undervalued stocks within the pharmaceutical sector. It notes that the recent healthcare insurance negotiations and the implementation of the 11th batch of centralized procurement have led to reduced market attention [3]. - The report identifies key products to watch in the upcoming healthcare negotiations, including drugs from companies like 信达生物 and 康方生物, among others [3]. Company Recommendations - The report recommends buying shares in 三生制药, 固生堂, 巨子生物, 药明合联, 信达生物, and 中国生物制药, citing their strong potential for growth and favorable market conditions [3]. - Specific companies are highlighted for their promising clinical trial results and strategic partnerships, such as 三生制药's collaboration with Pfizer on global clinical trials [3]. Valuation Metrics - The report provides a valuation table for recommended companies, showing target prices and potential upside percentages. For example, 固生堂 has a target price of 48.28 with a 62% upside potential [2].

Core Viewpoint - Microchip Biotech (688321) has experienced a slight decline in stock price, closing at 30.41 yuan, down 1.49% from the previous week, with a current market capitalization of 12.401 billion yuan [1] Group 1: Clinical Research Updates - The Phase II clinical trial of Xioroni for pancreatic cancer has enrolled 42 patients, with a 6-month progression-free survival (PFS) rate of nearly 80%, showing better efficacy compared to historical chemotherapy results [3][9] - The sales of Sigleth sodium increased by 125.7% in the first half of 2025, with a year-on-year growth rate of 136.1% in the first three quarters, attributed to successful self-operated and commissioned sales models [4][9] - The Phase III clinical trial of Sidabamine for colorectal cancer has enrolled over 300 patients, leading the domestic competition in similar indications, with expectations to complete most patient enrollments by 2025 [7][9] Group 2: Company Announcements - Microchip Biotech plans to repurchase shares amounting to no less than 10 million yuan and no more than 15 million yuan, with a repurchase price not exceeding 47.46 yuan per share, within a 12-month period [10] - The company has completed GMP compliance checks for the third production line of Sigleth sodium and is advancing GMP certification for the new formulation line, with plans to add a production capacity of 1.2 billion tablets by 2027 [6][9] - The top ten shareholders include Boao Biological Group, holding 30,627,198 shares, representing 7.51% of the total shares [8]

Group 1 - The stock price of Renhe Pharmaceutical (000650) closed at 6.26 yuan on November 6, 2025, with no change in price, a turnover rate of 0.98%, a trading volume of 130,100 shares, and a transaction amount of 81.26 million yuan [1] - The company's classic formula, Er Dong Tang granules, did not participate in this year's medical insurance negotiations, as confirmed by the company secretary [2] - On November 6, there was a net outflow of 4.07 million yuan from main funds, indicating a cautious attitude from major investors [2] Group 2 - On the same day, there was a net inflow of 1.18 million yuan from speculative funds and a net inflow of 2.89 million yuan from retail investors [2]

Core Viewpoint - The company, Haichuang Pharmaceutical, has participated in the medical insurance negotiation for its product, Deutetrabenazine, which has passed the review for inclusion in the National Basic Medical Insurance Drug List by 2025 [1] Group 1 - The company confirmed its participation in the medical insurance negotiation process [1] - The outcome of the negotiation will be announced by the National Healthcare Security Administration [1]

Overall Situation - The pharmaceutical sector experienced a revenue decline of 2% and a net profit drop of 1% in the first three quarters of 2025, with a further decline in net profit of 3% in Q3 2025 [1][2] - The innovative drug segment showed strong revenue growth in Q3 2025, particularly in Bio-Pharma, CXO, and upstream sectors, while overall revenue growth has remained flat or slightly declining since Q1 2023 [1][3] Performance by Sub-Sectors - **Pharma**: Revenue decreased by 1% YoY in Q3 2025, with a significant drop in net profit by 13% [2] - **Bio-Tech**: Revenue surged by 61% YoY in Q3 2025, indicating strong performance despite a net profit decline of 32% [2] - **Bio-Pharma**: Revenue growth of 18% YoY in Q3 2025, with net profit increasing by 151% [2] - **CXO**: Revenue growth of 10% YoY in Q3 2025, with net profit up by 51% [2] - **Upstream**: Revenue increased by 13% YoY in Q3 2025, with net profit rising by 49% [2] - **Medical Devices**: Revenue grew by 11% YoY in Q3 2025, while net profit increased by 8% [2] - **IVD**: Revenue declined by 11% YoY in Q3 2025, with a net profit drop of 17% [2] - **High-value Consumables**: Revenue growth of 8% YoY in Q3 2025, with net profit up by 3% [2] - **Low-value Consumables**: Revenue decreased by 6% YoY in Q3 2025, with a net profit decline of 19% [2] Future Outlook - **Innovative Drugs**: Q3 2025 is expected to be the most challenging quarter for many Pharma companies, but upcoming clinical data releases and new drug approvals in 2026 are anticipated to drive revenue and profit growth [3] - **CXO**: The sector is expected to recover, with external demand for CDMO services improving and domestic CRO demand stabilizing [5] - **Upstream Research Services**: Revenue growth is expected to continue as industry demand accelerates [6][7] - **Medical Devices**: The sector is projected to see continued improvement in Q4 2025, with inventory levels returning to normal and potential growth in high-value products [8] Investment Insights - The focus is shifting back to the fundamentals of the innovative drug industry, with a need for tangible actions from multinational corporations (MNCs) to validate their partnerships [4] - Investment opportunities may arise from companies with strong collaborations with MNCs, as their clinical pipelines gain recognition and valuation [4] - A diversified index-based approach is recommended for participating in the pharmaceutical sector, with specific ETFs focusing on innovative drugs and medical devices [9][10]

Core Insights - The national medical insurance negotiation concluded with significant changes, including the introduction of an innovative drug directory and a new price negotiation mechanism involving both domestic and foreign pharmaceutical companies [1][15] - The negotiation focused on price reductions ranging from 15% to 50%, with a particular emphasis on CAR-T therapies, which are expected to have a limited number of entries in the innovative drug directory [1][3][15] Group 1: Innovative Drug Directory - The innovative drug directory negotiation was a first, allowing for a new pricing negotiation mechanism between pharmaceutical companies and commercial insurance [1][15] - The number of drugs entering the innovative drug directory is expected to be limited, with estimates suggesting around 20 drugs may be included [1][3] - CAR-T therapies are a focal point, with successful negotiations reported for some products, indicating a competitive landscape for pricing [3][4] Group 2: Pricing Strategies - Pharmaceutical companies are presented with options to report under different categories, influencing their pricing strategies and negotiation approaches [2][10] - The negotiation dynamics reveal a split in strategies, with some companies prioritizing market share through price reductions, while others aim to maintain premium pricing for innovative products [10][11] - The expected price reductions for CAR-T therapies are under scrutiny, with some companies indicating that achieving a reduction below 15% may be challenging [3][4] Group 3: Commercial Insurance Impact - The introduction of the innovative drug directory is seen as a potential game-changer for how CAR-T therapies are covered under commercial insurance, although the actual impact remains to be seen [5][15] - There is skepticism regarding the inclusion of rare disease drugs in the commercial insurance directory, as insurers are less inclined to cover high-cost, low-volume medications [14][15] - The overall goal of the negotiations is to establish a sustainable market-based payment mechanism for innovative drugs, leveraging both public and commercial insurance [15]