01 12月15日，A股市场调整，卫星ETF领涨，港股创新药相关ETF回调。今天共有8只ETF成交额超百亿元，包 括香港证券ETF、A500ETF华泰柏瑞以及多只债券型ETF。 02 前一个交易日（12月12日），多只宽基ETF获资金净流入额较多。其中，多只跟踪中证A500指数的ETF尤其 受到资金青睐。 03 机构认为，中长期看，在政策的引领与产业周期的共振下，市场基本面有望继续巩固，资金的积极变化进 一步汇聚。此外，进入年底居民存款增加较多，居民配置权益基金的概率有望加大。12月有望形成各路增 量资金的共振，市场有望震荡上行。 卫星主题ETF领涨 12月15日，卫星主题ETF领涨，多只ETF涨超2%。航空航天ETF、证券保险ETF、养殖ETF等也涨幅居前。 此外，黄金主题ETF今天批量上涨，多只黄金主题ETF涨幅超1%。 | 代码 | | (%) | 近一个月涨幅 (%) | | --- | --- | --- | --- | | 159206 | 卫星ETF | 2.60 | 18.61 | | 563380 | 航空航天ETF | 2.47 | 4.32 | | 563230 | 卫星ETF | 2. ...

Core Viewpoint - Multiple pharmaceutical companies have announced positive developments, indicating a growing momentum in the industry and potential investment opportunities. Company Announcements - Jiuan Medical announced that its U.S. subsidiary received pre-market notifications from the FDA for several home and professional testing kits for influenza A, influenza B, COVID-19, and RSV, enhancing its product line in the IVD sector [2][3]. - Junshi Biosciences reported that its dual-specificity antibody-drug conjugate (JS212) for treating advanced solid tumors received FDA approval for clinical trials, marking a significant step in its oncology pipeline [4]. - Innovent Biologics disclosed that its BTK inhibitor, Orelabrutinib, achieved primary endpoints in a Phase IIb study for systemic lupus erythematosus and has been approved to proceed to Phase III trials, positioning it as a potential first-in-class treatment [4]. - Yipinhong announced that its Qinxing Qingjie oral solution has been approved as a national secondary protected traditional Chinese medicine, which will enhance its market competitiveness in pediatric medicine [5]. Industry Insights - The Chinese innovative drug industry is expected to experience rapid growth, with over $92 billion in outbound business development transactions in the first three quarters of 2025, indicating a significant expansion into the global market [6]. - The first commercial health insurance drug directory has been released, highlighting the competitive landscape for new drugs, with only 19 out of 121 new drugs passing the review, emphasizing the importance of clinical efficacy and innovation [7]. - The inclusion of innovative drugs in both medical insurance and commercial insurance is anticipated to lead to rapid revenue growth for these products, benefiting patients and driving growth for related pharmaceutical companies [7].

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].

Core Insights - The new national basic medical insurance directory has included 114 new drugs, covering various fields such as oncology, anti-infection, and chronic diseases [3][4] - The introduction of the commercial health insurance innovative drug directory aims to address the payment challenges of high-priced innovative drugs, marking a significant development in the healthcare sector [6][10] Group 1: New Drug Inclusion - The new drugs added to the medical insurance directory include significant innovations such as GLP-1 diabetes medication Tirzepatide and long-acting growth hormone product Ipeglutide [3][4] - Notable drugs include the anti-allergy drug Dupilumab and the new flu medication Maribavir, which have also been accepted into the insurance coverage [3] Group 2: Pricing and Discounts - Although the average price reduction was not disclosed, it is estimated to be similar to previous years' reductions of 50%-60%, with some drugs like Ipeglutide seeing a price drop of nearly 50% [5] - The commercial health insurance directory includes 19 products with price reductions ranging from 15% to 50%, slightly higher than the industry expectation of a 30% cap [6][7] Group 3: Commercial Health Insurance Directory - The commercial health insurance directory has strict entry requirements, focusing on high innovation, significant clinical value, and the inability to be replaced by the basic medical insurance directory [7] - CAR-T therapies, which have been historically expensive, now have a national reimbursement pathway, allowing for more streamlined negotiations for pharmaceutical companies [8][11] Group 4: Implications for Pharmaceutical Companies - The inclusion of drugs in the commercial health insurance directory allows pharmaceutical companies to negotiate discounts directly with insurers, potentially reducing their costs significantly [10][11] - The directory's establishment is seen as a critical step for CAR-T companies to improve their market access and sales volume [11][12] Group 5: Future Outlook - The commercial health insurance directory is expected to enhance the service capabilities of existing health insurance products, such as "Hui Min Bao," and improve patient experiences [15][16] - Recent initiatives in various provinces indicate a trend towards integrating the commercial health insurance directory with local health insurance systems, enhancing coverage for innovative drugs [16]

今年的医保目录， 纳入了多款"重磅新药"。 文 ｜ 胡香赟 编辑 ｜ 海若镜 封面来源 ｜ pixabay 今年的医保目录，纳入了多款"重磅新药"。 12月9日上午，国家医保局在北京召开沟通会，对两天前在广州"2025创新药高质量发展大会"公布的新版国家基本医保目录，及首个《商业健康保险创新药 品目录》（"商保目录"）名单，进行了详细解读。 国家医保局方面在沟通会上提到，今年医保目录新增药物114个，覆盖肿瘤、抗感染、慢病等诸多领域。 其中，包括慢病领域集中"更新换代"的新品：GLP-1降糖/减重药替尔泊肽；半年打一针的降脂药英克司兰钠；治疗痛风"富贵病"的多替诺雷片均被纳入。另 外，"过敏救星"司普奇拜单抗、国产流感新药玛舒拉沙韦片、长效生长激素产品怡培生长激素等也纷纷被医保接收。 本次，商保目录共纳入19款产品，包括5款售价百万元、被网友称为"抗癌针"的CAR-T疗法，2款新型阿尔茨海默病药物和多款治疗肿瘤及罕见病的药物。其 中罕见病药物在目录中占比接近1/3。 36氪获悉，19款产品的"降幅"在15%-50%不等（5%为一档，视产品特性而定），略高于行业此前预期的30%以内的降幅区间，但整体低于往年医保 ...

Core Viewpoint - The release of the 2025 version of the basic medical insurance directory and the first commercial insurance directory is expected to support innovation in the CXO industry, leading to a potential performance recovery in the second half of the year [1] Summary by Categories Industry Outlook - The report indicates that several companies' core innovative products have been included in the medical insurance directory [1] - Despite ongoing pressures on medical insurance revenue due to macroeconomic conditions and aging populations, attention is drawn to the renewal of national centralized procurement [1] Commercial Insurance - The initial commercial insurance directory is expected to have limited short-term impact on product sales due to the small scale of commercial insurance [1] - However, the significance of the commercial insurance directory is highlighted as it may pave the way for the expansion of commercial medical insurance in China, marking the beginning of a diversified payment system development [1] Company Recommendations - The report recommends buying shares in the following companies: - Sanofi (01530) - Genscript Biotech (02273) - WuXi AppTec (02268) - Genor Biopharma (02367) - Innovent Biologics (01801) - China Biologic Products (01177) [1]

Summary of Conference Call on Commercial Health Insurance and Innovative Drugs Industry Overview - The conference focused on the commercial health insurance (CHI) sector in China, particularly its integration with the national medical insurance system and the implications for innovative drug companies [1][2]. Key Points and Arguments Integration of Commercial Health Insurance and National Medical Insurance - The National Healthcare Security Administration (NHSA) has led the establishment of a commercial insurance directory, addressing fragmentation in the commercial insurance industry and enhancing the importance of pharmaceutical companies and their products [1][3]. - The commercial health insurance directory aims to provide a platform for innovative drugs, similar to centralized procurement but with a greater emphasis on clinical and economic evaluations rather than just fund calculations [2][4]. Innovative Drug Coverage and Payment Models - Commercial health insurance is adapting to high treatment costs, such as CAR-T therapy, by implementing partial reimbursement and pay-for-performance models to alleviate patient financial burdens [1][5]. - The NHSA's increasing payment for innovative drugs is projected to reach approximately CNY 200 billion by 2024, yet the share of commercial insurance remains low, around CNY 12.5 billion [7][10]. Market Dynamics and Challenges - The high-end medical insurance market in China is currently underdeveloped, with a total market size of less than CNY 10 billion, primarily due to economic factors and the limited purchasing power of potential customers [8][9]. - The commercial health insurance sector is expected to see significant growth, with projections indicating that by 2030, health insurance investments could reach CNY 25 trillion, with CNY 500 billion allocated for innovative drugs, increasing the reimbursement share from 1/16 to 1/4 [10][11]. Future Trends and Opportunities - The future growth of commercial health insurance is anticipated to focus on mid-tier medical insurance, particularly for patients with pre-existing conditions, which can fill gaps in the current healthcare system [13][19]. - The integration of commercial insurance with national healthcare is expected to facilitate a one-stop settlement model, enhancing patient access to innovative treatments and improving overall healthcare service quality [11][27]. Characteristics of Newly Added Drugs - The drugs included in the commercial insurance directory this year are characterized by small market sizes, high costs, and uncertain efficacy, which allows for real-world studies to support future inclusion in the national insurance system [20][21]. Operational Changes in Insurance Companies - Future operational changes in commercial insurance companies may include direct settlement models, where patients do not need to pay upfront, and a focus on different customer segments through business separation [25][27]. Additional Important Insights - The average reimbursement rate for million medical insurance is around 40%, indicating a significant portion of funds is allocated to operational costs rather than patient payouts [18]. - The commercial health insurance market in China has substantial growth potential, with current insurance density and depth significantly lower than OECD averages, suggesting room for expansion [16][17]. This summary encapsulates the critical insights from the conference call, highlighting the evolving landscape of commercial health insurance in China and its implications for innovative drug companies.

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **pharmaceutical industry** in China, focusing on upcoming policies and their implications for innovation and market dynamics. Core Insights and Arguments 1. **Introduction of Class B Directory**: The anticipated launch of the Class B directory or commercial insurance directory in the second half of 2025 is expected to shift the focus of national policy towards efficiency, benefiting innovative drug pricing and commercial insurance development [1][3][5]. 2. **Optimized National Procurement Policy**: An optimized national procurement policy is being formulated, with expectations that the 11th batch of procurement rules will be more favorable than the 10th batch, indicating a positive trend in domestic pharmaceutical policies [1][6][7]. 3. **Impact of Class B Directory on Innovative Drugs**: The Class B directory is crucial for the innovative drug sector as it allows for higher demand satisfaction through commercial insurance, facilitating market access and pricing for innovative drugs [1][5]. 4. **Medicare Negotiations**: Ongoing Medicare negotiations for 2025 are expected to follow similar timelines as previous years, with some drug prices potentially exceeding expectations, particularly for major products [1][9]. 5. **Support for Innovative Drug Development**: The government is implementing various policies to support innovative drug development, including reducing review and approval times to 30 days, reflecting an increased focus on the pharmaceutical industry [1][10]. 6. **International Market Expansion**: Domestic companies are increasingly supported in their international market expansion efforts, with policies aimed at promoting the export of high-quality products to regions like Southeast Asia and Europe [1][11][12]. Additional Important Content 1. **Changes in Basic Drug Directory Importance**: The importance of the basic drug directory is diminishing due to annual updates in the Medicare directory and the existence of procurement varieties, making the medical alliance drug directory more significant for hospital access [1][4][13]. 2. **DRG Policy Impact**: The DRG policy, which was fully implemented in 2024, has had a significant impact on the pharmaceutical industry, with adjustments expected to make its effects more manageable by 2025 [1][14][15]. 3. **Regional Variations in Healthcare Reform**: The implementation of the Sanming healthcare reform varies by region, with larger cities adapting the model to fit local needs rather than following it strictly [1][16]. 4. **Drug Lifecycle Pricing Management**: There are expectations for progress in drug lifecycle pricing management policies, with potential actions anticipated in the second half of 2025 [1][17]. 5. **Tariff Implications on Exports and Imports**: Current tariff discussions, particularly regarding the U.S., may not significantly impact China's pharmaceutical exports, while imports remain unaffected due to low tariffs [1][18][19].

Group 1 - The core viewpoint of the article emphasizes the importance of the "Medical and Health Strong Foundation Project" and the "Commercial Health Insurance Innovative Drug Catalog" to enhance the accessibility and quality of healthcare services for the public [1][2] - The "Medical and Health Strong Foundation Project" aims to address the shortcomings of grassroots medical services, ensuring that citizens can access fair, systematic, and high-quality healthcare services nearby [1][2] - The document highlights the need for resource sharing among medical institutions to optimize the use of limited resources and avoid redundancy in healthcare infrastructure [3][4] Group 2 - The Commercial Health Insurance Innovative Drug Catalog is expected to meet diverse medical insurance needs and significantly address the payment challenges for innovative drugs, thereby promoting their development [2][6] - As of the end of 2024, the innovative drug market in China is projected to reach a sales scale of 162 billion yuan, with medical insurance covering approximately 44%, personal cash payments at 49%, and commercial health insurance at only 7.7% [6][8] - The establishment of a multi-level drug catalog system is crucial for commercial health insurance, allowing for a broader range of drug coverage compared to basic medical insurance [7][8] Group 3 - The article discusses the role of medical communities and networks in the strong foundation project, with over 18,000 medical alliances established nationwide by the end of 2023 [4][5] - The government aims for over 90% of county-level medical communities to meet tight-knit standards by the end of 2027, emphasizing the need for high-level medical talent to support grassroots healthcare [5][8] - The document also stresses the importance of developing a remote medical service network and promoting a "distributed examination, centralized diagnosis" model to enhance service capabilities at the grassroots level [5][8]