Investment Rating - The industry investment rating is maintained at "Overweight" [5] Core Insights - The management change at WuXi AppTec is seen as a strategic move to leverage the expertise of both commercial and technical leaders to navigate the evolving payment landscape for CAR-T therapies. The new CEO, Tian Feng, brings over 20 years of experience in oncology commercialization, while the new chairman, Dr. Liu Cheng, is a leading scientist in the CAR-T field [5][7] - The establishment of the first national commercial health insurance innovation drug directory marks a significant shift in China's multi-tiered payment system, providing new payment channels for high-cost therapies like CAR-T. This policy change indicates a transition in market focus from "technical validation" to "payment capability and market access" [7] - The management aims to capitalize on this policy window by enhancing collaborations with insurance companies and optimizing costs, such as reducing core material costs by over 90% through self-developed lentiviral vectors. This strategic adjustment signals a broader industry shift from research-driven to a dual focus on research and commercialization [7] Summary by Sections Recent Industry Performance - The industry has shown relative returns of -3.06% over the past month, -9.84% over the past three months, and -7.91% over the past year compared to the CSI 300 index. Absolute returns were 0.49% for the last month, -7.88% for the last three months, and 9.5% for the last year [3] Management Changes - WuXi AppTec announced significant changes in its core management team, appointing Tian Feng as the new CEO and Dr. Liu Cheng as the chairman. This change is crucial as the company seeks to enhance its market performance amid evolving industry challenges [5][7] Investment Recommendations - The report suggests focusing on companies within the A-share market that have a strong position in the cell therapy industry, such as WuXi AppTec, Fosun Pharma, and others, due to the anticipated opportunities arising from the breakthrough in CAR-T therapy payment bottlenecks [7]

中国创新药出海步入成果兑现阶段，2025年前三季度授权交易总额突破920亿美元，百利天恒、三生制 药、恒瑞医药等企业接连实现高额里程碑收款与战略合作 行业多项关键政策突破与落地，首版《商业健康保险创新药品目录》于12月正式发布，其构建的"基本 医保保基本，商保保创新"的多层次支付体系，为高值创新药开辟出市场新通路 ◎记者何昕怡张雪 巨额交易频频创纪录，不断刷新中国创新药的底色。5月，三生制药以12.5亿美元首付款向辉瑞授予自 研的PD-1/VEGF双特异性抗体SSGJ-707的全球独家开发、生产、商业化权利。紧接着，恒瑞医药与葛 兰素史克达成潜在总额高达120亿美元的战略合作协议，再次彰显跨国药企对中国创新药管线的高度认 可。 过去一年，创新药出海一路高歌猛进，离不开政策、资本、人才与模式创新的动能激荡。在上海市卫生 和健康发展研究中心主任金春林看来：全球药企面临"专利悬崖"压力，亟需新管线填补市场缺口；国内 政策大力支持生物医药产业，助力产业创新发展；资本涌入（如香港18A政策与科创板）提供了技术与 资金支撑；"NewCo"模式（由投资基金主导成立新公司，本土药企授权海外权益并获得股权）等创新交 易模式，实 ...

消息面上，近日，国家医保局、人力资源社会保障部公布《国家基本医疗保险、生育保险和工伤保险药 品目录（2025年）》和《商业健康保险创新药品目录（2025年）》，将于2026年1月1日起在全国范围内 正式实施。其中，医保目录新增114种药品，含50种一类创新药，总体成功率达88%，较2024年提升12 个百分点；首版商保创新药目录纳入19种药品，标志着"医保+商保"多层次医疗保障体系取得实质性突 破。 国家医保政策持续加码支持真正具备临床价值的创新药发展。万联证券指出，全国医疗保障工作会议明 确"真支持创新、支持真创新"的导向，累计新增纳入医保目录药品达949种，并首次制定《商业健康保 险创新药品目录》，纳入19种高价值创新药，旨在构建多层次支付体系。未来还将通过按病种付费改 革、特例单议评审机制和医保基金即时结算等举措，提升创新药可及性与企业回款效率，为源头创新提 供稳定的支付环境支撑。 此外，中国创新药对外授权（BD）交易持续活跃，已成为行业高质量发展的核心驱动力。江海证券指 出，2025年前三季度中国创新药通过BD出海的交易总额已突破920亿美元，累计达成103笔交易，显示 出国际制药巨头对中国研发成果的 ...

晨 会 纪 要 [2025]第 227 号 整理记录：贺钰偲 研究所今日晨会要点如下: 一、行业公司 1、医疗服务行业（蒋栋） 医药卫生事业稳定发展，老龄化下需考虑支付意愿 12 月 2 日，据国家卫生健康委网站消息，国家卫健委发布了《2024 年我国卫生健康事业 发展统计公报》。《公报》公布，我国人均预期寿命达到 79 岁，孕产妇死亡率下降到 14.3/10 万，婴儿死亡率下降至 4.0‰。一批创新性、普惠性、兜底性服务举措推出，卫生健康事 业得到了新发展，人民健康水平持续提升。总体来看我国医药卫生事业稳定发展，但有些 数据出现了明显的增速下降，甚至负增长值得关注：（1）医疗卫生费用占 GDP 比重同比 下降 0.3 个百分点。医疗卫生费用结构中政府支出下降较大，同比下降 6.4%，占总支出的 比例为 24.9%，下降 1.8 个百分点。（2）医院数量 38710 家，同比增长 0.9%，床位数 811.99 万张，同比增长 1.4%，创历史新低。（3）从诊疗需求来看，居民总诊疗人次 101.5 亿人 次，同比增长 6.2%，诊疗需求提升，符合老龄化下需求提升逻辑，但门诊人均费用 361.0 元，按当年价格 ...

Core Viewpoint - The initiation of the commercial insurance innovation drug directory adjustment by the National Medical Insurance Administration marks a significant step towards the practical implementation of commercial insurance innovation drug coverage, potentially leading to a revaluation of the healthcare industry [1][2] Group 1: Investment Opportunities - The healthcare industry is expected to experience a "Davis Double Hit," with a restructured valuation system due to the introduction of the commercial insurance innovation drug directory [1] - Three main investment themes are suggested: 1. Innovative drugs and medical devices, which are likely to benefit from increased payment amounts from commercial insurance [1] 2. Comprehensive service providers that enhance insurance companies' product design capabilities and negotiation power for medical products [1][2] 3. Differentiated medical terminals that could open up future growth opportunities and elevate valuation levels [1] Group 2: Market Growth Projections - From 2023 to 2030, the payment amount from commercial health insurance for innovative drugs and medical devices is projected to grow from 7.3 billion to 126.2 billion, with a compound annual growth rate (CAGR) of 50.3% [1] - The introduction of the commercial health insurance directory is expected to increase the usage rate of innovative drugs and medical devices in hospitals, thereby encouraging upstream innovation [1] Group 3: Comprehensive Service Providers - Comprehensive service providers are anticipated to benefit from the commercial insurance innovation drug directory by offering solutions such as clinical value analysis and marketing to insurance companies, as well as consulting and medical inquiry services to insurance clients [2] - Companies like Sipai Health (00314) and Shanghai Pharmaceuticals (601607) with its subsidiary Meixin Health are highlighted as potential beneficiaries [2] Group 4: Multi-layered Payment System - The expansion of commercial health insurance is expected to enhance China's multi-layered payment system, unlocking potential in diverse medical needs that were previously limited [2] - New payment sources are likely to emerge for medical terminals and pharmacies, creating future growth opportunities for medical service companies and the pharmacy sector [2]

Core Insights - The Chinese pharmaceutical terminal market is expected to decline by 2.9% in 2025, with hospital channels down 5.7% and retail pharmacies slightly down by 0.4% [1][2] - The industry is experiencing a significant transformation as it shifts from a "generic drug powerhouse" to an "innovation-driven" model, with 403 innovative drugs approved in the last five years [2][5] Market Challenges - The decline in market performance is attributed to a mismatch between payment structures and the pace of innovative supply, with an average price reduction of 60% in innovative drug negotiations [2][4] - The hospital market faces challenges from the optimization of drug usage structures, with a notable decrease in the share of generic and traditional Chinese medicines [4][5] Opportunities for Growth - Despite current challenges, the long-term outlook remains positive, driven by increasing health demands, optimized payment structures, and innovation in supply [5][6] - The aging population is projected to create a silver economy exceeding 10 trillion yuan by 2025, with healthcare consumption accounting for 35% and a compound annual growth rate of over 15% [6][7] Strategic Shifts - The industry is transitioning from passive growth to proactive evolution, with five structural changes identified: artificial intelligence, biotechnology, payment reform, the silver economy, and internationalization [5][7] - Retail pharmacies are encouraged to shift from merely selling drugs to providing comprehensive health solutions, leveraging AI to enhance their service offerings and consumer trust [6][7]