Investment Rating - The industry investment rating is "Overweight (Maintain)" [5] Core Viewpoints - The release of the first version of the commercial health insurance innovative drug directory marks a significant reform in China's pharmaceutical payment system, providing a clear commercial outlook for high-value innovative drugs [5][8] - The directory includes 19 drugs, focusing on key areas such as oncology, rare diseases, and Alzheimer's disease, which will enhance the accessibility and market penetration of these products [5][8] - The policy direction clearly supports "true innovation," with a low selection rate of approximately 15.7%, highlighting the recognition of differentiated innovative products with significant clinical advantages [8] Summary by Sections Recent Industry Performance - The industry has shown relative returns of -1.43% over the past month, -11.86% over the past three months, and -7.77% over the past year compared to the CSI 300 index [3] Key Events - The release of the dual directories on December 7, 2025, by the National Healthcare Security Administration and the Ministry of Human Resources and Social Security is a pivotal moment for the pharmaceutical industry [5][8] Investment Highlights - The breakthrough in payment bottlenecks directly benefits high-value innovative drugs, such as CAR-T therapies, by significantly reducing patient out-of-pocket expenses through commercial insurance reimbursement [8] - The opening of the payment side not only benefits pharmaceutical companies but also stimulates product innovation demand in commercial health insurance and drives research and production service needs in cutting-edge fields like cell and gene therapy [8] - Recommended companies include those with significant products included in the new national medical insurance directory or the commercial health insurance innovative drug directory, as well as leading biotech firms in the CAR-T field [8]