Investment Rating - The industry maintains a "Neutral" rating, and the specific company, 恒瑞医药 (Hengrui Medicine), is rated as "Buy" [53] Core Insights - The sixth batch of centralized procurement for high-value medical consumables has been officially launched, covering drug-coated balloon products and urological intervention consumables [7][8] - The first domestically produced anti-CTLA-4 monoclonal antibody, 达伯欣® (Dabaoxin), has received approval from the National Medical Products Administration (NMPA) for marketing [8] - A weight-loss version of 司美格鲁肽 (Semaglutide) has gained approval for cardiovascular indications in China [9] - The SW pharmaceutical industry index has shown a 1.43% increase, with most sub-sectors experiencing growth [41] - The industry’s price-to-earnings ratio (TTM) is reported at 50.75 times, with a valuation premium of 259% relative to the Shanghai and Shenzhen 300 index [47] Industry News - The National Medical Insurance Administration has released a new drug catalog, which is expected to enhance the market potential for related pharmaceutical companies [52] - The recent approval of various drugs and clinical trials indicates a robust pipeline for innovative treatments in the industry [25][27][29][30][31][32][35] Company Announcements - Several companies, including 丽珠集团 (Lizhu Group) and 艾力斯 (Eli Lilly), have received approvals for new drug applications and clinical trials, indicating ongoing innovation and development in the sector [25][26][27][29][30] - 恒瑞医药 has been included in the list of breakthrough therapy products, highlighting its significant advancements in drug development [27] Market Review - The overall market has shown positive trends, with the Shanghai Composite Index rising by 2.15% and the Shenzhen Component Index increasing by 3.66% during the week [41] - The pharmaceutical sector's performance reflects a general upward trend, with specific sub-sectors like chemical pharmaceuticals and medical services leading the gains [41] Weekly Strategy - The report suggests focusing on pharmaceutical companies that have products entering the medical insurance catalog, as this could lead to increased market volume and investment opportunities [52]

【隔夜行情】 •周二（2025年12月23日），A股市场三大指数集体收涨，截至收盘，沪指报3919.98点，涨0.07%；深证 成指报13368.99点，涨0.27%；创业板指报3205.01点，涨0.41%。总体来看，个股跌多涨少，下跌个股 超3800只。沪深两市全天成交额1.90万亿元，较上个交易日放量379亿元。 •周二（2025年12月23日），港股三大指数盘中集体翻绿。截止收盘，恒生指数跌0.11%或27.63点，报 25774.14点，全日成交额为1571.31亿港元；恒生国企指数跌0.29%，报8913.83点；恒生科技指数跌 0.69%，报5488.89点。 •周二（当地时间2025年12月23日），美股三大指数涨跌不一，截至收盘，道琼斯指数涨0.61%，报 47716.42点；标普500指数涨0.54%，报6849.09点；纳斯达克综合指数涨0.65%，报23365.69点。 【今日新股】 今日1只新股上市，无新股申购。 新股上市： 健信超导，科创板证券代码688805，发行价格18.58元/股，发行市盈率61.97倍；公司是全球医用磁共振 成像（MRI）设备核心部件领域的领军企业，主要从事 ...

要闻速递 1、商务部新闻发言人就美针对无人机领域增列"不可信供应商清单"事答记者问 商务部新闻发言人就美针对无人机领域增列"不可信供应商清单"事答记者问。有记者问：近日，美国联邦通信委员会 （FCC）发布公告，宣布将所有外国生产的无人机系统及其关键零部件等列入"不可信供应商清单"（Covered List），请问 中方对此有何回应？答：美方以所谓"国家安全"为由，将所有外国生产的无人机系统及其关键零部件等列入"不可信供应商 清单"，中方对此坚决反对。近年来，美方不顾中美两国企业开展正常商业交易和贸易往来，不顾中美两国业界的强烈呼 声，一再泛化国家安全概念，动用国家力量打击包括中国企业在内的他国企业，这是典型的市场扭曲和单边霸凌做法。中 方敦促美方停止错误做法，立即撤销有关措施。若美方继续一意孤行，中方将坚决采取必要措施，坚定维护中国企业的正 当权益。 2、第六批国家高价值耗材集采启动 引入多重机制防止恶意低价 新一批国家组织高值医用耗材集采正式启动，将对药物涂层球囊类、泌尿介入类医用耗材进行集采，于2026年1月13日开 标。这也是第六批高值医用耗材国家集采。与前五轮高值医用耗材的集中采购不同，此轮集采有两个 ...

今年以来新成立股票型基金份额突破4000亿份 Wind数据显示，截至12月22日，今年以来已有1469只新基金成立（仅统计初始份额），发行数量创 2022年以来的新高，合计发行份额达11358.88亿份。股票型基金成为基金公司今年布局的重点，尤其是 被动指数类产品。2024年，债券型基金发行份额占比为70.19%，而今年这一数据大幅下降至41.21%； 股票型基金发行份额占比从21.14%显著上升至35.98%。值得注意的是，今年以来股票型基金新发规模 超过4000亿份，超越2021年创下的历史纪录。（中证金牛座） 深圳多家银行经营贷最低利率回升至2.35% 记者从深圳多家银行了解到，目前深圳市场房抵经营贷利率最低均已为2.35%（年化）起。此前部分银 行的房抵经营贷利率曾一度低至2.2%，但据记者了解，这些银行的定价也已回升至2.35%。一家银行相 关业务部门负责人表示，"目前年化2.35%为深圳经营贷最低利率水平"。上述人士进一步表示，此前行 业曾出现过利率更低情况，但已被叫停。（智通财经） 金饰克价首破1400元 国际金价延续连日来的涨势。受此带动，以人民币计价的黄金价格再创新高。12月23日，有品牌足 ...

强于大市 |维持 行业基本情况 | 收盘点位 | | 8269.04 | | --- | --- | --- | | 52 | 周最高 | 9323.49 | | 52 | 周最低 | 6764.34 | 证券研究报告：医药生物|点评报告 行业投资评级 分析师:盛丽华 SAC 登记编号:S1340525060001 Email:shenglihua@cnpsec.com 分析师:陈峻 SAC 登记编号:S1340525110002 Email:chenjun@cnpsec.com 近期研究报告 《STAT6 PROTAC 1b 期数据媲美 Dupi， 重视自免口服市场掘金潜力》 - 2025.12.15 第六批高值医用耗材国家集采工作正式启动，头部 国产企业有望凭借集采中选获得更多市场份额 行业相对指数表现（相对值） 2024-12 2025-03 2025-05 2025-07 2025-10 2025-12 -9% -5% -1% 3% 7% 11% 15% 19% 23% 医药生物 沪深300 资料来源：聚源，中邮证券研究所 研究所 l 相关事件 第六批高值医用耗材国家集采工作正式启动。2025 年 1 ...

2025年12月22日 ， 国家医药耗材联采平台 正式发布 发布 《国家组织药物涂层球囊类、泌尿介入类医用耗材集中带量采购文件（GH-HD2025-1）》 的公告，标志 着第六批高值医用耗材国家集采的正式启动。 本批集采将 药物涂层球囊类耗材 与 泌尿介入类医用耗材 纳入采购范围，并在竞价方式、分组机制与拟中选规则层面 给出了更为细化、结构化的制度安排。 根据文件披露的时间表，本轮集采拟中选结果预计将于 2026 年 1 月 13 日 公布。相较此前批次，本次文件的关注点不再局限于是否"降价"，而是更集中体现在 如何 通过规则设计引导理性竞争与稳定供给 。 附文件原文： https://www.nhsa.gov.cn/module/download/downfile.jspclassid=0&filename=72254d0fe9da4790a08c55e6f8d01514.pdf # 集采品种与需 求规 模 根据采购文件披露，本次第六批医用耗材集中带量采购的采购范围主要覆盖 药物涂层球囊 与 泌尿介入 两大类耗材。 其中，药物涂层球囊进一步细分为 冠状动脉药物涂层球囊 和 外周血管药物涂层球囊 。外周药物涂 ...

2025年12月13日，全国医疗保障工作会议在北京召开。会议要求，2026年要发挥医保战略购买作用，支 持医药产业创新发展。支持引导医药产业良性竞争、差异化创新发展。深入落实《支持创新药高质量发 展若干措施》，提高创新药多元支付能力。开展新批次国家组织药品集采和高值医用耗材集采。继续推 进中成药、中药饮片全国联盟采购。基本实现国家组织集采中选药品耗材直接结算并积极稳妥地扩大至 其他产品，提高企业回款效率。发挥好中国药品价格登记系统多元价格发现功能，助力中国医药产 业"走出去"。 ...

Core Viewpoint - The sixth batch of high-value medical consumables national procurement is shifting towards a focus on quality and stability rather than just price competition, as indicated by the draft proposal that emphasizes "stabilizing clinical use, ensuring quality, preventing collusion, and countering internal competition" [1][10]. Group 1: Procurement Framework - The draft proposal highlights the selection of consumables that are "clinically essential," particularly focusing on drug-coated balloon catheters and urological intervention products, which cover over 90% of mainstream clinical usage [3]. - The proposal introduces a "price ceiling" for bids, with drug-coated balloon catheters' maximum bid based on previous provincial procurement prices, averaging around 6,300 yuan in Jiangsu and 6,000 yuan in the Beijing-Tianjin-Hebei region [4]. - A "price anchor" mechanism is established to prevent low-price bidding, requiring companies to justify costs if their bids fall below a certain threshold, addressing previous issues of unsustainable low pricing [5]. Group 2: Market Dynamics - The adjustments in procurement rules are seen as a means to facilitate industry restructuring rather than merely a price war, with a shift from price competition to value competition [7]. - The domestic market for drug-coated balloon catheters is expected to strengthen, with local brands increasing their market share from 20% to over 70% due to competitive pricing and improved technology [7][8]. - The proposal allows for a 20% market reserve to support innovative products, ensuring that the procurement process does not hinder innovation while maintaining quality standards [10]. Group 3: Quality Control Measures - Stringent quality control measures are included, with all selected companies subject to on-site inspections, and low-priced products will be prioritized for quality checks [9]. - Companies found to have quality issues or supply violations will face disqualification from future procurement opportunities for 1 to 3 years, reinforcing the importance of maintaining product standards [9].

Core Viewpoint - The National Organization for High-Value Medical Consumables Joint Procurement Office has initiated the centralized procurement of drug-coated balloons and urological intervention medical consumables, marking a shift towards quality competition rather than price competition in the industry [1][3]. Group 1: Procurement Details - The sixth batch of procurement will cover two main categories: drug-coated balloons and urological intervention consumables, with specific subcategories defined for each [3][4]. - The procurement volume is set at 80% of the total reported demand from medical institutions, a slight adjustment from previous batches which had a higher percentage [5][6]. - The procurement process is becoming more refined, allowing for adjustments in reported demand based on clinical needs [5][6]. Group 2: Pricing Mechanisms - The "maximum effective bid price" has been clearly defined, with standards based on provincial procurement prices and other market data [6][9]. - The introduction of the "anchor price" concept aims to stabilize expectations and ensure that bids are reasonable, requiring companies to justify any bids below this price [9][11]. - The procurement rules allow for a multi-round revival mechanism, ensuring that companies can remain competitive as long as they maintain quality and adjust pricing [9][12]. Group 3: Market Dynamics - The price of drug-coated balloons has significantly decreased from around 20,000 yuan to approximately 6,000 yuan due to previous rounds of procurement [7][8]. - Domestic companies have gained market share in the drug-coated balloon sector, previously dominated by foreign firms, due to competitive pricing and rapid product iteration [8]. - The urological intervention consumables market is still largely controlled by foreign brands, but the upcoming national procurement may provide opportunities for domestic brands to increase their market presence [8].

Core Viewpoint - Tianxing Medical has submitted a listing application to the Hong Kong Stock Exchange, marking its second attempt at going public in two years after a failed IPO on the STAR Market due to the withdrawal of its sponsor [1][2]. Group 1: Financial Performance - Tianxing Medical's revenue grew from 147 million to 327 million from 2022 to 2024, with net profit increasing from 40.34 million to 95.38 million [2]. - In the first five months of 2025, the company achieved revenue of 111 million and net profit of 32.6 million, reflecting a year-on-year growth of 142% [2]. Group 2: Product Dependency and Pricing Pressure - The company's revenue is heavily reliant on implant products, which accounted for 79.8%, 78.2%, and 76.4% of total revenue from 2022 to 2024 [2]. - The average price drop for selected products in the recent national procurement was 60%, impacting the company's financials, with gross margin decreasing from 74.3% in 2023 to 69.6% in 2024 [2]. Group 3: Supply Chain Challenges - Tianxing Medical faces high dependency on foreign suppliers, particularly for core raw materials sourced from DSM Biomedical, with procurement amounts rising from 6.436 million to 14.915 million from 2021 to the third quarter of 2024 [3]. - A contractual dispute arose with DSM Biomedical regarding the disclosure of agreement details, raising concerns about the stability of this supply relationship [3]. Group 4: Related Party Transactions - The company has ongoing transactions with Guangzhou Tianying Precision Tools, controlled by the former shareholder's family, which has been a major supplier since 2020, accounting for 15.80% of purchases in 2024 [4]. - Despite the former shareholder's exit in 2019, the close business ties have raised questions about the fairness of these transactions [4]. Group 5: Ownership and Management Changes - Tianxing Medical was founded in 2017, and its ownership structure has changed significantly, with the actual controller's share dropping from 55% to 4.9% before the STAR Market IPO attempt [5]. - The founder's significant cashing out and changes in control have led to concerns about management's confidence in the company's long-term prospects [6].