联合研究 基本医保作为我国医疗体系的重要支付方，近年来压力显现；为构建更健康可持续的支付体系 ，我国正处于医疗改革转型的重要时期。在 当下紧平衡的背景下，医保定位于"保基本"[1]，面对日益增长的医疗需求与支付端缺口的矛盾，我们认为商保或可发挥其社会管理功能、 在变革趋势中成为重要的筹资和支付方。承接 中国商业健康险系列1）：现状、困境与破局 ，本文着重通过梳理医保改革脉络，展望我国 多层次医疗保障体系的发展方向。（文章有删减，完整内容详见报告原文） Abstract 摘要 政策力度、行业基建不及预期；居民意识提升慢于预期。 Text 正文 多重因素影响，医保收支平衡压力显现 医保基金为我国医疗的主要支付方，当下处于相对紧平衡状态 我国卫生支付体系呈现多元化趋势，医保当前为支付主力。 我国卫生支付体系中，若不考虑以基建投入、公共卫生服务为主的政府卫生支出和慈善、捐 赠等较小组成部分，2024年医保支出、商保支出、自费支出合计金额5.8万亿元，医保承担其中51%，商保占7%，自费比例达到42%，基本医疗保险目前 仍然是我国卫生支付体系当中的最大支付方。 医保收支平衡压力显现，改革进入关键阶段，行业经历阵痛。 受 ...

12月23日，由成都市经信局市新经济委、成都高新区生物产业局、毕马威企业咨询（中国）有限公司联合主办，天府锦城实验室（前沿医学中心）承办 的"港股IPO战略全周期：从架构设计到财务合规的实战路径"主题沙龙在成都高新区顺利举行。作为Bio商学院系列主题沙龙2025年第Ⅳ期活动，本期聚 焦于港股IPO全周期筹备策略，为拟赴港上市的创新药械及生命科学企业提供实战指引，助力企业精准把握上市机遇，对接国际资本市场。 活动吸引了生物医药产业拟上市企业的创始人、董秘、财务及投融资负责人80余位代表参加，围绕港股2025年市场动态、18A章上市机制、财务合规、税 务架构、公司治理与内控等核心议题展开深度交流与专业探讨。 2025年以来，港股市场表现活跃，融资规模重回全球前列，生物医药、前沿科技成为IPO主力赛道之一。在"一带一路"合作深化、生命科技全球化加速、 港股政策持续优化等背景下，香港资本市场已成为中国创新药械企业走向国际的重要枢纽。特别是港股18A章为尚未盈利的生物科技企业提供了上市通 道，助力企业提前登陆资本市场，获取关键发展资金。 沙龙在毕马威中国及合作机构的专业支持下，系统解析了港股IPO从Pre-IPO筹备到 ...

规模总量突破2.2万亿元 中化新网讯12月12日，在成都举行的成渝地区国家先进制造业集群"强链融圈"暨成渝地区产业合作园区 高质量发展推进活动上传出消息，川渝两地锚定共同打造世界级先进制造业集群目标，携手共育成渝地 区电子信息先进制造集群和成渝地区生物医药集群2个国家先进制造业集群，规模总量突破2.2万亿元。 活动上，成渝地区国家先进制造业集群及产业合作园区投资机会、企业供需、服务能力"三张清单"和成 渝地区双城经济圈产业合作园区典型案例发布。投资机会清单涉及四川蒲江经济开发区、重庆开州高新 技术产业开发区等35个川渝产业园区；企业供需清单围绕六大优势产业，聚焦产业链强链延链补链关键 领域精准对接；服务能力清单全面梳理科研、产业、金融等方面提供的专业化服务能力与公共服务资 源。现场启动了四川省产业园区"青年实干家计划"专项活动，19个市(州)53个产业园区的198个岗位面 向省内外高校发布，吸引一批硕博士研究生到园区和企业一线实践锻炼。 在共建协同机制上，四川建立全省重点产业建圈强链协同推进机制，重庆建立"33618"现代制造业集群 体系，两地联合高标准实施成渝地区电子信息先进制造集群培育提升三年行动；在共筑 ...

Investment Rating - The report maintains an "Outperform" rating for several companies in the innovative drug and medical device industry, including Jiangsu Heng Rui Medicine, Hansoh Pharmaceutical Group, 3SBio, Sichuan Kelun Pharmaceutical, and Jiangsu Nhwa Pharmaceutical [5][6][25]. Core Insights - The report emphasizes the high prosperity in innovative drugs and continues to recommend companies with innovative pipelines that are entering a volume increase phase, maintaining "Outperform" ratings for various Biopharma/Biotech companies [5][25]. - The National Healthcare Security Administration announced the 2025 insurance drug list, which added 114 drugs, including 50 innovative drugs, further validating insurance support for innovation and indicating promising domestic demand [26][27]. Summary by Sections 1. Continuous Recommendation of Innovative Drugs and Industry Chain - The report highlights the ongoing recommendation of innovative drugs and the industry chain, with a focus on companies expected to see a revaluation due to their innovative pipelines [5][25]. - Specific companies mentioned include WuXi AppTec, WuXi XDC Cayman, Hangzhou Tigermed Consulting, and leading medical equipment companies like Beijing Chunlizhengda Medical Instruments and Lepu Medical, all rated "Outperform" [5][25]. 2. Performance of A-Shares Pharmaceutical Sector - In the second week of December 2025, the A-Shares pharmaceutical sector underperformed the market, with the SW Pharma and Biotech index falling by 1.0% compared to a 0.3% decline in the SHCOMP [8][27]. - The report notes that the premium level of the pharmaceutical sector relative to all A-Shares is at a normal level, with a current relative premium rate of 69.8% [16][27]. 3. Performance of Hong Kong and U.S. Pharmaceutical Sectors - The Hong Kong stock pharmaceutical sector underperformed the market, with the Hang Seng Healthcare index falling by 2.3%, while the U.S. stock pharmaceutical sector outperformed, with the S&P 500 Healthcare Select Sector Index rising by 0.4% [28][27].

Core Insights - The event highlighted the integration of sports, healthcare, and tourism in the development of the Qionghai medical and wellness tourism industry [5] - The examination of advanced medical technologies and products at the "Everlasting International Innovation Medical Equipment Exhibition" showcased the vitality of the Hainan Free Trade Port's medical industry [3] Group 1: Event Overview - On December 13, a delegation visited the Boao Lecheng International Medical Tourism Pilot Zone during the 2025 Qionghai Boao Marathon, discussing cooperation opportunities in the medical wellness sector [3] - The delegation included representatives from various medical wellness enterprises and labor union representatives, emphasizing the charm of Qionghai's medical wellness offerings [3] Group 2: Key Participants' Perspectives - The chairman of Huapin Hui International Travel Agency expressed positive impressions of Lecheng, highlighting its ecological environment and integrated services for employee health [4] - The chairman of Shandong Blue Innovation Health Technology Group noted the introduction of world-class medical equipment and technology in Lecheng, aiming to enhance healthcare solutions for complex medical issues [4] Group 3: Promotion and Collaboration - The event served as a platform for promoting Qionghai's medical wellness resources and establishing connections between government and enterprises [5] - The integration of "sports + healthcare + tourism" was a focal point of discussion, with plans for future collaborations on employee sports events [5]

IMF上调今明两年中国经济增速预期 国际货币基金组织（IMF）周三上调2025年中国经济增速预期至5.0%，较两个月前的预测提高0.2个百 分点，并将2026年中国经济增速预期上调0.3个百分点至4.5%。IMF总裁克里斯塔利娜·格奥尔基耶娃当 天在北京表示，上调今明两年中国GDP增速预期的主要原因在于中国政府采取的一揽子逆周期调节措 施，以及中国出口展现的韧性。 国家药监局局长李利：将审评资源充分向"全球新"的原创性产品和突破"卡脖子"技术的国产替代产品倾 斜 沐曦股份：网上、网下认购缴款工作结束，网上投资者放弃认购20349股 中国信通院：10月国内市场手机出货量3226.7万部，同比增长8.7% 12月10日消息，中国信通院公布数据显示，2025年10月，国内市场手机出货量3226.7万部，同比增长 8.7%，其中，5G手机2932.6万部，同比增长9.7%，占同期手机出货量的90.9%。 宁德时代：拟注册发行不超过100亿元债券 宁德时代12月10日公告，公司拟注册发行不超过100亿元的债券，用于项目建设、补充营运资金、偿还 有息负债等，债券期限不超过5年。 贵州茅台：2025年中期派发现金红利300 ...

人民财讯12月10日电，国家药品监督管理局党组书记、局长李利在接受采访时表示，坚持提质增效，加 快创新药械上市。实施国家药品标准提高计划，强化对细胞治疗产品、放射性药品、人工智能产品等前 沿技术研究，完善相关产品注册申报技术原则和产品标准，充分发挥标准对研发创新的引领作用。优化 注册检验流程，缩减注册检验样品用量、压缩检验周期，降低企业成本，缩短药械上市周期。加快完善 药品实验数据保护等知识产权保护相关制度，加快药品医疗器械原创性研究成果转化运用，提升我国医 药产业的核心竞争力。提高智慧监管发展水平，推进"人工智能+药品监管"，探索实施人工智能辅助审 评，推动科技赋能。 （文章来源：新华社） ...

Investment Rating - The report maintains an "Outperform" rating for A-Shares including Jiangsu Heng Rui Medicine, Sichuan Kelun Pharmaceutical, Huadong Medicine, Jiangsu Nhwa Pharmaceutical, Xiamen Amoytop Biotech, Zhejiang Jingxin Pharmaceutical, Innovent Biologics, WuXi AppTec, Hangzhou Tigermed Consulting, Lepu Medical, and APT Medical [2][4][29] - The report also maintains an "Outperform" rating for H-Shares including Hansoh Pharmaceutical Group, 3SBio, PATEO, Akeso, and related targets such as Innovent Biologics and WuXi AppTec (H-Shares) [2][7][29] Core Insights - The report continues to recommend the innovative drug and device industry chain [1][2] - In November 2025, the pharmaceutical sector underperformed the broader market, with the SW Pharma Bio index falling by 3.6% compared to a 1.7% drop in the SHCOMP [2][10] - The premium of the pharmaceutical sector to all A-Shares is currently at a normal level of 72.6% as of the end of November 2025 [17][22] Summary by Sections A-Shares Performance - The report highlights the A-Shares that are recommended for investment, maintaining an "Outperform" rating for several companies, including Jiangsu Heng Rui Medicine and Sichuan Kelun Pharmaceutical, among others [4][5] - The report notes that the pharmaceutical sector's performance was ranked 23rd among Shenwan's first-level industries in November 2025 [10][12] H-Shares Performance - The report indicates that the H-Shares pharmaceutical sector performed in line with the market, with the Hang Seng Healthcare index down by 0.1% and the biotech sector up by 0.4% in November 2025 [2][23] - Top gainers in the H-Shares market included Laekna, Inc. (+40%) and Clover Biopharmaceuticals, Ltd. (+22%) [23] U.S. Market Performance - The U.S. pharmaceutical sector outperformed the broader market in November 2025, with the S&P Healthcare Select Sector rising by 9.1% compared to a 0.1% increase in the S&P 500 [23]

Investment Rating - The report maintains an "Outperform" rating for several companies including Jiangsu Heng Rui Medicine, Hansoh Pharmaceutical Group, 3SBio, Sichuan Kelun Pharmaceutical, and Jiangsu Nhwa Pharmaceutical [6][7]. Core Insights - The report continues to recommend innovative pharmaceuticals and the industry chain, highlighting the high prosperity in innovative drugs and the potential for value re-evaluation [6][26]. - The A-share pharmaceutical sector underperformed the market in the third week of November 2025, with the SW Pharmaceutical and Biological index falling by 6.9% compared to a 3.9% drop in the SHCOMP [9][19]. - The report identifies top gainers and losers in the A-share market, with Hainan Haiyao (+23.8%) and Remed (+13.9%) being the top gainers, while GDK (-25.5%) and Nanjing Hicin Pharmaceutical (-23.2%) were the biggest losers [16][19]. - The premium level of the pharmaceutical sector relative to all A-shares is currently at a normal level, with a relative premium rate of 71.8% as of November 21, 2025 [18][22]. Summary by Sections 1. Continued Recommendation for Innovative Pharmaceuticals and Industry Chain - The report emphasizes the ongoing recommendation for innovative drugs and the industry chain, maintaining "Outperform" ratings for various companies in the pharmaceutical and biotech sectors [6][26]. 2. A-share Pharmaceutical Sector Performance - In the third week of November 2025, the A-share pharmaceutical sector underperformed the broader market, ranking 23rd among Shenwan primary industries [9][19]. 3. Hong Kong and U.S. Market Performance - The Hong Kong pharmaceutical sector also underperformed, with the Hang Seng Healthcare index falling by 7.5%, while the U.S. pharmaceutical sector outperformed, with the S&P Healthcare Select Sector rising by 1.8% [19][26].

Core Insights - The transition of Huiminbao from "post-compensation" to "prevention" is highlighted, indicating a shift in focus towards proactive health management and risk reduction in the insurance sector [1][4] Group 1: Market Dynamics - The payment paradox between insurance companies and pharmaceutical firms is discussed, where insurers aim to cover healthy individuals to control costs, while drug companies focus on medication usage for market value [1] - The expected market size for innovative drug sales in 2024 is projected to reach 162 billion yuan, with commercial health insurance expenditures estimated at 12.4 billion yuan, contributing only 7.7% [1] - Huiminbao's share in the compensation for innovative drugs is 15%, which is lower than disease insurance and million medical insurance, accounting for 47% and 22% respectively [1] Group 2: Product Development and Challenges - The proportion of normally operating Huiminbao products decreased from 74.3% in 2023 to 66.68% in 2024, indicating ongoing challenges in market performance [3] - The decline in Huiminbao product numbers is attributed to lower-than-expected participation rates and difficulties in expanding the risk pool [3] - New product offerings are being introduced, such as health check management services, to enhance participant engagement and address operational pressures [3] Group 3: Health Management Integration - The integration of health management into commercial health products is emphasized as a means to reduce the risk of major diseases through early detection and intervention [4] - The model of "health management + Huiminbao" aims to shift the focus from post-event compensation to preemptive measures, enriching risk management strategies [4] - The combination of preventive health checks and innovative drug coverage is seen as a significant advancement in insurance, potentially lowering the disease burden on the population [4] Group 4: Industry Trends - The rise of health management services in insurance has been noted since 2016, although growth remains slow due to a lack of experience in managing medical models [5] - The potential of commercial health insurance in the innovative drug payment sector is yet to be fully realized, with ongoing exploration needed for deeper integration of technology, payment, and value [5]