（原标题：2025年21世纪大健康产业竞争力研究「阳光」案例启动征选） 21世纪经济报道记者 韩利明 自2015年深化医改和2018年集采政策实施以来，中国医药企业加速从"仿制"向"创新"转型。历经多年技 术积累与产业沉淀，叠加2021年来生物医药行业"资本寒冬"的洗礼，当前中国创新药械领域已迈入爆发 式增长的关键阶段。 国家药监局统计显示，今年上半年我国共批准创新药43个，同比增长59%，这一数字刷新了历史同期的 最高纪录。与此同时，今年上半年BD（商务合作）已超50起，总金额突破480亿美元，展现出产业链上 下游整合与全球化合作的强劲动能。 进一步从产业根基看，中国在创新药研发管线方面的规模已占全球的四分之一左右，每年开展的临床试 验数量约3000项，这两项关键指标均处于世界前列，标志着中国在全球创新药研发领域已构建起关键竞 争力。 在产业升级进程中，一批企业在创新研发、市场拓展、社会责任履行等多个维度抓住机遇，实现了创新 突破与规模增长。这些企业不仅为大健康产业高质量发展注入强劲动力，更向行业提供了可借鉴、可推 广的实践经验与发展启示。 7.企业健康管理类：聚焦企业健康管理服务体系完整性、用户服务成效、 ...

晨会纪要（2025/09/22） 编辑人 崔健 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 渤海证券研究所晨会纪要（2025.09.22） 宏观及策略研究 广义财政支出增速边际放缓——2025 年 1-8 月财政数据点评 海外开启降息，国内托底内需——宏观经济周报 固定收益研究 央行重启买债预期升温——利率债周报 行业研究 把握出海机遇，关注创新产业链——医药生物行业周报 证 券 研 究 报 告 晨 会 纪 要 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 7 晨会纪要（2025/09/22） 宏观及策略研究 广义财政支出增速边际放缓——2025 年 1-8 月财政数据点评 王哲语（证券分析师，SAC NO：S1150524070001） 周 喜（证券分析师，SAC NO：S1150511010017） 李济安（证券分析师，SAC NO：S1150522060001） 2025 年 9 月 17 日，财政部公布 2025 年 1-8 月财政收支情况： （1）1-8 月，全国一般公共预算收入 148198 亿元，同比 ...

Core Points - The 8th Hainan International Health Industry Expo (Health Expo) will be held from December 19 to 22 in Sanya, focusing on global health resources and promoting the health industry development [1][2] - The event aims to leverage Hainan's free trade port policies to create investment platforms for international medical institutions and high-end health enterprises [2] - The expo will feature six major highlights, including stimulating innovation in smart healthcare, facilitating high-level industry exchanges, enhancing health consumption, and supporting talent cultivation in the health industry [2][3] Event Details - The Health Expo will last for four days, covering an exhibition area of 20,000 square meters and an interactive experience area of 10,000 square meters [3] - It will include six core exhibition areas: smart healthcare, innovative pharmaceuticals and medical devices, high-end health maintenance, traditional Chinese medicine, tourism and health services, and health and beauty [3] - The event has attracted participation from renowned healthcare companies such as Takeda Pharmaceutical, AstraZeneca, and GSK, as well as key domestic parks and provinces [3][4] Forums and Activities - Over 10 parallel forums will be held during the expo, focusing on topics like marine biomedicine, smart disease control, and AI in medicine [3][4] - The event aims to gather over 4,000 representatives from healthcare departments, research institutions, and industry associations, along with at least 20,000 general attendees [4] - A comprehensive media promotion strategy will be implemented, utilizing various platforms to enhance the expo's visibility and impact [4]

商务部网站近日公布经国务院同意后印发的《中国（江苏）自由贸易试验区生物医药全产业链开放创新 发展方案》。其中提出，江苏自贸试验区要完善生物医药产品采购使用政策，探索率先使用创新药械， 提升医疗服务供给水平。 方案明确，要推动符合条件的创新药纳入国家医保药品目录，优化创新药物挂网流程，提高挂网效率。 探索开展人工智能医学影像辅助诊断技术购买服务试点，将门诊诊查等现有医疗服务价格项目的适用范 围拓展到引入辅助诊断技术服务的情形。开展生物医药和医疗器械技术创新。支持布局实施一批生物医 药领域国家科技重大项目，发挥新型科研组织作用，着力突破创新药、高端医疗器械关键核心技术。加 强大数据、人工智能在药物靶标筛选、药物分子设计、医疗器械设计制造等方面应用。发挥重大创新平 台引领作用。支持江苏自贸试验区苏州片区建设国家生物药技术创新中心，参与国家科技重大专项等国 家科技计划项目。 ...

Core Viewpoint - The report emphasizes the sustained high growth in the innovative pharmaceutical and medical device sectors, recommending continued investment in these areas [1]. Investment Highlights - The report maintains a recommendation for innovative pharmaceuticals and medical devices, highlighting the potential for value re-evaluation in the Pharma sector, with specific buy ratings for companies such as 恒瑞医药, 翰森制药, 三生制药, and 华东医药 [2]. - It continues to recommend Biopharma/Biotech companies that are gradually realizing their innovative pipelines and entering a performance growth phase, with buy ratings for 科伦博泰生物, 信达生物, 康方生物, 新诺威, 映恩生物, 京新药业, 微芯生物, 特宝生物, 我武生物, and 来凯医药 [2]. - The report also suggests investment in CXO and upstream pharmaceutical companies benefiting from innovation and recovery, maintaining buy ratings for 百普赛斯, 药明康德, 药明合联, 泰格医药, and 美诺华 [2]. - It recommends leading medical device companies expected to recover, with buy ratings for 微创医疗, 联影医疗, and 惠泰医疗 [2]. Market Performance - In the first week of September 2025, the A-share pharmaceutical sector outperformed the broader market, with the SW pharmaceutical and biotech index rising by 1.4% while the Shanghai Composite Index fell by 1.2% [3]. - Within the biopharmaceutical sector, the chemical preparations segment saw a notable increase of 4.5%, while biological products and medical services rose by 1.9% and 1.7%, respectively [3]. - The top-performing stocks included 海辰药业 (+28.7%), 长春高新 (+24.2%), and 百花医药 (+21.3%), while the worst performers were 舒泰神 (-24.0%), 广生堂 (-15.8%), and 塞力医疗 (-15.6%) [3]. - In the Hong Kong market, the healthcare sector also outperformed, with the Hang Seng Healthcare index rising by 7.0% and the biotech index by 7.3%, compared to a 1.4% increase in the Hang Seng Index [3]. - The top gainers in the Hong Kong market were 三叶草生物-B (+99%), 圣诺医药-B (+62%), and 加科思-B (+41%), while the biggest losers included 美中嘉和 (-11%), 科笛-B (-9%), and 思路迪医药股份 (-6%) [3]. - In the US market, the healthcare sector performed in line with the broader market, with the S&P Healthcare Select Sector Index increasing by 0.3%, matching the S&P 500's performance [4]. - The top gainers in the US healthcare sector included 德康医疗 (+7%), 生物基因 (+6%), and 环球健康服务 (+5%), while the largest declines were seen in KENVUE (-10%), REVVITY (-4%), and MOLINA HEALTHCARE (-3%) [4].

Core Viewpoint - The Chinese commercial health insurance market is showing signs of recovery after three years of slow growth, with expectations to surpass 1 trillion yuan this year. However, a structural transformation is urgently needed, shifting from "insuring healthy people" to "insuring people's health" [1][4]. Group 1: Market Dynamics - The "sick body" insurance market, which covers individuals with pre-existing conditions or chronic diseases, is crucial for building a multi-tiered medical security system and promoting innovative drug development [1][4]. - In August, Shanghai introduced measures to encourage insurance companies to include elderly individuals and those with pre-existing conditions in their coverage, aiming for high-quality development of commercial health insurance [1][3]. - The group insurance market, while larger in absolute scale, has been facing challenges such as increased claims ratios and slowing growth rates due to rising medical costs and competitive pressures [3][6]. Group 2: Financial Contributions - In 2024, individual health insurance products like "Hui Min Bao" and "Million Medical Insurance" contributed nearly 40% of the commercial insurance payments for innovative drugs, totaling approximately 4.5 billion yuan, while group insurance contributed less than 10%, around 1 billion yuan [3][5]. - The annual premium scale of group insurance has exceeded 100 billion yuan, accounting for nearly 30% of the commercial health insurance market [4][5]. Group 3: Challenges and Opportunities - The group insurance market is experiencing a "survival" focus rather than "responsibility expansion," with claims ratios reaching 70%-80% due to the nature of the products [3][6]. - The market is facing a "two-eighty rule," where 20% of large corporate clients pay 80% of the premiums, indicating a concentration of demand among healthier, higher-paying employees [5][6]. - There is a growing recognition that reform in group insurance is necessary to accommodate innovative drug coverage, as current products are primarily designed for small, frequent claims [8][9]. Group 4: Future Outlook - The shift towards group insurance as a more stable option for medical coverage is seen as more feasible than relying on individual payments, especially in the context of rising healthcare costs and economic pressures on companies [10].

Group 1 - The core viewpoint of the article is that after three years of slowdown, the Chinese commercial health insurance market is showing signs of recovery and is expected to surpass the trillion yuan mark this year, but structural transformation is urgently needed from "insuring healthy people" to "insuring people's health" [2][3] - The development of insurance for the "sick population" is crucial for building a multi-tiered medical security system and for the growth of innovative drugs [3] - Shanghai has taken the lead in promoting high-quality development of commercial health insurance with measures that encourage insurance institutions to include elderly individuals and those with pre-existing conditions in their coverage [3] Group 2 - In 2024, individual health insurance products like "Hui Min Bao" and "Million Medical Insurance" contributed nearly 40% of commercial insurance payments for innovative drugs, totaling approximately 4.5 billion yuan, while group insurance accounted for less than 10%, around 1 billion yuan [5][7] - The group insurance market, while larger in absolute scale, has been facing challenges such as a focus on common illnesses rather than major illness reimbursements, leading to a high claims ratio of 70%-80% [5][6] - The annual premium scale of group insurance has exceeded 100 billion yuan, accounting for nearly 30% of the commercial medical insurance market [6] Group 3 - The contribution of group insurance to innovative drug payments is limited, with a significant gap in coverage for special drugs, which are typically high-cost and effective treatments for severe diseases [7] - The group insurance market is characterized by a "20-80 rule," where 20% of large corporate clients pay 80% of the premiums, indicating a strong demand for high-value drugs among these clients [7][9] - The average claims ratio for group insurance is expected to remain high, around 80%, due to rising medical costs and increased health awareness among employees [9] Group 4 - Reform of group insurance is necessary to incorporate innovative drug coverage, as the current model leads to overuse of small medical claims and insufficient protection for major illnesses [10][11] - The commercial health insurance market is entering a phase where individual purchasing power is limited, making it more feasible to upgrade medical coverage based on group insurance rather than relying on individual payments [11]

Group 1 - The core viewpoint is that Jiangsu Free Trade Zone aims to significantly enhance the biopharmaceutical industry by 2030, focusing on innovation, modernization, and international collaboration [1] - The plan includes fostering key technology breakthroughs in areas such as macromolecular biopharmaceuticals, cell and gene therapy, and innovative medical devices [1] - Guoyuan Securities expresses optimism for the pharmaceutical industry in the second half of 2025, highlighting innovation drugs, overseas expansion, and the clearing of centralized procurement as key investment themes [1] Group 2 - Huayuan Securities notes that by 2025, the pharmaceutical industry will have transitioned to new growth drivers, with innovative drugs creating new growth trajectories for Chinese pharmaceutical companies [2] - The report emphasizes the increasing overseas capabilities of Chinese companies, which are becoming significant sources of innovation for multinational corporations [2] - The aging population is driving demand for chronic disease treatments, contributing to the growth of the silver economy [2]

Group 1 - The Chinese government is accelerating the development of a world-class innovative pharmaceutical and medical device industry, aiming for breakthroughs in "first-in-class" drugs and products [1] - Jiangsu Province has received approval for a plan to develop a biopharmaceutical industry cluster with global influence, focusing on high-level openness and institutional innovation [1][2] - By 2027, the biopharmaceutical industry in Pudong is expected to exceed 500 billion yuan, with innovative pharmaceutical and medical device output accounting for 35% to 40% [2] Group 2 - Hainan Province has introduced comprehensive policies to support the high-quality development of the biopharmaceutical industry, including financial rewards for R&D and participation in national procurement [2][3] - The Chinese biopharmaceutical industry is entering a critical phase characterized by policy empowerment, regional competition, and innovation breakthroughs, as indicated by the national strategic planning [3] - The number of innovative drugs in development in China accounts for approximately 30% of the global total, positioning the country as the second-largest pharmaceutical market worldwide [3][4] Group 3 - Chengdu is emerging as a hub for innovative drug development, with significant investments and a growing number of projects in the biopharmaceutical sector [4] - The Tianfu International Biotech City in Chengdu has attracted over 300 projects with total investments exceeding 140 billion yuan, fostering a talent pool of nearly 20,000 [4] - The competition for becoming a biopharmaceutical innovation hub is seen as a new avenue for regional economic development, with potential for creating internationally competitive enterprises [4][5]

Core Insights - The Shanghai government held a press conference to discuss the achievements of the "14th Five-Year Plan" in the Pudong New Area, focusing on creating an open, innovative, and high-quality environment [1] Industry Developments - Pudong has established a strong presence in three leading industries: integrated circuits, biomedicine, and artificial intelligence, with a projected industry scale of 832.3 billion yuan by 2024, accounting for 46% of the city's total, and an average annual growth rate of 11.7% over the past three years [3] - The integrated circuit industry is expected to reach 294.7 billion yuan in 2024, representing 75% of the city's total and 20% of the national market, enhancing competitiveness across the entire supply chain [3] - The biomedicine sector is projected to grow to 409.9 billion yuan by 2024, making up 40% of the city's total, with a focus on innovative drugs and medical devices [4] - The artificial intelligence industry is anticipated to reach 163.7 billion yuan in 2024, also accounting for 40% of the city's total, with significant advancements in application and innovation [4] Future Outlook - Pudong will continue to prioritize the three leading industries as key areas for developing new productive forces, emphasizing the integration of technological and industrial innovation [5]