Core Insights - The National Healthcare Security Administration (NHSA) announced that as of January 11, 2026, 105 newly negotiated drugs will be available in 11,129 designated medical institutions across the country, including 6,537 medical institutions and 4,592 retail pharmacies [1] - Additionally, 19 innovative commercial insurance drugs will be available in 965 designated medical institutions, comprising 449 medical institutions and 516 retail pharmacies [1] - The NHSA has organized relevant companies to submit lists of institutions equipped with the newly negotiated drugs and innovative commercial insurance drugs for the 2025 version of the medical insurance catalog [1] Summary by Category Negotiated Drugs - Out of the 105 newly negotiated drugs, 88 have available institution information [1] - The NHSA will focus on monitoring and guiding companies to ensure the availability of drugs that have not yet been equipped in designated medical institutions, thereby safeguarding the medication rights of insured individuals [1] Innovative Commercial Insurance Drugs - Among the 19 innovative commercial insurance drugs, 16 have available institution information [1] - The data regarding the equipped institutions for both negotiated and innovative drugs is published on the NHSA's official website and the National Medical Insurance Service Platform App for insured individuals to access [1]

Core Insights - The National Medical Insurance Administration (NMIA) will utilize its resources and policies to support the innovation and development of China's pharmaceutical industry by 2026 [1][2][3] - The recent national medical insurance work conference emphasized the dual role of medical insurance as both a social welfare tool and an economic driver, aiming to guide the transformation and upgrading of the pharmaceutical industry [1][2] Summary by Categories National Medical Insurance Strategy - The NMIA plans to consolidate the achievements of universal insurance coverage and improve the basic medical insurance system [1] - There will be a focus on supporting the development of commercial health insurance to create a multi-tiered medical security system [1][4] - The NMIA aims to enhance the management of insurance funds to ensure their safety and sustainability [1] Support for Pharmaceutical Innovation - The NMIA will play a strategic purchasing role to foster innovation in the pharmaceutical industry, encouraging healthy competition and differentiated development [2][5] - A total of 949 new drugs have been added to the medical insurance catalog since the establishment of the NMIA, with the latest version including 114 new drugs, marking a record high for innovative drugs [3] - The NMIA has committed approximately 13 trillion yuan in insurance fund expenditures during the 14th Five-Year Plan period, maintaining an annual growth rate of around 10% to provide stable funding for innovation [3] Commercial Health Insurance Development - The NMIA encourages commercial health insurance to complement basic medical insurance and expand coverage for reasonable medical expenses not included in the basic insurance catalog [4][5] - The introduction of a commercial health insurance innovative drug catalog aims to include more high-value, innovative drugs, benefiting a larger patient population [3][5] Technological Innovation and AI Integration - The NMIA is promoting the integration of artificial intelligence in the healthcare sector, encouraging participation from medical institutions, pharmaceutical companies, and research organizations [5][6] - Efforts are being made to create a comprehensive personal health profile for insured individuals, facilitating the application of AI in healthcare services [6] - The NMIA is actively working on a progressive industrial upgrade and payment system for new technologies and products in the healthcare sector [6]

Group 1: National Medical Insurance and Commercial Health Insurance - The National Healthcare Security Administration has released the latest version of the National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug Catalog, which includes 114 new drugs, of which 50 are first-class innovative drugs, achieving a success rate of 88%, an increase from 76% in 2024 [1] - The updated National Medical Insurance Drug Catalog will be implemented starting January 1, 2026, marking the eighth adjustment since the establishment of the National Healthcare Security Administration and the first introduction of a commercial health insurance innovative drug catalog [1] Group 2: Haiwang Bio - Haiwang Bio announced that its stock price had deviated significantly, with a cumulative increase of over 100% from November 26 to December 5, 2025, indicating severe abnormal trading [2] - The company reported a price-to-book ratio of 7.64, which differs from industry peers, suggesting potential risks of market overheating and irrational speculation [2] Group 3: Shengxiang Bio - Shengxiang Bio disclosed that 20.72 million shares (3.58% of total shares) owned by shareholder Chen Wenyin are subject to judicial freezing, with a provision allowing for the sale of up to 4 million shares under specific conditions [3] - The judicial freeze may exert short-term pressure on the stock price, but the set minimum price for the sale provides some stability [3] Group 4: Kang En Bei Management Changes - Kang En Bei announced the resignation of Chairman Jiang Yi and board member Jiang Qian due to work adjustments, raising concerns about potential governance structure changes [4] - The departure of key executives may lead to market apprehension, but if there are no significant changes in business strategy, growth potential remains [4]