去年12月国家医保局同国家卫健委印发《关于完善医药集中带量采购和执行工作机制的通知》。今年7 月国家医保局发布第11批药品集采规则，明确稳临床、保质量、防围标、反内卷原则。该行认为随着多 项政策出台，药品集采有望步入新阶段，长期将推动医药企业稳定生产，推动临床用药在价格可及与质 量可靠之间达成可持续平衡。 深化医保支付方式改革，"双目录"机制形成清晰分工 智通财经APP获悉，中金发布研报称，中央经济工作会议提出"优化药品集中采购，深化医保支付方式 改革。实施康复护理扩容提升工程，推行长期护理保险制度"等相关内容。该行认为上述政策有望推动 医药行业内需稳中有升，目前中国药企正进入高质量发展时代，国产创新药已渐从跟随走向FIC/BIC创 新;展望明年器械出海与商保破局也有望带来新的投资机会。 中金主要观点如下： 优化药品集中采购，践行"反内卷"原则 今年9月国家医保局印发《国家长期护理保险服务项目目录(试行)》的通知。该行认为建立国家统一长 护险目录有助于规范长护服务行为，提升服务质量，稳定保障长护险享受人员权益，更好保障长护险基 金平稳运行。 风险 新产品研发不及预期，政策推进进度不及预期。 根据医保局官网，基 ...

■肖伟 12月份以来，多家国产创新药企业发布公告称，与海外制药巨头所签合作协议生效，将共同推进国产创 新药物的全球开发与商业化。另据医药魔方数据，2025年前三季度，中国医药企业完成授权出海交易 103笔，总交易金额920.3亿美元。今年全年授权出海交易金额预计将突破千亿美元。 这些数据印证了市场对中国创新药的认可。笔者认为，在市场热潮之下，国产创新药企业要实现从"单 次授权狂欢"到"持续价值创造"的跨越，仍需破解发展瓶颈，从四方面入手筑牢长红根基。 其一，用好政策红利，推动国产创新药崛起。 在热潮之下，企业更需有清醒的认识——授权交易的爆发只是国产创新药"出海"的起点，而非终点。国 产创新药企业仍需持续创新，不断突破技术壁垒，才能真正成为全球医药市场的长红力量。 其三，运用人工智能技术，推动创新药降本增效。 当下AI技术快速发展，其在创新药辅助研发中的应用率持续提升，既能缩短平均研发周期，又能助力 实现降本增效。国产创新药企业需把握人工智能机遇，搭建高通量实验室与AI算法融合的自主平台， 实现"数据—算法—实验"闭环；同时，推动AI从靶点发现向临床优化全链条渗透，构建"AI辅助+外包 服务"协同模式；另外， ...

Core Insights - The recent adjustment to the national medical insurance directory emphasizes support for innovative drugs, with 114 new drugs added, 111 of which are newly approved within the last five years [3][10] - A new "Commercial Health Insurance Innovative Drug Directory" has been established, featuring 19 innovative drugs, primarily targeting high-cost treatments [10][12] Group 1: Innovative Drug Support - The adjustment to the basic medical insurance directory focuses on innovative drugs, with over 70% of the newly added drugs being domestically developed [3][8] - The inclusion of innovative drugs aims to fill clinical gaps, particularly in cancer treatments, such as breast and lung cancer [3][10] - The success rate of negotiations for innovative drugs has exceeded 90%, indicating a consensus on supporting true innovation [10] Group 2: Commercial Health Insurance Directory - The newly established commercial health insurance directory provides a payment pathway for high-cost innovative drugs, which are often not covered by basic insurance [12][18] - The directory includes a significant number of cancer treatments, including CAR-T therapies, which can cost around 1 million yuan per dose [12][14] - The dual directory system (basic insurance and commercial insurance) aims to reduce patient financial burdens and promote pharmaceutical innovation [18]

Core Insights - The emergence of domestic drugs for rare diseases is improving accessibility and affordability for patients, as highlighted by the case of a 14-year-old patient using a new Chinese drug [1][3] - The Chinese government is increasing support for innovative drug development, particularly for rare diseases, through various policy measures and streamlined approval processes [3][4] - The average review time for innovative drug applications in China has significantly decreased, with over 110 domestic innovative drugs approved since the 14th Five-Year Plan, contributing to a market size of 100 billion yuan [4][6] Group 1 - The introduction of domestic drugs is alleviating the long-standing reliance on expensive imported medications for rare diseases [1][3] - The "14th Five-Year Plan" emphasizes support for innovative drugs and medical devices, indicating a multi-faceted approach to enhance local drug development [3] - The establishment of green channels for drug research and approval aims to address the challenges faced by rare disease patients, such as diagnosis difficulties and high drug prices [3] Group 2 - The average review time for innovative drug applications is now 225 working days, with priority-reviewed drugs taking only 162 days, showcasing improved efficiency in the approval process [4] - Since the beginning of the 14th Five-Year Plan, over 110 domestic innovative drugs have been approved, with the number of new drugs in development representing over 20% of the global total [4] - The integration of policy, industry, and technology is expected to facilitate the entry of more domestic innovative drugs into the market, aligning with the vision of ensuring medical access and affordability [6]

Core Viewpoint - The article highlights the increasing accessibility of rare disease medications in China, emphasizing the rapid development of domestic innovative drugs and the supportive policies driving this change [1][3]. Group 1: Policy Support and Market Dynamics - The "14th Five-Year Plan" suggests enhanced support for the development of innovative drugs and medical devices, indicating a multi-departmental effort to facilitate local innovative pharmaceutical companies [3]. - The Chinese government has opened green channels for drug research and approval, addressing the challenges faced by rare disease patients, such as difficult diagnosis, medication access, and high drug prices [3][4]. - The national support for innovative drugs, particularly for urgently needed rare disease medications, is unprecedented, according to industry experts [3]. Group 2: Innovation and Development Speed - In 2024, the average review time for innovative drug applications in China is projected to be 225 working days, with priority-reviewed drugs taking only 162 working days, indicating a significant improvement in approval speed [4]. - Since the "14th Five-Year Plan," over 110 domestic innovative drugs have been approved, with a market size reaching 100 billion yuan, and the number of new drugs in development representing over 20% of the global total, positioning China as the second-largest in new drug research and development [4][6]. - The shift from imitation to original innovation in Chinese pharmaceuticals has been marked by enhanced research capabilities and international standards, supported by various initiatives to improve research efficiency and provide robust data for drug evaluation and insurance decisions [6].

2025年，全球政治经济格局仍充满不确定性，而中国坚定不移地走高质量发展道路，为市场注入了难得的确定性。在此背景下，投资者应如何把握中国资产 的战略机遇，实现财富的稳健增长？ 据悉，本次投教直播由上海证券交易所、平安证券联合主办，上交所投教基地、平安证券投教基地承办、中国基金报提供媒体支持。直播通过平安证券 APP、平安好车主、中国基金报视频号、中国基金报APP同步直播，曝光量超350万，在看人数超15万，在投资者中引发较好反响，展现了市场对当前投资 机遇的关注。 11月18日下午4点，上海证券交易所与平安证券联合组织"践行三投资理念，共享高质量发展"系列投教直播活动。平安证券研究所副所长、首席策略分析师 魏伟围绕"把握中国资产确定性，共享高质量发展红利"这一主题，从全球宏观环境、中国产业趋势、资本市场改革以及资产配置策略等多个维度展开深度解 读，为投资者厘清脉络、指明方向，带来一场兼具洞察力与实操价值的市场展望！ 全球宏观环境：挑战中孕育新机遇 魏伟从全球宏观环境分析入手，指出2025年海外不确定性仍有所增加，而国内坚定走高质量发展道路，构成了宏观环境的基本特征。 首先，从全球经济周期角度看，全球贸易政策不 ...

Core Insights - The fourth joint event of the Beijing-Tianjin-Hebei Free Trade Zone was held in Tianjin, focusing on enhancing collaborative development and innovation across the entire industrial chain [1][3] - Beijing serves as the core engine for the collaborative development of the region, achieving breakthroughs in various areas such as government services, open platform construction, and regional industrial cooperation [1][3] Group 1: Achievements and Innovations - Beijing's Free Trade Zone has introduced several institutional innovations, including standardized government services and cross-border tax-free display transactions for cultural and artistic products, which have been replicated nationwide [3][4] - The three regions have collectively published 64 collaborative innovation practice cases and signed multiple strategic cooperation agreements, enhancing their collaborative efforts [4][5] Group 2: Future Directions - The focus will be on deepening institutional collaboration, aligning with international high-standard trade rules, and expanding openness in sectors like telecommunications, healthcare, and digital economy [3][5] - The regions aim to strengthen industrial chain collaboration, particularly in advanced manufacturing and biomedicine, to optimize resource allocation and achieve shared development [5][10] Group 3: Specific Initiatives - The establishment of the Beijing-Tianjin-Hebei Digital Outbound Service Alliance aims to provide digital transformation and cross-border resource matching services for enterprises in the region [4][5] - The signing of the "Beijing-Tianjin-Hebei Free Trade Zone Full Industrial Chain Collaborative Innovation Action Plan" outlines collaborative innovation paths in key industries such as advanced manufacturing, digital economy, and modern logistics [10][11]

Group 1 - The core point of the article highlights the acceleration of Chinese innovative drug companies' international expansion, marked by significant business development (BD) transactions, including a record $11.4 billion deal between Innovent Biologics and Takeda Pharmaceutical [1][3] - Innovent Biologics announced a global strategic collaboration with Takeda, integrating their strengths in immuno-oncology and antibody-drug conjugates to expedite the global development of two late-stage drugs, with an upfront payment of $1.2 billion and potential milestone payments [1] - Other Chinese pharmaceutical companies, such as Hansoh Pharmaceutical and Beijing Ausun Pharmaceutical, have also reported significant BD agreements, indicating sustained market interest and high premium recognition for domestic innovative drugs [2] Group 2 - Chinese innovative pharmaceutical companies have significantly improved their R&D capabilities, becoming one of the most active forces in global BD, with a notable increase in overseas licensing transactions in 2023 [3] - The current trend of "going global" for innovative drugs primarily involves two models: self-driven internationalization and BD partnerships, with the latter being favored due to lower costs and risks [3] - The surge in BD activities in October is seen as a reflection of Chinese innovative drug companies entering the global mainstream, as multinational pharmaceutical companies seek to fill revenue gaps from patent expirations by collaborating with Chinese firms [4]

Group 1 - The pharmaceutical sector is under pressure, with notable declines in stock prices for companies such as Rongchang Biologics down 11.2% to HKD 81.65, and Innovent Biologics down 5.16% to HKD 25 [1] - Haitong International's recent report indicates that the pharmaceutical index has underperformed the market post the October Golden Week, primarily due to fluctuating tariffs and underwhelming external licensing expectations [1] - Guosen Securities believes that China's innovative drug industry shows a long-term positive development trend, particularly highlighted by explosive growth in BD transactions in recent years [1] Group 2 - The ESMO 2025 conference in Berlin featured 112 results, including 21 related to domestic new drug research [2] - Innovent Biologics announced a global strategic collaboration with Takeda Pharmaceutical to advance the development of next-generation immuno-oncology and antibody-drug conjugate therapies, with an upfront payment of USD 1.2 billion and potential milestone payments totaling up to USD 10.2 billion, bringing the total deal value to a maximum of USD 11.4 billion [2]

Core Viewpoint - The implementation of the new supervision measures aims to enhance oversight of major national health science and technology projects, ensuring integrity and efficiency in the management of these initiatives [1][2][3] Group 1: Implementation of Supervision Measures - The newly issued "Implementation Measures" focus on key aspects such as project guideline formation, project approval, process management, performance evaluation, and result transformation [2] - The measures emphasize a comprehensive and embedded supervision approach, utilizing various methods including meetings, discussions, and on-site inspections [2] Group 2: Focus on Research Integrity and Clean Governance - The measures highlight the importance of research integrity and clean governance, mandating the integration of these principles throughout the project implementation process [2] - There is a commitment to address research misconduct and to enhance joint punitive actions against academic dishonesty in collaboration with relevant departments [2] Group 3: Continuous Monitoring and Feedback - The supervisory body will provide timely feedback on significant issues discovered during oversight, offering targeted rectification suggestions and following up on the implementation of these suggestions [3] - The goal is to ensure that the responsible departments effectively fulfill their regulatory duties, thereby supporting the achievement of health and technology project objectives [3]