Policy Developments - The National Healthcare Security Administration announced that the long-term care insurance system will transition from pilot programs to full establishment during the 14th Five-Year Plan period, aiming to cover nearly 300 million people and benefit over 3.3 million disabled individuals, with total fund expenditures exceeding 100 billion yuan [2] Drug and Device Approvals - Novo Nordisk's weight-loss version of semaglutide injection has been approved in China for cardiovascular indications, aimed at reducing the risk of major cardiovascular adverse events in adults with a BMI of 27 or higher who have been diagnosed with cardiovascular disease. The drug can achieve over a 20% weight reduction in about one-third of patients and reduce the risk of major adverse cardiovascular events by 20% [4] - GlaxoSmithKline announced that its new drug, Meplazumab injection, has been approved in China for the maintenance treatment of adults with chronic obstructive pulmonary disease (COPD) characterized by elevated eosinophils [5] Capital Market Activities - Weisi Medical plans to sell part of its fixed assets for a total price of 119 million yuan, which is expected to impact the company's net profit attributable to shareholders by approximately 10 million yuan in 2026 [8] - AstraZeneca and JAKS Pharmaceuticals have reached a global exclusive licensing agreement for the pan-KRAS inhibitor JAB-23E73, with JAKS receiving an upfront payment of 100 million USD and potential milestone payments of up to 1.915 billion USD [9] Industry Events - XinNuoWei announced the resignation of board member Cai Lei due to work changes, who will focus on his role at Shiyao Group, which is aligned with the group's strategy of "innovation + internationalization" [11] - Sanli Pharmaceutical signed a technology transfer contract with Hainan University for the HXW2324 compound and related patents, with a total transfer price of 200 million yuan, aimed at developing new treatments for Alzheimer's disease [12] - A new vaccine strategy developed by the Scripps Research Institute aims to prevent fatal filovirus infections by using engineered self-assembling protein nanoparticles to display viral surface proteins, enhancing immune response [13]

★ 宏观动态 ★ 国家医保局：开展泌尿介入类等医用耗材集中带量采购 国家医保局今天发布《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》，请符合要求的企 业申报参与。全国各省份委派代表组成国家组织高值医用耗材联合采购办公室，代表各地区公立医疗机构（含 军队医疗机构）及积极参加的医保定点社会办医疗机构等开展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，由天津市医药采购中心承担日常工作并负责具体实施。 商务部：自明日起采取临时反补贴税保证金的形式对原产于欧盟的进口相关乳制品实施临时反补贴措施 商务部公告，调查机关初步认定，原产于欧盟的进口相关乳制品存在补贴，中国国内相关乳制品产业受到实质 损害，而且补贴与实质损害之间存在因果关系。国务院关税税则委员会根据商务部的建议作出决定，自2025年 12月23日起，采取临时反补贴税保证金的形式对原产于欧盟的进口相关乳制品实施临时反补贴措施。进口经营 者在进口被调查产品时，应依据本初裁决定所确定的各公司的从价补贴率向中华人民共和国海关提供相应的临 时反补贴税保证金。 本年度最后一次调价，加满一箱油将少花6.5元 据央视财经，从国家发展改革委了解到，12 ...

⑤ 【意大利监管机构对苹果罚款近1亿欧元】意大利竞争与市场管理局12月22日宣布，对苹果公司、Apple Distribution International和苹果意大利公司处以 9863.5万欧元罚款，原因是滥用市场支配地位。声明称，该机构的调查结果认定，从竞争法的角度来看，苹果的"应用追踪透明度"政策具有限制竞争的性 质。 每经记者｜郑雨航 每经编辑｜程鹏 高涵 ① 【三大期指齐涨】道指期货涨0.08%、标普500指数期货涨0.27%、纳指期货涨0.44%。 ② 【现货黄金首次站上4400美元/盎司，黄金矿业股普涨】现货黄金日内涨超1.5%，现报4407美元/盎司，历史首次站上4400美元/盎司，今年以来累涨近 68%。 受此消息影响，黄金矿业股盘前普涨，Sibanye Stillwater股价上涨3.5%，AngloGold Ashanti上涨4.2%，纽蒙特矿业上涨2.5%。金罗斯黄金上涨2.8%，Gold Fields上涨3.8%，Agnico Eagle上涨2.1%，巴里克黄金上涨2.5%。 ③ 【半导体股多数上涨】半导体股盘前多数上涨，美光科技涨约3%，AMD、英伟达、台积电、英特尔涨约1%。 ...

① 【三大期指齐涨】道指期货涨0.08%、标普500指数期货涨0.27%、纳指期货涨0.44%。 ② 【现货黄金首次站上4400美元/盎司，黄金矿业股普涨】现货黄金日内涨超1.5%，现报4407美元/盎 司，历史首次站上4400美元/盎司，今年以来累涨近68%。 受此消息影响，黄金矿业股盘前普涨，Sibanye Stillwater股价上涨3.5%，AngloGold Ashanti上涨4.2%， 纽蒙特矿业上涨2.5%。金罗斯黄金上涨2.8%，Gold Fields上涨3.8%，Agnico Eagle上涨2.1%，巴里克黄 金上涨2.5%。 ⑧ 【美星链卫星异常或威胁其他卫星】据CCTV国际时讯，美国太空探索技术公司旗下"星链"计划的一 颗卫星日前在太空中发生异常，轨道高度迅速下降4000米。据称目前卫星"大致保持完整，正在翻滚"， 预计将在几周内重新进入地球大气层并完全烧毁。现已发现"数十块"疑似碎片，可能还会发现更多，碎 片可能对其他在轨运行的卫星构成威胁。 ⑨ 【克利夫兰联储主席"放鹰"】据媒体报道，当地时间12月21日，2026年FOMC票委、克利夫兰联储主 席Beth Hammack在接受采访时 ...

人民财讯12月22日电，葛兰素史克中国今日宣布，中国国家药品监督管理局(NMPA)已批准新可来(美泊 利珠单抗注射液)用于未充分控制的以血嗜酸性粒细胞升高为特征的慢性阻塞性肺疾病(COPD)成人患者 的维持治疗。 ...

Core Insights - The rapid development of China's biopharmaceutical sector has prompted multinational pharmaceutical companies (MNCs) to adjust their strategies, focusing on increased investment in the Chinese market and accelerating the introduction of global innovative products into China [1][2] - MNCs are adopting a dual strategy of enhancing local market engagement while leveraging Chinese innovations to expand globally [1][2] Group 1: MNC Strategies in China - GSK's strategy emphasizes China as a source of innovation and aims to establish it as a global innovation center [1][4] - The CEO of Kelsey Group highlighted three strategic focuses: increasing investment in China, accelerating the introduction of global innovations, and integrating Chinese innovations into the global system [1][2] - The collaboration between Hengrui Medicine and GSK aims to develop up to 12 innovative drugs, with GSK committing a total of $500 million in upfront payments and potential milestone payments of approximately $12 billion [2][3] Group 2: Market Dynamics and Collaborations - China has become the second-largest source of projects for the top 20 MNCs, with a total of $39.4 billion in innovative drug assets introduced from January to August 2025, accounting for 37.4% of global transaction volume [2] - The license-out total for Chinese innovative drugs reached $92.03 billion in the first three quarters of 2025, indicating a surge in BD transactions [2] - Kelsey Group's partnership with Haisco for the innovative drug HSK31858 represents a significant step in pushing Chinese innovations to a global audience [4][5] Group 3: Investment and Growth in China - Kelsey Group reported a 22% revenue growth in the Chinese market for the 2024 fiscal year, with a 30% increase in local staff over the past two years [7][9] - The company aims to include China in early-stage global clinical trials to expedite the launch of innovative drugs [7] - Boehringer Ingelheim plans to invest over 5 billion RMB in R&D in China over the next five years, focusing on metabolic, inflammatory, eye health, and oncology areas [9] Group 4: Importance of Trade Shows - The China International Import Expo (CIIE) serves as a crucial platform for MNCs to showcase innovations and foster partnerships [8][9] - GSK and Boehringer Ingelheim utilize CIIE to launch new products and enhance their visibility in the Chinese market [9][10] - GSK's innovative drug, New Kela, exemplifies the successful transition from exhibition to market, receiving regulatory approval shortly after its debut at CIIE [10]

Core Insights - The rapid development of China's biopharmaceutical sector is prompting multinational pharmaceutical companies (MNCs) to adjust their strategies, focusing on increasing investment in the Chinese market and accelerating the introduction of global innovative products into China [1][2] - MNCs are adopting a dual strategy of enhancing local market engagement while leveraging Chinese innovations to expand globally, as highlighted by GSK and Kelsey Group's approaches [1][2][3] Group 1: Investment and Collaboration - The top 20 MNCs have steadily increased the number and value of assets introduced from China since 2021, with a total of $39.4 billion in innovative drug assets introduced in the first eight months of 2025, accounting for 37.4% of global transaction totals [2] - In the first three quarters of 2025, the total amount for Chinese license-out transactions reached $92.03 billion, indicating a vibrant BD transaction environment for domestic innovative drugs [2] - GSK's strategic partnership with Heng Rui Pharmaceutical involves the joint development of up to 12 innovative drugs, with GSK committing a total of $500 million in upfront payments and potential milestone payments of approximately $12 billion [2][3] Group 2: Market Dynamics and Growth - Kelsey Group's strategy includes three pillars: China to China, Global to China, and China to Global, emphasizing increased investment in the Chinese market and the integration of Chinese innovations into its global system [1][2] - Kelsey Group's recent collaboration with Haisco on the innovative drug HSK31858 represents a significant step in bringing Chinese innovations to global markets, particularly in treating chronic airway diseases [3] - The Chinese market is becoming a key growth engine for GSK, with expectations that approximately 18 new products and indications will be approved in China over the next three years [9] Group 3: Strategic Initiatives and Future Outlook - MNCs are increasingly focusing on enhancing their R&D presence in China, with Kelsey Group planning to increase its R&D personnel and strengthen its engagement with the local innovation ecosystem [4][6] - Boehringer Ingelheim's strategy includes a planned investment of over 5 billion RMB in R&D in China over the next five years, focusing on areas such as metabolism, inflammation, eye health, and oncology [8] - The China International Import Expo (CIIE) is recognized as a vital platform for MNCs to showcase innovations and deepen collaborations, with Boehringer Ingelheim highlighting its commitment to open innovation through this event [7][8]