Core Points - The new "Chongqing Drug Directory (2025)" has been officially implemented since January 1, 2025, which includes 3,253 drugs in the National Drug Directory and additional local supplements [1] - The updated medical insurance directory has added 114 new drugs with an average price reduction of over 60%, significantly alleviating the financial burden on patients [2] - The new insurance directory for commercial health insurance has included 19 innovative drugs, enhancing treatment options for patients with various conditions [7] Group 1: National Drug Directory Changes - The National Drug Directory (2025) includes 3,253 drugs and 892 traditional Chinese medicine pieces, with Chongqing adding 201 traditional Chinese medicine pieces and 87 medical institution preparations [1] - The average price reduction for newly added drugs is over 60%, benefiting patients with conditions such as cancer and chronic diseases [2] - Specific examples include the price drop of the targeted drug for lung cancer from 12,900 yuan to 4,000 yuan per box [2] Group 2: Chronic Disease Treatment - The new directory has expanded the coverage of 65 drugs, including new indications for existing treatments, such as the inclusion of new targets for non-small cell lung cancer [4] - The price of the drug for Crohn's disease has been reduced from 22,045.02 yuan to 8,130.49 yuan for the intravenous form [3] - The expanded reimbursement range allows for more personalized treatment plans for early-stage breast cancer patients [4] Group 3: Commercial Health Insurance Innovations - The "Commercial Health Insurance Innovative Drug Directory (2025)" includes 19 new drugs, such as targeted therapies for various cancers and CAR-T products for blood cancers [7] - The directory serves as a reference for insurance companies, potentially increasing patient enrollment in commercial health insurance [7] - A new multi-layered medical insurance settlement platform has been launched to streamline the claims process for patients [8]

Core Insights - The new National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug Catalog (2025) and the first Commercial Health Insurance Innovative Drug Catalog (2025) will be implemented nationwide starting January 1, 2026, adding 114 new drugs to the basic insurance catalog and 19 to the commercial insurance catalog [1][2]. Group 1: Drug Catalog Adjustments - The updated basic medical insurance catalog includes 114 new drugs, with significant representation from oncology (36 drugs), chronic diseases (12 drugs), anti-infectives (13 drugs), and rare diseases (10 drugs) [2]. - The total number of drugs in the national medical insurance catalog has increased to 3,253, comprising 1,857 Western medicines and 1,396 traditional Chinese medicines [2]. - The adjustment aims to address clinical treatment gaps and enhance drug accessibility for patients, particularly for previously hard-to-treat conditions like triple-negative breast cancer and pancreatic cancer [2][4]. Group 2: Policy Implementation - A combination of policies will ensure that newly added drugs are available in hospitals by February 2026, including the establishment of temporary green channels for procurement [3]. - Negotiated drugs will not be subject to administrative restrictions such as "one product, two regulations" or overall medical insurance caps, allowing for more flexible access [3]. Group 3: Support for Innovation - Among the new drugs, 50 are classified as first-class innovative drugs, with an overall success rate of 88%, up from 76% in 2024, indicating a shift towards strategic purchasing and value-based reimbursement [4]. - The inclusion of both domestic and foreign innovative products in the catalog reflects a commitment to enhancing drug accessibility and supporting pharmaceutical innovation [4]. Group 4: Commercial Health Insurance - The newly established commercial health insurance innovative drug catalog includes 19 drugs, focusing on high-innovation, clinically valuable treatments that complement the basic medical insurance offerings [7]. - The catalog features advanced therapies such as CAR-T cell treatments and drugs for rare diseases, which are expected to reduce patient financial burdens and enhance market attractiveness for pharmaceutical companies [7][8]. Group 5: Future Directions - The policy signals strong government support for independent innovation and aims to encourage pharmaceutical companies to invest more in original and differentiated research and development [8]. - The National Medical Insurance Administration plans to refine policies and strengthen management to ensure the effective implementation of the drug catalogs, enhancing public access to necessary medications [8].

Core Insights - The new National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug Catalog (2025) and the first Commercial Health Insurance Innovative Drug Catalog (2025) will be implemented nationwide starting January 1, 2026, adding 114 new drugs to the basic insurance catalog and 19 to the commercial insurance catalog [1][6] Group 1: Drug Catalog Adjustments - The adjustment of the National Medical Insurance Drug Catalog adheres to principles of supporting genuine innovation and differentiated innovation, aiming to meet diverse medication needs and enhance accessibility to high-value innovative drugs [1][2] - The updated catalog includes 36 cancer drugs, 12 chronic disease medications, 13 anti-infection drugs, and 10 rare disease treatments, increasing the total number of drugs in the catalog to 3,253 [1][2] - The inclusion of 50 first-class innovative drugs reflects a significant increase in the success rate of new drug approvals, rising from 76% in 2024 to 88% in 2025 [3][4] Group 2: Policy Implementation and Impact - The National Medical Insurance Bureau has adjusted the drug catalog for eight consecutive years, adding a total of 949 new drugs, with expenditures exceeding 460 billion yuan and sales exceeding 600 billion yuan during the negotiation period [2][3] - New policies require medical institutions to include newly added drugs in their procurement lists by the end of February 2026, addressing the issue of drugs being listed but not available in hospitals [2][3] Group 3: Commercial Health Insurance Innovative Drug Catalog - The first Commercial Health Insurance Innovative Drug Catalog includes 19 drugs, primarily high-innovation and clinically valuable treatments, which complement the basic medical insurance offerings [6][7] - The catalog features advanced therapies such as CAR-T cell treatments and bispecific antibodies, targeting rare diseases prevalent in children, thus expanding market opportunities for pharmaceutical companies [6][7] Group 4: Industry Response and Future Outlook - The policy sends a clear signal of government support for independent innovation, encouraging pharmaceutical companies to invest more in original and differentiated research and development [7] - The National Medical Insurance Bureau plans to refine policies and enhance management to ensure the effective implementation of the drug catalogs, ultimately improving the clinical medication experience for insured individuals [7]

Core Viewpoint - The company, Elysium (688578.SH), announced that its innovative drugs, Vemurafenib and Golecitinib, have been included in the National Medical Insurance Directory for 2025, indicating a significant advancement in their market access and potential for revenue growth [1] Group 1: Drug Inclusion in National Medical Insurance - Vemurafenib and Golecitinib have been included in the National Medical Insurance Directory for 2025, with Vemurafenib continuing to be covered for first-line and second-line treatment indications after negotiations [1] - Golecitinib has been included in the National Medical Insurance Directory for the first time for second-line treatment indications through negotiation [1] Group 2: Clinical Efficacy and Safety of Vemurafenib - Vemurafenib is an EGFR-TKI developed by the company, showing broad efficacy against various EGFR mutations, with a confirmed objective response rate (ORR) of 44.3% and a median progression-free survival (PFS) of 8.3 months in clinical studies [2] - The median overall survival (OS) observed so far is 21.2 months, indicating promising long-term outcomes for patients [2] - Vemurafenib has demonstrated good tolerability at a dosage of 240mg QD, with no new or unexpected safety signals reported [2] Group 3: Inclusion in Clinical Guidelines - Vemurafenib has been included in several authoritative domestic guidelines and consensus documents, such as the CSCO Non-Small Cell Lung Cancer Guidelines (2025 edition) [3] - The first global expert consensus focusing on EGFR PACC mutation NSCLC suggests considering Vemurafenib as a first-line treatment option for patients with advanced NSCLC based on current evidence [3]

艾力斯公告称，公司创新药品甲磺酸伏美替尼片（伏美替尼）和枸橼酸戈来雷塞片（戈来雷塞）均被纳 入《国家基本医疗保险、生育保险和工伤保险药品目录（2025年）》。伏美替尼一线及二线治疗适应症 经医保谈判后继续纳入，协议有效期为2026年1月1日至2027年12月31日；戈来雷塞二线治疗适应症首次 被纳入，协议有效期相同。两药品纳入医保体现了对其临床价值的认可，有助于降低患者用药负担、扩 大受益群体，但产品销售推广受市场竞争等因素影响，具有不确定性。 ...

Core Viewpoint - The company, Elysium (688578.SH), announced that its innovative drugs, Fumetinib and Golecitinib, have been included in the National Medical Insurance Catalog for 2025, which is a significant milestone for the company and its product offerings [1]. Group 1: Drug Inclusion in National Insurance - Fumetinib and Golecitinib have been included in the National Medical Insurance Catalog, with Fumetinib continuing to be covered for first-line and second-line treatment indications after negotiations [1]. - Golecitinib has been included in the National Medical Insurance Catalog for the first time for its second-line treatment indication through negotiation [1]. Group 2: Clinical Efficacy and Safety of Fumetinib - Fumetinib is an EGFR-TKI developed by the company, showing broad efficacy against various EGFR mutations, with a confirmed objective response rate (ORR) of 44.3% and a median progression-free survival (PFS) of 8.3 months in clinical studies [2]. - The median overall survival (OS) observed so far for Fumetinib is 21.2 months, indicating its potential as a leading treatment option for patients with EGFR 20 exon insertion mutation [2]. - Fumetinib has demonstrated good tolerability at a dosage of 240mg QD, with no new or unexpected safety signals reported [2]. Group 3: Guidelines and Recommendations - Fumetinib has been included in several authoritative domestic guidelines, such as the CSCO Non-Small Cell Lung Cancer Guidelines (2025 edition) and the Clinical Diagnosis and Treatment Guidelines for Gene-Positive Non-Small Cell Lung Cancer Brain Metastasis (2025 edition) [3]. - The first professional consensus document focusing on EGFR PACC mutation NSCLC recommends considering Fumetinib as a first-line treatment option for patients with advanced NSCLC based on current evidence [3].

人民财讯12月7日电，艾力斯(688578)12月7日公告，公司创新药品甲磺酸伏美替尼片(商品名"艾弗沙"， 简称"伏美替尼")和枸橼酸戈来雷塞片(商品名"艾瑞凯"，简称"戈来雷塞")均被纳入《国家基本医疗保 险、生育保险和工伤保险药品目录(2025年)》(简称"国家医保目录")。其中，伏美替尼一线及二线治疗 适应症经医保谈判后继续纳入国家医保目录；戈来雷塞二线治疗适应症通过医保谈判方式首次被纳入国 家医保目录。 ...

Core Insights - The company reported a total revenue of 2.374 billion yuan for the first half of 2025, representing a year-on-year growth of 50.57% [1] - The net profit for the same period was 1.051 billion yuan, with a year-on-year increase of 60.22% [1] - The company is enhancing its marketing network and production capacity to meet market demand [1] Marketing Network and Production Capacity - The company has established a marketing team of over 1,400 members, covering 31 provinces and cities, and more than 5,000 hospitals [1] - The marketing team possesses expertise in targeted oncology drugs and innovative pharmaceuticals [1] - In July 2025, the company received a GMP compliance notice from the Jiangsu Provincial Drug Administration for a new production project with an annual capacity of 150 million tablets [1] Product Development and Clinical Trials - The company has initiated the commercialization of the drug Gorlaire, with the first batch of commercial formulations successfully launched [1] - The application for the domestic production of the RET inhibitor Pralsetinib has been approved by the NMPA, with market supply expected to transition from imported to domestic products starting in 2026 [1][2] - The company is advancing clinical projects, including a Phase III trial for Vomeletinib in NSCLC patients, which was approved in January 2025 [1] Collaborations and Future Plans - The company is collaborating with Arrivent to develop Vomeletinib for NSCLC with specific mutations, with a global Phase III clinical study completed in early 2025 [2] - Arrivent plans to initiate an international Phase III registration trial for Vomeletinib targeting PACC mutation NSCLC, with the first patient expected to be enrolled in the second half of 2025 [3] Financial Projections - Revenue projections for 2025-2027 are estimated at 5.044 billion, 6.062 billion, and 7.454 billion yuan, with year-on-year growth rates of 42%, 20%, and 23% respectively [3] - The projected net profit for the same period is expected to be 1.945 billion, 2.328 billion, and 2.896 billion yuan, with year-on-year growth rates of 36% [3]

Core Insights - The adjustment of the medical insurance drug catalog for 2025 has seen a significant increase in the number of drugs passing the formal review, with a new commercial insurance innovative drug catalog introduced, attracting high industry attention [1][3][5] Summary by Sections Medical Insurance Drug Catalog - The National Healthcare Security Administration (NHSA) received 718 applications for the basic medical insurance catalog, with 534 passing the initial review, including 472 applications from outside the catalog, marking a notable increase from 249 in 2024 [3] - The approved drugs cover various fields such as oncology, chronic diseases, and rare diseases, with a significant number of monoclonal antibody injections passing the review [3][4] Commercial Insurance Innovative Drug Catalog - The newly established commercial insurance innovative drug catalog received 141 applications, with 121 passing the initial review, resulting in a pass rate of approximately 85.82% [5] - This catalog also includes drugs for oncology, chronic diseases, and rare diseases, primarily focusing on Western medicine, with some traditional Chinese medicine included [5][6] Dual Track Submission - Several drugs have simultaneously passed the reviews for both the basic medical insurance catalog and the commercial insurance innovative drug catalog, indicating a strategy to cater to different patient payment capabilities [7][8] - The dual submission approach allows for broader market coverage and addresses the needs of high-value innovative drugs that may not be included in the basic insurance catalog [8] Industry Implications - The increase in the number of drugs passing the reviews reflects the growing investment in innovative drug research and development in China, with a focus on enhancing patient access to essential medications [4][6] - The establishment of the commercial insurance innovative drug catalog signifies the government's commitment to building a multi-tiered medical security system, providing supplementary coverage for high-value drugs not included in the basic insurance [6][8]

Investment Rating - The report maintains a "Buy" rating for several companies in the pharmaceutical sector, including 奥赛康 (Aosaikang), 云顶新耀 (Cloudtop), 诺禾致源 (Nuohezhiyuan), and 诺诚健华 (Nocren) [1][5]. Core Insights - The pharmaceutical sector has shown a weekly increase of 1.78%, outperforming the CSI 300 index by 1.96 percentage points, ranking first among 31 primary industries [1][8]. - The report highlights the approval of 诺诚健华's (Nocren) 坦昔妥单抗 (Tafasitamab) for the treatment of relapsed/refractory diffuse large B-cell lymphoma, marking a significant milestone in the industry [1][41]. - The report suggests that favorable policies are expected to lead to a gradual recovery in the industry, particularly in the formulation sector, which has been impacted by previous anti-corruption measures and centralized procurement [5]. Summary by Sections 1. Pharmaceutical Sector Performance - The pharmaceutical and biotechnology sector's performance this week was a 1.78% increase, with chemical pharmaceuticals rising by 3.58%, biological products by 1.74%, medical services by 1.42%, and pharmaceutical commerce by 1.15% [1][8]. 2. Key News - The report mentions the approval of艾力斯's KRAS G12C inhibitor, which is aimed at treating advanced non-small cell lung cancer [28][29]. - 科济药业's CAR-T cell therapy for gastric cancer is set for priority review, indicating a potential breakthrough in treatment options [30][31]. 3. Key Announcements - 迪哲医药 announced the presentation of its innovative drugs DZD8586 and DZD6008 at the upcoming ASCO annual meeting, showcasing advancements in cancer treatment [34][35]. - 诺诚健华's Tafasitamab has received approval for treating relapsed/refractory diffuse large B-cell lymphoma, enhancing its product portfolio in the hematology field [41].