"如果没降价，每月打针要花四五千。现在好了，一个月两千左右。"近期，一位家长分享孩子使用长效 生长激素费用大幅下降的经历，引发不少家庭共鸣。这份新年伊始的实惠，源于新版国家医保药品目录 的正式落地。 1月7日，国家医保局对最新版医保药品目录进行解读。本次调整新增药品数量多、创新药占比高，并对 部分药品支付范围进行了优化，旨在更好满足临床急需，保障参保患者用药可及性。 新纳入医保的药物，均是"急患者所需" 1月1日，在广西壮族自治区妇幼保健院，乳腺癌患者用上了刚纳入医保的创新药伊那利塞片；上海交通 大学医学院附属第九人民医院，也开出了治疗甲状腺眼病的新药替妥尤单抗的首张医保处方。 这些"首张处方"的背后，是新版目录整体扩容与降价带来的普惠性利好。本次调整共新增114种药品， 覆盖肿瘤、慢性病、罕见病等多个临床急需领域。通过国家医保谈判，新增药品价格平均降幅超过 60%，显著降低了患者用药负担。 一批备受关注的新药、好药通过此次调整惠及广大患者—— 在肿瘤领域，治疗三阴性乳腺癌的芦康沙妥珠、用于治疗胰腺癌的伊立替康脂质体等创新药被纳入； 在慢病管理方面，一年仅需注射两次的降脂药英克司兰钠、新型降糖药替尔泊肽进入目 ...

行 行业周报 业 研 究 证 券 研 究 报 告 医保商保"双目录"发布，错位发展支持创新 ——医药生物行业周报 分析师： 侯雅楠 SAC NO： S1150524120001 2025 年 12 月 12 日 医药生物 证券分析师 侯雅楠 houyn@bhzq.com 022-23839211 研子究行助业理评级 中药Ⅱ 看好 重点品种推荐 恒瑞医药 买入 近三月行业指数走势图 相关研究报告 中国药品价格登记系统正式 上线——医药生物行业周报 2025.12.05 关注医保目录及商保创新药 投资要点： 行业要闻 （1）新版基本医保药品目录及首个《商业健康保险创新药品目录》发布； （2）中国生物制药首创 CDK2/4/6 抑制剂获批上市。 公司公告 （1）石药集团：①司美格鲁肽注射液的第二项上市许可申请获 NMPA 受理； ②GLP-1/GIP 受体双偏向性激动多肽注射液（SYH2069 注射液）在美国获临 床试验批准；③重组全人源抗 ACTRIIA/IIB 单克隆抗体（JMT206）在美国获 临床试验批准； （2）复星医药：控股子公司签订许可协议； （3）恒瑞医药：公司药品纳入国家医保目录； （4）君实生物 ...

南财智讯12月12日电，恒瑞医药公告，恒瑞医药收到国家药品监督管理局核准签发的关于SHR- A1811(sc)注射液的《药物临床试验批准通知书》，同意该药品单药在晚期实体瘤患者中开展临床试 验。SHR-A1811(sc)注射液为公司开发的皮下制剂，是在已获批上市的注射用瑞康曲妥珠单抗（SHR- A1811）基础上优化而来，旨在缩短给药时间、提升便捷性。目前全球尚无同类皮下制剂产品上市。此 前，注射用瑞康曲妥珠单抗已获批用于治疗存在HER2激活突变且既往接受过至少一种系统治疗的不可 切除的局部晚期或转移性非小细胞肺癌成人患者。 ...

恒瑞医药公告称，子公司苏州盛迪亚生物医药有限公司收到国家药监局核准签发关于SHR - A1811(sc)注 射液的《药物临床试验批准通知书》，将于近期开展临床试验。公司注射用瑞康曲妥珠单抗（SHR - A1811）已于2025年5月在国内获批上市。SHR - A1811(sc)是皮下制剂，全球尚无同类产品上市。截至 目前，注射用瑞康曲妥珠单抗相关项目累计研发投入约157,417万元。药品研发上市存在不确定性，公 司将推进项目并披露进展。 ...

问题导向精准发力，办理实效惠企利民 面对代表委员关注的优化审评审批制度、打造国家级疫苗优质资源融合平台、加快建设世界一流生物医 药产业创新集群等问题，省药监局建立"主要领导领办、专班跟踪推进、成果闭环转化"机制，将46件建 议提案分解为94项具体任务，通过专题研判、列单挂账、"面对面"对接服务等方式逐项攻坚。截至10 月，帮助解决109家重点企业255条问题诉求，推动我省新获批上市药品324个、第三类医疗器械412个， 其中创新药15个、创新医疗（002173）器械10个，分别占全国总数的1/4、1/6，批准第二类医疗器械 1512个，数量均居全国前列。 "建议提案是民声的'风向标'，必须从'办文'转向'办事'，把代表的'金点子'转化为发展的'金钥匙'。"省 药监局党组书记、局长田丰在专题推进会上强调。为扎实推动惠企利民，省药监局牵头制定并提请省政 府办公厅出台《关于全面推进药品医疗器械监管深层次改革促进医药产业高质量发展的若干政策措 施》，针对性提出23项改革内容、83条具体措施，药品监管领域32项改革措施被纳入《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》。 务实举措破解难题，监管服务双 ...

Core Viewpoint - Heng Rui Medicine (600276) has seen a positive market response following the announcement of multiple drugs being included in the National Medical Insurance Directory for 2025, which is expected to enhance its revenue potential significantly [1]. Group 1: Stock Performance - As of December 8, 2025, Heng Rui Medicine closed at 62.46 CNY, up 1.36% from the previous trading day, with a total market capitalization of 414.56 billion CNY [1]. - The stock opened at 62.6 CNY, reached a high of 63.55 CNY, and a low of 61.92 CNY, with a trading volume of 3.187 billion CNY and a turnover rate of 0.8% [1]. Group 2: Drug Inclusion in National Insurance - Heng Rui Medicine announced that several of its drugs have been included in the National Basic Medical Insurance, Work Injury Insurance, and Maternity Insurance Drug Directory for 2025 [1]. - Newly included drugs are injection of Rukang Qutuzumab and Apixaban Famitin Capsules, while additional indications for drugs like injection of Karilizumab and Fluorouracil Capsules have also been added [1]. - The total sales for these drugs are projected to be approximately 8.66 billion CNY for the year 2024 and about 7.554 billion CNY for the first three quarters of 2025 [1]. - The new insurance directory will be implemented starting January 1, 2026, with specific payment standards to be announced officially [1].

今日提示 ·第七届联合国环境大会定于12月8日至12日在肯尼亚内罗毕举行。大会旨在激发全球应对气候变化、污 染、生态系统退化等挑战的集体行动。 ·修订后的《证券结算风险基金管理办法》自12月8日起施行。风险基金投资范围在原仅限于银行存款的 基础上，新增购买关键期限国债、中国证监会和财政部批准的其他资金运用形式。 ·佳华科技12月8日开市起复牌，公司拟发行股份及支付现金购买数盾信息科技90%股份，并募集配套资 金。 ·安妮股份12月8日开市起复牌，晟世天安将成为公司控股股东，并取得公司控制权。 ·ST天瑞12月8日开市起复牌，公司控制权变更事项因未达成一致意见而终止。 ·纳百川今日申购，代码301667，发行价22.63元，市盈率28.70倍，申购上限0.65万股，主营电池液冷 板。 ·优迅股份今日申购，代码787807，发行价51.66元，市盈率60.27倍，申购上限0.45万股，主营光通信收 发合一芯片。 上证精选 ·金融监管总局发布《关于调整保险公司相关业务风险因子的通知》。险企投资沪深300指数成分股、中 证红利低波动100指数成分股、科创板股票风险因子下调，或将释放超千亿元入市资金。 ·中国证监会就《 ...

Core Points - The company has successfully included several of its products in the National Medical Insurance Catalog for 2025, which is expected to enhance sales and improve operational performance [1] - The total estimated sales for the included drugs in 2024 is approximately 8.66 billion yuan, and for the first three quarters of 2025, it is about 7.55 billion yuan [1] Drug Inclusion in National Medical Insurance Catalog - The following drugs have been newly included: - Injection of Rukang Qutuzumab - Apixaban Famitinib Capsules - Injection of Funaqi Zhumab - Sulfate of Amatuximab Tablets - Injection of Phosphorola Pitant Palonosetron - Injection of Ruikasi Zhumab - Acetate of Abiraterone Tablets (II) - Lipid Injection of Irinotecan Hydrochloride (II) - Regaglitin Metformin Tablets (I)/(II) - Perfluorohexyl Octane Eye Drops [1] - The following drugs have successfully added new indications: - Injection of Karelizumab - Fluorazepam Capsules - Injection of Fumaric Acid Tegafur [1] - The following drugs have been renewed and retained in the National Medical Insurance Catalog: - Maleate of Pyrotinib Tablets - Hecorapam Ethanolamine Tablets - Phosphate of Regaglitin Tablets - Injection of Methylsulfonylmethane Remazolam - Sulfate of Pevonedistat Injection [1] - The following drugs have new indications and have been adjusted to regular catalog management: - Mesylate of Apatinib Tablets - Lipid Injection of Bupivacaine [1] Impact on the Company - The inclusion of these drugs in the National Medical Insurance Catalog is expected to positively impact sales, although the exact effect on the company's operational performance is currently indeterminate [1] - The National Medical Insurance Catalog will officially take effect on January 1, 2026, with further details on payment standards and reimbursement rules to be announced by relevant government departments [1]

证券代码：600276 证券简称：恒瑞医药 公告编号：临2025-194 江苏恒瑞医药股份有限公司关于公司药品纳入国家医保目录的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 根据国家医保局、人力资源社会保障部关于印发《国家基本医疗保险、工伤保险和生育保险药品目录 （2025年）》的通知（"《国家基本医疗保险、工伤保险和生育保险药品目录》"以下简称"国家医保目 录"），江苏恒瑞医药股份有限公司（以下简称"恒瑞医药"或"公司"）部分产品纳入国家医保目录。 通过医保谈判，注射用瑞康曲妥珠单抗、苹果酸法米替尼胶囊、夫那奇珠单抗注射液、硫酸艾玛昔替尼 片、注射用磷罗拉匹坦帕洛诺司琼、注射用瑞卡西单抗、醋酸阿比特龙片（Ⅱ）、盐酸伊立替康脂质体 注射液（Ⅱ）、瑞格列汀二甲双胍片（Ⅰ）/（Ⅱ）、全氟己基辛烷滴眼液首次纳入国家医保目录；注 射用卡瑞利珠单抗、氟唑帕利胶囊、富马酸泰吉利定注射液新增适应症成功纳入国家医保目录；马来酸 吡咯替尼片、海曲泊帕乙醇胺片、磷酸瑞格列汀片、注射用甲苯磺酸瑞马唑仑、硫培非格司亭注射液续 约成功保留在国家 ...

Core Viewpoint - The upcoming adjustment to China's medical insurance catalog, effective January 1, 2026, will be the largest expansion of innovative drugs in history, adding 114 new drugs, including 50 class 1 innovative drugs, reflecting a significant commitment to support innovation in the pharmaceutical sector [2][11]. Summary by Sections Medical Insurance Directory Adjustment - The total number of drugs in the medical insurance directory will increase to 3,253, with a notable enhancement in coverage for key areas such as oncology, chronic diseases, mental health, rare diseases, and pediatric medications [2]. - The proportion of innovative drugs in the directory is rising, with 50 out of 114 new additions being class 1 innovative drugs, accounting for nearly 44% [2][11]. Innovative Drug Market Dynamics - The inclusion of innovative drugs in the medical insurance directory is a critical factor for market expansion, as these drugs typically experience rapid sales growth within a year of being added [5]. - Companies like Heng Rui Medicine and Innovent Biologics have successfully included multiple innovative products in the new directory, indicating a trend towards greater access to innovative treatments [6][7]. Clinical Demand and Treatment Options - The new directory focuses on drugs with significant clinical value and urgent patient needs, particularly in oncology, where new treatments for blood cancers and breast cancer have been added [12][14]. - The inclusion of targeted therapies for severe asthma and diabetes reflects a commitment to addressing pressing health issues in the population [10][8]. Pricing and Insurance Collaboration - A new commercial insurance directory for innovative drugs has been established, which includes 19 innovative drugs from 18 companies, aiming to create a balanced payment mechanism between basic medical insurance and commercial insurance [19][23]. - The commercial insurance directory is expected to alleviate the financial burden on patients, particularly for high-cost treatments like CAR-T therapy [21][22]. Policy Coordination and Future Outlook - The development of innovative drugs requires coordinated policies across drug approval, medical insurance, and clinical application, which have seen significant reforms in recent years [25][26]. - The future of innovative drug development in China hinges on the collaboration between industry policies and capital markets, with expectations for more original innovations and a focus on global competitiveness [27][28]. Conclusion - The adjustment of the medical insurance directory marks a transformative step for innovative drugs in China, shifting from being luxury items to accessible treatment options for a broader population, ultimately enhancing patient outcomes and supporting the goal of universal health coverage [29].