Core Insights - The newly released commercial insurance innovative drug directory includes 19 drugs, with 6 specifically for rare diseases, addressing conditions such as neuroblastoma and Gaucher disease [1][3] - The directory aims to provide a reference for multi-tiered medical insurance systems, but attracting more commercial insurance participation remains a challenge [1][6] Summary by Sections Rare Disease Drug Inclusion - The innovative drug for short bowel syndrome, injection of teduglutide, is set to be the first GLP-2 analog approved in China, filling a long-standing gap in treatment options [3][4] - Gaucher disease, affecting approximately 3,000 patients in China, now has a locally developed enzyme replacement therapy, injection of velaglucerase alfa, included in the directory [5] Challenges in Commercial Insurance - The increasing pressure on basic medical insurance funds makes it unrealistic to rely solely on them for rare disease drug coverage, highlighting the need for commercial insurance products like Huiminbao [6][8] - Huiminbao has made strides in covering certain rare disease drugs, but the number of drugs and policies available for rare diseases still needs improvement [8] Future Directions - Experts suggest that a multi-tiered approach involving basic insurance, commercial insurance, and charitable support is essential for effective rare disease drug coverage [9][10] - The focus should shift from post-reimbursement to comprehensive service and long-term health management for rare disease patients [10]

Core Insights - The 2025 National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug Catalog, along with the first version of the Commercial Health Insurance Innovative Drug Catalog, will be officially implemented on January 1, 2026 [1][2] Group 1: National Medical Insurance Drug Catalog - The 2025 update adds 114 new drugs, including 50 innovative drugs, while removing 29 drugs that are either not clinically available or can be replaced by better alternatives [1] - The total number of drugs in the catalog increases to 3,253, comprising 1,857 Western medicines and 1,396 traditional Chinese medicines [1] - New drugs included address significant medical needs, such as treatments for triple-negative breast cancer, pancreatic cancer, lung cancer, rare diseases, and chronic conditions like diabetes and autoimmune diseases [1] Group 2: Commercial Health Insurance Innovative Drug Catalog - The catalog includes 19 drugs from 18 innovative pharmaceutical companies, featuring advanced therapies such as CAR-T, TCE therapies, and bispecific antibodies [2] - The catalog emphasizes three key characteristics: support for innovation, focus on critical areas like Alzheimer's and pediatric rare diseases, and the distinction between basic medical insurance and commercial insurance [2] Group 3: Future Directions - The National Medical Insurance Administration aims to clarify the boundaries of basic medical insurance and promote the complementary development of commercial health insurance, establishing a multi-tiered medical security system [3] - Future policies will be refined to enhance management and ensure the effective implementation of the drug catalogs, ultimately improving the clinical medication needs of insured individuals [3]

| 申万期货品种策略日报——股指 2025/12/8 星期一 | | | | | --- | --- | --- | --- | | 申银万国期货研究所 贾婷婷（从业资格号：F3056905；交易咨询号：Z0016232 ）jiatt@sywgqh.com.cn;15921620356 申银万国期货研究所 柴玉荣 （从业资格号：F03111639；交易咨询号：Z0018586）chaiyr@sywgqh.com.cn;18802979529 | | | | | 一、股指期货市场 | | | | | IF当月 | IF下月 | IF下季 | IF隔季 | | 前两日收盘价 4530.60 | 4512.20 | 4492.20 | 4441.60 | | 前日收盘价 4574.40 | 4557.00 | 4535.80 | 4487.80 | | 涨跌 46.00 沪深300 | 46.40 | 45.20 | 46.20 | | 涨跌幅 1.02 | 1.03 | 1.01 | 1.04 | | 成交量 84754.00 | 5005.00 | 29046.00 | 6014.00 | | 持仓量 1432 ...

Core Viewpoint - The article highlights a significant rise in the stock prices of several innovative pharmaceutical companies following the announcement of the 2025 National Medical Insurance drug list, which includes a substantial number of new innovative drugs [1] Group 1: Stock Performance - WuXi AppTec (02126) saw an increase of 8.77%, trading at HKD 3.35 [1] - Kintor Pharmaceutical (02171) rose by 3.8%, reaching HKD 18.87 [1] - Beihai Kangcheng (01228) increased by 3.38%, priced at HKD 2.45 [1] - Junshi Biosciences (01877) gained 2.29%, with a share price of HKD 24.1 [1] Group 2: Drug List Adjustments - The 2025 National Medical Insurance drug list is the 8th adjustment since the establishment of the National Healthcare Security Administration [1] - A total of 114 new drugs were added to the list, including 50 Class 1 innovative drugs [1] Group 3: Notable Drug Inclusions - Fosun Pharma's (600196) Luwomei Tablets and Beihai Kangcheng's injectable Vilazodone Beta were included in the commercial insurance innovative drug list [1] - The highly anticipated CAR-T cell therapies from various companies, including Fosun Kairui's Acalabrutinib Injection and WuXi AppTec's Regorafenib Injection, were also included in the first batch of commercial insurance innovative drug list [1]

智通财经APP获悉，部分创新药概念股早盘走高，截至发稿，药明巨诺-B(02126)涨8.77%，报3.35港 元；科济药业-B(02171)涨3.8%，报18.87港元；北海康成-B(01228)涨3.38%，报2.45港元；君实生物 (01877)涨2.29%，报24.1港元。 值得注意的是，备受瞩目的百万CAR-T细胞疗法——复星凯瑞的阿基仑赛注射液、药明巨诺的瑞基奥仑 赛注射液、合源生物的纳基奥仑赛注射液、驯鹿生物的伊基奥仑赛注射液、恺兴生命科技的泽沃基奥仑 赛注射液均被纳入首批商保创新药目录。 消息面上，2025年国家基本医疗保险、生育保险和工伤保险药品目录是国家医保局成立以来的第8次调 整。本次目录调整新增114种药品，其中50种为1类创新药。据智通财经报道，复星医药的芦沃美替尼片 进入2025年医保目录，北海康成的注射用维拉苷酶β进入商保创新药目录。 ...

国家医保局等部门印发《国家基本医疗保险、生育保险和工伤保险药品目录》以及《商业健康保险创新 药品目录》，自2026年1月1日起正式执行。 国家医保局成立以来医保药品目录已调整8次，本次医保药品目录调整新增114种药品，其中50种为1类 创新药。首版商保创新药目录共纳入19种药品，既有CAR-T等肿瘤治疗药品，也有社会关注度较高的阿 尔茨海默病治疗药品。 恒生医药ETF（159892）聚焦创新药产业，在港交所18A制度优势下覆盖众多创新标的（百济神州、信 达生物、康方生物等），有望受益于医保目录的更新和美联储降息。 （文章来源：每日经济新闻） 具体来看，复星医药的芦沃美替尼片进入2025年医保目录，北海康成的注射用维拉苷酶β进入商保创新 药目录。同时，5款CAR-T药进入商保创新药目录，分别是复星凯瑞的阿基仑赛注射液、药明巨诺的瑞 基奥仑赛注射液、合源生物的纳基奥仑赛注射液、驯鹿生物的伊基奥仑赛注射液、科济药业的泽沃基奥 仑赛注射液。 从药企角度来看，纳入医保+商保的创新药大多处于放量初期，随着政策红利释放，纳入医保、商保目 录的创新药有望快速放量。商保的逐步推广也有望增加创新药费用的支付来源，促进创新药在支付 ...

【环球网财经综合报道】日前，国家医保局、人力资源社会保障部印发《国家基本医疗保险、生育保险和工伤保险药 品目录》以及《商业健康保险创新药品目录》，自2026年1月1日起正式执行。这是国家医保局成立以来第8次调整医 保药品目录。本次医保药品目录调整新增114种药品，其中50种为1类创新药。 值得关注的是，本次调整后，多款罕见病药物被纳入2025年医保目录及商保创新药目录。其中复星医药的芦沃美替尼 片进入2025年医保目录，北海康成的注射用维拉苷酶β进入商保创新药目录。同时，5款CAR-T药进入商保创新药目 录，分别是复星凯瑞的阿基仑赛注射液、药明巨诺的瑞基奥仑赛注射液、合源生物的纳基奥仑赛注射液、驯鹿生物的 伊基奥仑赛注射液、科济药业的泽沃基奥仑赛注射液。 国家医疗保障局党组书记、局长章轲还表示，将加快基于医保数据、医保立项和支付的场景，加快医保影像云建设， 力争2027年以前基本实现医保影像的全国互通互认。 《南华早报》近日发文称，花旗银行亚太区医疗保健研究总监约翰·杨表示，"未来几年，生物科技，尤其是创新药 物，肯定会是中国的头等大事。"他认为，中国需要通过升级生产线和生产能力，以及扩大临床管理能力，来发展 ...

Core Insights - The 2025 National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug Catalog and the first Commercial Health Insurance Innovative Drug Catalog were officially released on December 7, highlighting significant advancements in drug accessibility and innovation support [1][6]. Summary by Sections Basic Medical Insurance Drug Catalog - A total of 114 new drugs were added, with 50 being first-class innovative drugs, achieving an overall success rate of 88%, an increase from 76% in 2024 [3][5]. - The total number of drugs in the National Medical Insurance Drug Catalog has increased to 3,253, including 1,857 Western medicines and 1,396 traditional Chinese medicines, with enhanced coverage for critical areas such as cancer, chronic diseases, mental illnesses, rare diseases, and pediatric medications [3][5]. - The new drug catalog will be implemented starting January 1, 2026, with a six-month transition period for drugs that were not successfully renewed [3][4]. Commercial Health Insurance Innovative Drug Catalog - The Commercial Health Insurance Innovative Drug Catalog includes 19 drugs from 18 innovative pharmaceutical companies, focusing on high clinical value and innovation, particularly in cancer, rare diseases, and chronic conditions [7][9]. - The catalog emphasizes three main characteristics: support for innovation, focus on key therapeutic areas, and a clear distinction between basic medical insurance and commercial insurance coverage [7][9]. - Notable inclusions are five CAR-T products and new treatments for Alzheimer's disease and Gaucher disease, reflecting a trend towards covering high-cost, innovative therapies through commercial insurance [8][9]. Innovation and Market Impact - The inclusion of a significant number of first-class innovative drugs in the basic medical insurance catalog demonstrates the government's commitment to enhancing drug accessibility and encouraging pharmaceutical innovation [6][9]. - The successful negotiation rates and the focus on innovative drugs in both catalogs are expected to stimulate further investment in drug research and development by pharmaceutical companies [6][9].

Core Insights - The seminar held in Shanghai on December 7 focused on accelerating the construction of the "Five Centers" during the 14th Five-Year Plan period, addressing new opportunities and challenges arising from significant changes in domestic and international development [1] Group 1: Innovation in Biopharmaceuticals - Shanghai has initiated a pilot project for segmented production of biopharmaceuticals, successfully launching the first domestic project for innovative drug production, attracting an investment of 3.14 billion yuan from Roche and other companies [2] - The segmented production model has been incorporated into local regulations, enhancing the efficiency of biopharmaceutical resource allocation [2] Group 2: Telecommunications and Digital Services - Shanghai has become the first in the country to pilot the expansion of value-added telecommunications services, allowing foreign companies to operate independently in specific zones, with nine foreign enterprises currently participating [2] - This initiative aims to deepen foreign investment in digital services, including cloud computing and data processing [2] Group 3: Artificial Intelligence Development - The establishment of a large-scale humanoid robot training ground aims to transition embodied intelligence from research to practical applications, achieving a model transfer success rate of over 95% [3] - This initiative supports various sectors, including smart manufacturing and public services, enhancing robots' capabilities in complex environments [3] Group 4: International Financial Center - The Shanghai International Reinsurance Registration and Trading Center has achieved a digital and standardized transformation, with 131 institutions registered and a trading premium of 5.3 billion yuan recorded in the first ten months of 2025 [4] - A pilot reform for offshore trade finance services has been launched, significantly improving cross-border settlement efficiency for offshore trade enterprises [4] Group 5: Technology Innovation and Support - The introduction of a growth tier in the Sci-Tech Innovation Board aims to support technology companies with significant breakthroughs but currently unprofitable, with a total market value of nearly 1.3 trillion yuan for 35 listed companies [5] - The Shanghai government has implemented a "no application required" policy for technology innovation vouchers, benefiting over 30,000 small and medium-sized tech enterprises and increasing voucher orders by 60% from September to November [12] Group 6: International Trade and Data Economy - Shanghai has piloted measures for the facilitation of imported consumer goods inspections, resulting in 1,040 entries and 2,940 batches benefiting from these measures by September 2025 [7] - The construction of an international data center aims to promote data openness and cooperation, establishing a data economy industrial system that supports cross-border data flow [8] Group 7: Shipping and Maritime Innovation - Shanghai has developed a low-carbon fuel supply system for ships, becoming one of the few ports globally capable of supplying both LNG and green methanol, with 1.45 million cubic meters of LNG supplied to 251 vessels by October 2025 [9] - The implementation of a "one-box" water-to-water transfer model has significantly improved logistics efficiency in the Yangtze River Delta region, with increases in cargo declaration numbers and operational efficiency exceeding 30% [9]

Core Points - The 2025 National Medical Insurance Directory has added 114 new drugs, including 50 innovative drugs, which will significantly enhance patient access to essential medications [1][3][6] - The introduction of the Commercial Health Insurance Innovative Drug Directory marks a pivotal moment for innovative drug accessibility, allowing companies to explore new payment channels beyond traditional insurance [12][13] - The overall number of drugs in the National Medical Insurance Directory has increased to 3,253, with a notable focus on critical areas such as oncology, chronic diseases, and rare diseases [6][11] Group 1: National Medical Insurance Directory - The 2025 National Medical Insurance Directory includes 114 new drugs, with 50 classified as innovative drugs, such as Tislelizumab and domestic ADCs [1][3] - The directory aims to bridge gaps in basic medical insurance coverage for major diseases like triple-negative breast cancer and lung cancer [3][4] - The total number of drugs in the National Medical Insurance Directory has risen to 3,253, enhancing coverage for key disease areas [6] Group 2: Commercial Health Insurance Innovative Drug Directory - The Commercial Health Insurance Innovative Drug Directory includes five CAR-T cell therapies and two Alzheimer's disease drugs, addressing previously limited access due to high costs [1][7] - The directory allows innovative drug companies to seek new payment avenues, enhancing the affordability and accessibility of high-value drugs [12][13] - The introduction of this directory is seen as a significant milestone in improving patient access to innovative therapies [8][9] Group 3: Industry Impact and Future Outlook - The past decade has seen a surge in China's innovative drug development, with the 2025 directory marking a new phase in business development for the industry [11] - The dual-track payment framework of basic insurance and commercial insurance is expected to stimulate the market for innovative drugs [13] - Companies are encouraged to collaborate with insurance providers to enhance patient coverage and awareness of health insurance options [12][13]