2026年1月1日起，新版《国家基本医疗保险、生育保险和工伤保险药品目录》正式落地执行，新纳入医保的药品将统一执行最新医保支付标准，这也意味 着多款产品迎来了同步的价格下调。 其中有两款长效生长激素产品被纳入，即长春高新（000661.SZ）旗下金赛药业的金培生长激素注射液（金赛增）和特宝生物（688278.SH）的怡培生长激 素注射液（益佩生）。金赛增早在2014年就已上市，而益佩生则于2025年5月获批，为1类新药。 据国家医保局官网信息显示，益佩生不同规格的最新医保支付价位于418.11元-853.20元的区间。 | 乙 99 金培生长激素注射液 | 限内源性生长激素缺乏(GHD)所引起的 2026年1月1日至 | | | --- | --- | --- | | | 儿童生长缓慢。 | 2027年12月31日 | 金赛增则选择了价格保密，未公布中选价，但在社交平台上，**有家长晒出了9mg装的金赛增经医保谈判后的价格已降至约900元/支。 据《科创板日报》记者获悉，该价格是所有患者都能享受的降价标准，如果患者是生长激素缺乏症，还可按所在省市医保报销政策进行进一步报销，具体 报销金额以当地医疗机构的政策为 ...

"结果拿到了，确定要（给孩子）打生长激素了。有水剂的，还有粉剂的，（医生）说的过了元旦，我 们要打的针就要调价格了。如果不降价的话，打针费用4000元～5000元/月。过了元旦再来打，一个月 费用只需约2000元。"日前，一位家长在社交平台分享道。 价格方面，此前益佩生5毫克装、金赛增9毫克装的生长激素挂网价分别为1798元和3500元。而进入医保 目录后，益佩生5毫克装价格由1798元降低至853.2元，降价幅度约53%；金赛增虽也入选2025年版国家 医保药品目录，但企业决定暂不公布中选价。 不过，一名接近金赛药业的人士在接受每经记者采访时表示，金赛增9毫克规格长效生长激素已进入最 新版国家医保目录，价格从原价约3500元/支大幅降至约900元/支，降价幅度约75%，将显著减轻患者家 庭的治疗负担。 不过，上述人士告诉记者，因厂家还需与各省市医保局进行价格谈判和竞价，该药品降价后价格并非全 国统一。"金赛增并未直接公开进入医保后的价格，但约900元/支的价格算是行业内公开秘密。" 关于降价后的治疗费用，记者以降价幅度更大的金赛增长效生长激素为例，测算了一个直观案例：生长 激素的使用剂量与患者体重、适应证直 ...

特宝生物在长效蛋白质药物领域深耕多年，其核心竞争力在于能够驾驭高壁垒的生物工程技术，并将其 精准转化为直击用户痛点的临床获益。回顾企业的发展历程，从深耕乙肝临床治愈的"派格宾"，到如今 呵护儿童成长的"益佩生"，特宝生物始终在践行一种朴素的价值观：坚持做难而正确的事。 在乙肝领域，特宝生物支持的"珠峰项目"为无数患者带来了临床治愈的希望；在儿科领域，益佩生同样 承载着这样的使命——让更多矮小症患儿不仅能"用得起"长效生长激素，更能"用得好、用得安全"。 中证报中证网讯(王珞)12月7日，特宝生物自主研发的长效生长激素——怡培生长激素注射液(商品名： 益佩生)成功通过谈判纳入医保目录。 此次进入医保，对于特宝生物而言意义深远，不仅标志着产品获得国家级市场准入资格，更在医保谈 判"保基本"的大背景下，验证了一个核心商业命题：具备显著临床优势和更高安全性的差异化创新药， 才能获得认可与支持。 益佩生能够顺利入局，得益于其扎实的"品质硬实力"，尤其是其在分子设计层面的突破性创新和安全性 升级，为产品构建了难以复制的差异化优势。在儿科用药领域，能通过技术手段实现更高的"安全性"， 本身就是极具价值的创新，特宝生物通过研 ...

作为聚乙二醇蛋白质长效药物领域的龙头，特宝生物的业绩表现十分亮眼。2016-2024年间，公司营业 收入从2.8亿元增长至28亿元，营业利润从0.3亿元增长至9.7亿元。2025年前三季度公司营业收入同比增 长26.85%，营业利润同比增长16.11%，归母净利润同比提升20.21%。 文 | 财经思享汇，作者 | 王璇，编辑 | 管东生 2025年10月，派格宾新增"联合核苷（酸）类似物用于成人慢性乙型肝炎患者的HBsAg持续清除"适应 症，成为全球首个获批该适应症的药物，标志着乙肝临床治愈成为现实，实现这一突破的公司正是特宝 生物（688278.SH）。 图 公司营业总收入、营业利润、归母净利润情况 为股东创造财富的效率同样突出，自2019年以来，公司净资产收益率一直保持在10%以上，并呈现逐年 增长的趋势，而资产负债率并不高，截至2025年前三季度仅为20.52%。 公司业绩增长背后的核心动力是什么？这样的增长还能持续多久？ 大单品护城河 公司现有产品包含三个板块，分别为抗病毒用药（派格宾）、血液/肿瘤用药（珮金、特尔立、特尔 津、特尔康）、内分泌用药（益佩生）。其中，派格宾作为核心大单品，占到公司20 ...

据统计，我国约有700万矮小症患儿，且发病人数仍呈上升趋势。生长激素是儿童矮小症的核心治疗药 物，然而长期以来，我国儿童生长激素治疗领域面临着"短效制剂每日注射依从性难保证、长效药物价 格高且选择有限"的困局。新一代长效生长激素益佩生此次纳入新版药品目录，将有力打破这一困局。 新版药品目录自2026年1月1日起正式执行。 据悉，此次纳入新版药品目录后，益佩生价格降超50%，将大幅减轻患者经济负担，提高治疗可及性。 中国经济网北京12月8日讯(记者郭文培)12月7日，国家医保局、人力资源社会保障部联合印发《国家基 本医疗保险、生育保险和工伤保险药品目录(2025年)》(以下简称新版药品目录)。特宝生物自主研发的 长效生长激素——怡培生长激素注射液(商品名：益佩生)纳入新版药品目录，用于治疗3岁及以上儿童 生长激素缺乏症所致生长缓慢。 ...

Group 1: Fund Research on Advanced Manufacturing - The report constructs a pool of actively managed advanced manufacturing theme funds, categorizing them into balanced and focused single-track funds, including themes like robotics, military, automotive, new energy, smart driving, and batteries [1][6][9] - Recommended funds in the robotics theme include Yongying Advanced Manufacturing Smart Selection, Penghua Carbon Neutral, Ping An Advanced Manufacturing, and AVIC Trend Navigation [1][6][9] - Recommended funds in the military theme include Changxin National Defense Military Industry, Huaxia Military Security, Yongying High-end Equipment Smart Selection, and others [1][6][10] Group 2: Securities Industry Strategy for 2026 - The report indicates a positive economic outlook, suggesting that the capital market's upward trend remains intact, with the brokerage sector being relatively undervalued and showing high year-on-year growth [2][12][14] - Recommended brokerage firms include Guotai Junan, Haitong Securities, Huatai Securities, Guosen Securities, and GF Securities, with a focus on companies benefiting from an active equity market [2][12][14] - The report anticipates a 23.5% year-on-year increase in net profit for the industry in 2026, driven by sustained inflows of incremental capital [2][14] Group 3: Communication Industry Report - The report highlights the rise of Scale-up network architecture, driven by the demand for high bandwidth and low latency in communication components [16][17] - The Scale-up switch market is projected to grow rapidly, with an estimated market size of nearly $6 billion by 2025 and a CAGR of 26% from 2025 to 2030 [16][17] - Key beneficiaries of the Scale-up network demand include high-end switching chips, integrated delivery of communication hardware, and short-distance high-speed copper connections [18][19] Group 4: Macroeconomic Data Analysis - The report notes a slowdown in industrial and service sector growth, with industrial value-added growth at 4.9% year-on-year in October, down from 6.5% in September [21][22] - Fixed asset investment saw a year-on-year decline of 12.2% in October, with significant drops in real estate development investment [22][23] - The government is increasing investment stabilization policies to achieve a 5% growth target for the year, including new policy financial tools and special bond quotas [23] Group 5: Solid-State Battery Industry Insights - The solid-state battery industry is expected to accelerate due to key policy drives, with significant funding allocated for research and development [29][30] - Major players like CATL and Zhongxin Innovation plan to achieve mass production of solid-state batteries by 2027, with safety improvements over liquid batteries [30][31] - Equipment manufacturers are likely to benefit first from the solid-state battery industry's growth, as they provide essential technology for production [31]

Group 1: Monetary Policy and Financial Management - The central bank is gradually implementing a moderately loose monetary policy, with macro-prudential management continuously improving, as evidenced by the recent financial forum where the central bank governor emphasized the importance of debt market operations [6][8] - The central bank's net purchase of 700 billion yuan in government bonds from October to December 2024 is aimed at alleviating supply-side pressures, indicating a mature timing for the resumption of bond trading [6][7] - The construction of a comprehensive macro-prudential management system is being accelerated to prevent and resolve financial risks, enhancing the ability to manage banking asset quality concerns [8] Group 2: Capital Market Reforms - The capital market is focusing on deepening investment and financing reforms while enhancing protections for small and medium investors, as highlighted in a recent speech by the chairman of the securities regulatory commission [11][12] - The multi-tiered capital market system is being reinforced, with specific reforms aimed at the growth board and the North Exchange to better serve emerging industries and technologies [13][14] - The introduction of a refinancing framework is expected to streamline the process for quality companies, allowing them to issue securities in a more flexible manner [15] Group 3: Company-Specific Insights - Huayang Group reported Q3 2025 revenue of 3.48 billion yuan, a year-on-year increase of 31%, driven by strong performance in automotive electronics and precision die-casting [19][20] - Hengli Hydraulic achieved a revenue of 7.79 billion yuan in the first three quarters of 2025, reflecting a 12.31% year-on-year growth, with a notable recovery in the excavator industry [23][24] - Hengli Petrochemical's Q3 net profit increased by 81.47% year-on-year, despite a revenue decline, due to effective cost management and improved gross margins [27][28] Group 4: Investment Recommendations - Investment recommendations for Huayang Group suggest a clear growth path driven by automotive electronics and precision die-casting, with adjusted profit forecasts for 2025-2027 [22] - Hengli Hydraulic is positioned as a leader in the hydraulic components market, with expected net profits of 2.796 billion yuan for 2025, reflecting a strong recovery in the excavator sector [25] - Hengli Petrochemical is expected to benefit from a new cycle in the refining industry, with a maintained "buy" rating based on its robust dividend policy and market position [29]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6] Core Insights - The company has received approval for a new indication for its product Pegasys, which is expected to enhance its market position in treating chronic hepatitis B [6] - The commercialization of the long-acting growth hormone (Yipeisheng) is accelerating, with significant market potential as it is the second product of its kind approved in China [6] - The company is projected to achieve substantial revenue growth, with expected revenues of 37.34 billion yuan, 49.60 billion yuan, and 63.64 billion yuan for 2025, 2026, and 2027 respectively [6] Financial Performance Summary - Total revenue for 2022 was 1,527 million yuan, with a projected increase to 2,100 million yuan in 2023, and further growth to 3,734 million yuan in 2025, reflecting a growth rate of 34.86% in 2022 and 37.55% in 2023 [3][7] - Net profit attributable to the parent company was 287 million yuan in 2022, expected to rise to 555 million yuan in 2023, and reach 1,092 million yuan in 2025, with a growth rate of 58.40% in 2022 and 93.52% in 2023 [3][7] - Earnings per share (EPS) is projected to increase from 0.71 yuan in 2022 to 2.68 yuan in 2025, with corresponding price-to-earnings (P/E) ratios decreasing from 100.63 in 2022 to 26.45 in 2025 [3][7] Market Position and Competitive Landscape - The approval of Pegasys for a new indication strengthens the company's position in the hepatitis treatment market, potentially increasing its market share [6] - The long-acting growth hormone Yipeisheng is expected to capture significant market share due to its innovative formulation and lower dosing requirements compared to competitors [6]

Core Insights - The article highlights the transformation of the Xiamen Biopharmaceutical Port and the success story of Teva Biopharma, which has evolved from a small team to a leading company in the biopharmaceutical industry in China [1][2]. Company Overview - Teva Biopharma, established in 1996, focuses on the research, production, and sales of recombinant proteins and long-acting modified drugs, primarily in the field of immunology [2]. - The company has developed several first-class new drugs, including Pegfilgrastim, Yipeng, and Peijin, based on its innovative platform technology centered around polyethylene glycol long-acting drugs [2]. Financial Performance - From 2018 to 2024, Teva Biopharma's operating revenue increased from 448 million to 2.817 billion, while net profit rose from 16 million to 827 million [2]. - In the first half of 2025, the company reported R&D expenditures of 202 million, reflecting a year-on-year growth of 48.77% [3]. Innovation and Development - Teva Biopharma emphasizes continuous innovation, with a focus on building a core technology platform that includes PEG modification, drug production, and optimization [4]. - The company has transitioned from a small team of 7 to over 2,000 employees and successfully listed on the STAR Market in January 2020, marking a significant milestone in its development [4]. Future Outlook - The company views innovation as its greatest opportunity and recognizes the risk of losing direction in the innovation process [5]. - Teva Biopharma aims to shift from single drug development to integrated innovation through multi-path technology, addressing complex diseases and enhancing clinical efficacy and value [5].

Group 1: Macroeconomic Insights - The U.S. labor market is showing signs of cooling, raising concerns about potential recession risks, with initial jobless claims remaining low despite a slowdown in hiring[7] - The unemployment rate is experiencing its slowest increase in history, transitioning from supply constraints to demand constraints in the labor market[7] - The estimated monthly job additions needed to maintain the current unemployment rate is between 150,000 and 180,000, while the recent average has been only 120,000[9] Group 2: Inflation and Monetary Policy - The U.S. CPI for August increased by 2.9% year-on-year, with a month-on-month rise of 0.4%, indicating a stable inflation trend[15] - The Federal Reserve is expected to adopt a more dovish stance, potentially implementing 2-3 rate cuts within the year due to rising unemployment concerns[17] - The market is currently pricing in expectations of monetary policy easing, which may benefit gold prices amid geopolitical tensions[28] Group 3: Market Trends and Investment Opportunities - The Chinese stock market is projected to reach new highs within the year, driven by accelerated economic transformation and improved visibility in development[31] - Emerging technologies and cyclical financial sectors are identified as key investment opportunities, with a focus on sectors like AI applications and commercial aerospace[33] - The commercial aerospace market is expected to grow significantly, with China's market share in global investment rising to 24% by 2024[22]