Corporate Announcements - China Pacific Insurance announced that Vice President Yu Ze is under investigation for serious violations of discipline and law, but this will not affect the company's management [2] - Guanglian Aviation reported that its controlling shareholder and chairman Wang Zengduo has had his detention lifted, allowing him to resume his duties, with normal operations continuing [3] - China Communications Construction Company clarified that it bears no repayment or guarantee obligations related to overdue financial products linked to its controlling shareholder, and its operations remain normal [4] - Annie Co. is planning a change in control, with stock trading resuming on December 8, 2025, after a share transfer agreement is signed [5] - Guoao Technology announced that its actual controller is planning a change in control, leading to a temporary suspension of its stock [6] - ST Tianrui terminated its planned change in control due to a lack of consensus, with stock resuming trading on December 8, 2025 [7] Industry Developments - Double Star New Materials noted that leading companies in the BOPET industry have reached a consensus on production cuts to balance supply and demand, although the sustainability of long-term price increases remains uncertain [8] - First Venture received a notice of administrative penalty for failing to diligently supervise a bond project, resulting in fines and warnings, but this will not significantly impact its operations [12] - China Chemical announced that its nylon new materials project has reached full production capacity, enhancing efficiency and market competitiveness [14] Pharmaceutical Sector Updates - Hengrui Medicine reported that nine of its drugs have been included in the national medical insurance directory, with a total expected sales of approximately 8.66 billion yuan for 2024 [15] - Junshi Biosciences announced that its products have received new indications and have been included in the national medical insurance directory, enhancing market accessibility [16] - Huadong Medicine's subsidiary has had its products included in the national medical insurance and commercial insurance innovation drug directories, aiding market promotion [17] - Aidi Pharmaceutical's two innovative HIV drugs have been renewed for inclusion in the national medical insurance directory, with specific pricing established [18] - ZhiXiang JinTai's monoclonal antibody has been included in the national medical insurance directory, which is expected to positively impact future sales [19] - Fosun Pharma announced multiple products have been newly included in the national medical insurance directory, which is anticipated to positively influence future performance [20] - Zejing Pharmaceutical's drug has been included in the national medical insurance directory, which will enhance affordability and market promotion [21] - Micron Biologics' product has been included in the national medical insurance directory, with no significant impact on current performance expected [22] Shareholder Commitments - Tianci Materials' controlling shareholder has committed not to reduce his shareholding in the company for six months, reflecting confidence in the company's future [23] Major Contracts - Guangqi Technology's subsidiary signed contracts worth 696 million yuan for the mass production of metamaterials, expected to impact the company's performance in 2026 [24]

2025 年国家医保目录、商保创新药目录将于2026年1月1日起执行。其中， 2025 年国家医保目录的具体医保支付标准、医保报 销细则、谈判药品的协议有效期等信息，须以国家医疗保障局等相关政府部门公示信息为准。 前述新获纳入或涉及备注信息调整的药品2024年度及2025年前三季度的销售额合计分别约为人民币4.01亿元、8.92亿元，分别 约占同期本集团营业收入的0.98%、3.04%。本次新获纳入2025年国家医保目录/商保创新药目录将有利于进一步提升该等药品 的可及性、减轻患者用药负担，同时也将有助于推动该等药品的市场推广和销售，预计将对本集团后续年度业绩产生积极影 响。 智通财经APP讯，复星医药(02196)发布公告，根据2025年12月7日国家医疗保障局、人力资源社会保障部发布的《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"2025 年国家医保目录")以及首次发布的《商业健康保险创新药品 目录(2025年)》(以下简称"商保创新药目录")，上海复星医药(集团)股份有限公司及控股子公司/单位(以下简称"本集团")多款已 上市产品获首次纳入或涉及备注信息调整，现将有关情况公 ...

Investment Rating - The report maintains a positive outlook on the pharmaceutical industry, focusing on innovation, overseas expansion, thematic investments, and dividend strategies as the main investment themes [2][17]. Core Insights - The pharmaceutical sector experienced a short-term pullback but remains optimistic about the innovation-driven growth trajectory. Key areas of focus include innovative drugs, international market expansion, and supportive policies for innovation [2][17]. - The report highlights the importance of innovative drugs as a new productive force, with significant policy support expected to accelerate their development [17]. - The report emphasizes the potential of companies with strong clinical pipelines and innovative capabilities, particularly in the context of recent supportive policies for innovative drugs [16][17]. Summary by Sections Current Industry Investment Strategy - The pharmaceutical index fell by 2.72% in the week, underperforming the CSI 300 index by 1.97 percentage points. Year-to-date, the sector has risen by 1.11%, outperforming the CSI 300 by 1.75 percentage points [15]. - The current valuation level (PE-TTM) for the pharmaceutical industry is 26.53 times, with a premium of 75.91% relative to the entire A-share market [15]. Key Companies and Their Performance - **Hengrui Medicine**: Recent updates on lung cancer data show promising results, with an overall response rate (ORR) of 73% and median progression-free survival (mPFS) of 11.5 months, indicating strong commercial potential [16]. - **Innovative Drug Policies**: New policies are expected to encourage commercial insurance companies to invest in innovative drug companies and improve pricing standards [16][17]. Thematic Investment Lines - **Innovation and Overseas Expansion**: The report identifies innovative drugs as a key area, with a high success rate in recent insurance negotiations for innovative drugs [17]. - **Dividend Strategy**: With the 10-year government bond yield falling below 2%, dividend-paying assets with stable growth and cash flow are highlighted as defensive and offensive investment options [9][18]. Recommended Investment Combinations - The report lists several recommended stocks, including Hengrui Medicine, Enhua Pharmaceutical, and Yifan Pharmaceutical, among others, indicating a strong buy rating for these companies based on their growth potential and market performance [19][22].

证券代码：600196 股票简称：复星医药 编号：临 2025-028 上海复星医药（集团）股份有限公司 关于许可产品获药品注册批准的公告 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。 一、概况 上海复星医药（集团）股份有限公司（以下简称"本公司"）控股子公司上海复 星医药产业发展有限公司（以下简称"复星医药产业"）获许可产品盐酸替那帕诺 片（中国境内1商品名：万缇乐®，以下简称"该药品"）的上市许可申请于近日获国 家药品监督管理局批准，本次获批适应症为用于控制对磷结合剂疗效不充分或不耐 受的慢性肾脏病（CKD）成人透析患者的血清磷水平。 二、该药品的基本情况 三、该药品的基本信息及研究情况 复星医药产业于2017年12月获美国 Ardelyx, Inc.（以下简称"Ardelyx"）许 可于区域内（即中国内地、香港及澳门特别行政区，下同）独家临床开发和商业化 1 不包括港澳台地区，下同 1 该药品，Ardelyx 仍为该药品在区域内的权利人。该药品本次获批适应症为用于控制 对磷结合剂疗效不充分或不耐受的慢性肾脏病（CKD） ...