Group 1: New Drug Listings - The new National Medical Insurance Drug List will add 114 drugs, including 50 innovative drugs, increasing the total to 3,253 drugs [1] - The Commercial Health Insurance Innovative Drug List will include 19 drugs, with 5 being CAR-T therapies [1] Group 2: Local Production Strategies - Companies like Innovent Biologics are optimistic about the market entry of their drug, "Tislelizumab," which is now covered by the national insurance [2] - Fosun Pharma has adopted different production strategies for its drugs, including "raw material reserves and flexible production" for "Luwomeitini" and a dual strategy of "short-term imports and long-term localization" for "Tianapano" [3] - Marubeni Pharma has localized production for its drugs, ensuring stable supply through hospital access and dual-channel pharmacies [3] Group 3: Accessibility Enhancements - Companies are adjusting inventory, pricing, and reimbursement information for new innovative drugs in line with national negotiation policies [4] - The "dual-channel" system allows patients to access drugs through designated medical institutions and retail pharmacies, ensuring quick prescription flow [4] - National Pharmaceutical Holdings is assisting drug companies in pricing and insurance coding for newly introduced innovative drugs in Shanghai [4] Group 4: Hospital Integration and Evaluation - Hospitals are considering various factors for integrating innovative drugs, including overall insurance funding and clinical efficacy assessments [5] - Shanghai Zhongshan Hospital is adopting a principle of "as much as possible" for including new innovative drugs in their formulary [5] - Research and monitoring of adverse reactions for newly added innovative drugs are being emphasized to ensure safety and efficacy in clinical settings [5]

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]

Core Viewpoint - Fosun Pharma has announced the inclusion of several of its products in the 2025 National Medical Insurance Directory and the Commercial Health Insurance Innovative Drug Directory, which is expected to enhance drug accessibility and reduce patient medication costs, positively impacting the company's future performance [1][3]. Group 1: National Medical Insurance Directory - New inclusions in the 2025 National Medical Insurance Directory include: - Luwomeitini Tablets (复迈宁), approved for market in May 2025 - Guo Xiangsu Fuwisili Capsules (复妥宁), approved for market in May 2025 - Pirfenidone Oral Suspension (奥捷宁), approved for market in September 2025 - Tofacitinib Tablets (万缇乐), approved for market in February 2025 - Putomani Tablets (普瑞尼), approved for market in December 2024 [1]. - Adjustments in remarks for existing drugs include: - Levetiracetam Tablets (倍稳), with new indications added in February 2023 - Tofacitinib Injection (珊金), with updated indication descriptions in June 2023 [1]. Group 2: Commercial Health Insurance Innovative Drug Directory - New inclusion in the Commercial Health Insurance Innovative Drug Directory: - Acalabrutinib Injection (奕凯达), approved for market in June 2021 [1]. Group 3: Financial Impact - The total sales for the newly included or adjusted drugs are approximately RMB 401 million for 2024 and RMB 892 million for the first three quarters of 2025, accounting for about 0.98% and 3.04% of the company's revenue during the same periods, respectively [3]. - The inclusion in the directories is expected to facilitate market promotion and sales of these drugs, leading to a positive impact on the company's performance in subsequent years [3].

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） ...