近日，浦江泌尿肿瘤学术大会暨上海市抗癌协会泌尿肿瘤专委会年会在上海举行，国内外泌尿肿瘤领域顶尖专家齐聚一堂，远大医药(00512)在会上重磅发 布"尿路上皮癌早筛早诊项目"，并带来专题报告《尿路上皮癌精准诊疗与泌尿肿瘤核药研发进展》，集中展示公司在早筛早诊、精准诊疗与核药创新的系统 布局与科研实力。 近年来，远大医药持续践行科技创新，已构筑雄厚的创新研发实力及兼具广度与深度的创新布局，并已进入创新业务兑现期，公司"Go Global"创新战略发 展势头正盛。 科技创新铸就核心实力，抗肿瘤产品组合企稳领先地位 在本次浦江泌尿肿瘤学术大会上，远大医药联合多方学术力量，正式发布"四基因联检尿路上皮癌早筛早诊项目"，该项目面向尿路上皮癌诊断、随访、疗效 评估等关键场景，推动无创、便捷、可重复的分子检测进入日常临床路径，其四基因联检拥有基因突变+甲基化双重检测机制、补足传统方法盲区的卓越检 出性能、无创便捷，以及高级别证据导向等技术要点——相关注册临床研究已发布在国际权威期刊《Molecular Cancer》，并成功纳入《中国临床肿瘤学会 (CSCO)尿路上皮癌诊疗指南2024》及《膀胱癌早诊早治专家共识(2024年 ...

Core Viewpoint - The article discusses the recent adjustments to the national medical insurance drug catalog, highlighting the introduction of a commercial health insurance (commercial insurance) innovative drug catalog, marking the eighth adjustment since the establishment of the National Medical Insurance Administration. This new catalog aims to provide alternative payment pathways for high-priced innovative drugs, including CAR-T therapies, which have previously faced challenges in entering the basic medical insurance catalog [3][6][7]. Summary by Sections Medical Insurance Catalog Adjustments - A total of 534 drugs passed the preliminary review for the basic medical insurance catalog, while 121 drug generic names were approved for the commercial insurance innovative drug catalog [3][6]. - The introduction of the commercial insurance innovative drug catalog is seen as a significant development, providing a separate application channel for high-priced innovative drugs that exceed the basic insurance coverage [6][8]. Market Dynamics and Participation - Participation in the commercial insurance innovative drug catalog is voluntary for pharmaceutical companies and insurance firms, with the potential for significant market opportunities if successful [4][6]. - The commercial insurance catalog is expected to attract foreign companies, as early participation may yield policy benefits [8][9]. Financial Support for Innovation - The National Medical Insurance Administration has emphasized financial support for innovative drugs, with over 4.1 trillion yuan spent on negotiated drugs since 2018 [11]. - The new measures aim to enhance the efficiency of commercial insurance companies and support the development of innovative drugs through data services and one-stop compensation [11][12]. Challenges and Competition - The article notes the increasing competition and homogenization within the innovative drug market, with multiple similar drugs entering the market, leading to price competition [13][14]. - The National Medical Insurance Administration aims to support true innovation and differentiated innovation, focusing on drugs that provide additional clinical benefits and meet unmet medical needs [14].

Group 1: Macro Strategy and Market Overview - The three major equity indices continued to rise in early August, with the Shanghai Composite Index and Shenzhen Component Index both increasing by over 2%, and the ChiNext Index rising by 4.88% [20][21] - The central bank's net cash injection was 163.5 billion yuan, maintaining stable liquidity in early August, with the 7-day reverse repo rate (DR007) hovering around 1.45% [21][22] - Commodity prices showed mixed trends, with non-ferrous metals rebounding, crude oil slightly declining, and precious metals rebounding again [21] Group 2: Fixed Income and Bond Market - The upcoming issuance of 20-year special government bonds is expected to peak, presenting trading opportunities during the issuance process [2] - The new and old bond yield spread for 20-year bonds typically narrows by 0.4-1.5 basis points, with notable exceptions during significant market events [2] Group 3: Export Growth and Trade Analysis - China's exports showed steady growth in the first seven months of 2025, with a cumulative year-on-year increase of 6.1%, surpassing the 5.8% growth rate for the entire year of 2024 [23][24] - The global trade volume is expected to cool down in the second half of the year, influenced by preemptive demand in the U.S. and a decline in imports [23][24] - China's share of global exports has been increasing, with a notable rise in exports to non-U.S. regions compensating for declines in U.S. exports [24][25] Group 4: Company-Specific Insights - Yuan Da Pharmaceutical achieved a revenue of 10.784 billion yuan in 2024, a year-on-year increase of 10.59%, and a net profit of 2.286 billion yuan, up 31.28% [28][31] - The company is pioneering a new treatment for sepsis, STC3141, which has shown promising results in clinical trials [29][30] - Yuan Da's nuclear medicine segment is expanding, with significant sales growth expected from its core product, yttrium-90 microspheres, which has treated nearly 2,000 patients [30][31] Group 5: Industry Trends and Recommendations - The semiconductor industry is projected to continue its optimistic growth trajectory in 2025, driven by AI and high-performance computing [7] - The demand for storage solutions, particularly HBM and DDR5, is expected to remain strong, with price increases anticipated in the third quarter [7] - The construction materials sector, particularly cement and explosives, is expected to benefit from major infrastructure projects like the New Tibet Railway [34]

Core Points - The adjustment of the medical insurance catalog this year marks the 8th since the establishment of the National Medical Insurance Administration and introduces a commercial health insurance (commercial insurance) innovative drug catalog for the first time [1][6] - A total of 534 drugs passed the formal review for the basic medical insurance catalog, while 121 drug generic names were approved for the commercial insurance innovative drug catalog, including high-priced innovative drugs like CAR-T [1][3] - The establishment of the commercial insurance innovative drug catalog indicates a significant shift in China's pharmaceutical industry, introducing a second major buyer beyond the basic medical insurance fund [3][6] Summary by Sections Medical Insurance Catalog Adjustment - The National Medical Insurance Administration announced the preliminary review results for the 2025 medical insurance drug catalog, with 534 drugs approved for the basic insurance catalog and 121 for the commercial insurance innovative drug catalog [1][3] - The commercial insurance innovative drug catalog provides a separate application channel for high-priced innovative drugs, which have historically faced challenges in entering the basic insurance catalog [3][4] Market Dynamics and Opportunities - Participation in the commercial insurance innovative drug catalog is voluntary for pharmaceutical companies and commercial insurance firms, presenting both risks and potential first-mover advantages [2][5] - The commercial insurance catalog aims to support high-priced innovative drugs that exceed the basic insurance scope, such as CAR-T therapies and rare disease medications [3][4] Policy Support and Industry Impact - The National Medical Insurance Administration has implemented measures to support the high-quality development of innovative drugs, with a focus on integrating commercial insurance and medical insurance to create a multi-tiered payment system for innovative drugs [6][7] - The introduction of the commercial insurance innovative drug catalog is expected to enhance the market potential for innovative drugs, providing a pathway for companies to transition from commercial insurance to basic insurance as market conditions evolve [5][7] Innovation and Competition - The pharmaceutical industry is experiencing increased competition and a trend of homogenization among innovative drugs, leading to price competition and the need for differentiation in innovation [8][9] - The National Medical Insurance Administration emphasizes the importance of supporting true innovation that offers additional clinical benefits and addressing unmet medical needs [9][10]

Group 1 - Company recently announced the commercialization of OC-01, a nasal spray product for increasing tear secretion in dry eye patients, marking it as the only approved product of its kind in China [1] - Dry eye disease is a common chronic ocular surface condition in China, with an estimated prevalence of 21%-30%, affecting approximately 360 million people [1] - The innovative nasal delivery method of OC-01 significantly improves natural tear secretion and is expected to enhance patient compliance due to its ease of use compared to traditional eye drops [1] Group 2 - Company has established a strategic focus on the ophthalmology field, developing a comprehensive portfolio of innovative drugs for various eye conditions, with multiple products expected to be approved in the next three years [2] - Recent FDA approval for DOORwaY90, a yttrium-90 microsphere injection, allows it to treat unresectable hepatocellular carcinoma (HCC) without size restrictions, making it the first product to receive such dual indications [2] - The international multi-center Phase III clinical trial for CBT-001, an innovative drug for treating pterygium, has successfully completed patient enrollment [2] Group 3 - On July 17, the company's stock rose by 5.13%, closing at HKD 9.83 per share, with a cumulative increase of over 64% from May 1 to July 17 [3]

Investment Rating - The report maintains an "Accumulate" rating for the pharmaceutical and biotechnology sector, highlighting significant undervaluation in H-shares of innovative and generic drugs [1]. Core Insights - The current market conditions in Hong Kong provide a favorable entry point for investors, with a focus on undervalued stocks in the innovative and generic drug sector, particularly companies like 3SBio, Kangzhe Pharmaceutical, and Yuan Da Pharmaceutical [4][16]. - The report emphasizes the strong performance of small-cap stocks and the adjustments in innovative drugs, indicating a shift in market dynamics [7]. Summary by Sections Industry Performance - The A-share pharmaceutical index has increased by 1.77% this week and 3.99% year-to-date, outperforming the CSI 300 by 0.18% and 2.17% respectively. The H-share biotechnology index has seen a rise of 2.04% this week and 23.06% year-to-date, outperforming the Hang Seng Technology Index by 5.14% [4][7]. - Notable stock performances include Jin Cheng Pharmaceutical (+42.43%), Zhongke Meiling (+39.09%), and Saily Medical (+34.47%) in A-shares, while in H-shares, Jin Xin Reproductive (+41.67%) and Weiya Biological (+18.88%) led the gains [7]. Investment Opportunities - The report identifies three key companies in the H-share market: 1. **3SBio**: Strong existing business with positive data from SSGJ707 Phase II trials, expected to contribute significantly to market value [18]. 2. **Kangzhe Pharmaceutical**: Three innovative products are anticipated to see rapid market uptake [4][8]. 3. **Yuan Da Pharmaceutical**: The first nuclear medicine product for liver cancer treatment is entering a rapid growth phase [4][8]. Sector Insights - The report ranks preferred sub-sectors as follows: Innovative drugs > CXO > Traditional Chinese medicine > Medical devices > Pharmacies > Pharmaceutical commerce [8]. - It suggests stock selection strategies based on valuation, growth potential, and dividend yield, with specific recommendations for various categories of companies [8]. Regulatory Developments - The report notes significant regulatory advancements, including the approval of the first IGF-1R monoclonal antibody for thyroid eye disease in China, marking a milestone in the treatment landscape [4][8]. Market Trends - The report highlights the growing market for nicotine pouches, with global sales expected to reach 83.417 billion pouches by 2028, corresponding to a market size of $46.713 billion [4][8]. Valuation Metrics - The report indicates that the pharmaceutical index's price-to-earnings ratio is currently at 31.76, which is 7.34 lower than the historical average, suggesting potential for upward adjustment [4][7]. Company-Specific Developments - **3SBio**: The company is advancing multiple Phase II clinical trials for SSGJ-707, showing promising anti-tumor activity and safety, with potential peak sales in China estimated at 6 billion RMB and 4.5 billion USD in overseas markets [19][18]. This structured summary encapsulates the key insights and recommendations from the report, providing a comprehensive overview of the current state and future outlook of the pharmaceutical and biotechnology industry.