Investment Rating - The industry investment rating is "Outperform the Market" with an expectation of over 10% relative increase in the industry index compared to the market in the next six months [5][10]. Core Insights - The new medical insurance drug list has been released, adding 50 first-class innovative drugs. A total of 114 new drugs were added, with a success rate of 88%, higher than last year's 76%. The total number of drugs in the list has increased to 3,253, including 1,857 Western medicines and 1,396 traditional Chinese medicines. This new list will be implemented starting January 1, 2026 [3]. - The first commercial health insurance innovative drug list has been published, including 19 drugs from 18 pharmaceutical companies, covering treatments for cancer, rare diseases, and Alzheimer's disease. These drugs are not included in the medical insurance fund payment scope, promoting the development of a multi-tiered medical security system and increasing accessibility to high-value innovative drugs [4]. - The collaboration between the new medical insurance drug list and the commercial health insurance innovative drug list aims to create a new payment structure for innovative drugs, addressing the affordability issue for patients and providing a sustainable return mechanism for pharmaceutical companies, thus driving high-quality development in China's innovative drug industry [4]. Summary by Sections - **New Medical Insurance Drug List**: 50 first-class innovative drugs added, total drugs increased to 3,253, with a record number of 69 innovative drugs approved for market entry this year [3]. - **Commercial Health Insurance Drug List**: 19 innovative drugs included, enhancing accessibility and complementing the basic medical insurance system [4]. - **Policy Impact**: The synergy between the two lists is expected to accelerate the development of China's innovative drug research and create a robust engine for high-quality growth in the industry [4].

除传统的国家医保药品目录外，今年还新增了商业健康保险创新药目录，19种药品纳入其中，既有CAR-T等肿瘤治疗药品，也有 神经母细胞瘤、戈谢病等罕见病治疗药品，还有社会关注度较高的阿尔茨海默病治疗药品，商保创新药目录是对基本医保的有效补 充，患者可以通过商业保险，用上医保不覆盖的创新药。 国家医疗保障局医药服务管理司目录处处长 涂继莹：对商业健康保险来说，因为有国家背书，通过创新药物的品牌效应，能够 吸引更多的人来进行参保，实际上是降低了商业健康保险的获客成本。 央视网消息：12月7日，新版国家医保药品目录及首版商保创新药目录正式发布，114种药品成功纳入医保、19种新药进商保创新 药目录。全面升级后的药品目录，有助于满足民众多元化、多层次用药需求，让新药、好药更加可及，新版目录将于2026年1月1日在 全国范围内正式实施。 聚焦临床急需、医保可负担。本次目录调整新增114种药品，29种临床用不上或有更好替代的药品被调出目录。调整后的目录内 药品总数增至3253种，其中西药1857种、中成药1396种。此次调整有50种药品为一类创新药，创新药正以更快速度惠及患者，肿瘤、 慢性病、精神疾病、罕见病、儿童用药等重点 ...

Investment Rating - The report maintains a "Buy" rating for the pharmaceutical and biotechnology sector, with a focus on companies with strong R&D capabilities and commercialized innovative drug products [4][26]. Core Insights - The first commercial health insurance innovative drug directory has been released, which is expected to continuously expand the payment space for innovative drugs [2][21]. - The new basic medical insurance directory includes 127 products, with a success rate of 88% in negotiations, marking the highest success rate in nearly seven years [2][21]. - The commercial health insurance directory includes 24 drugs, with 19 successfully included, focusing on CAR-T and treatments for rare diseases and Alzheimer's [2][22]. - The report emphasizes the importance of clinical value in the pharmaceutical sector, suggesting that investments should focus on innovative drug chains and high-end medical devices [3][24]. Summary by Sections Market Review - The A-share pharmaceutical and biotechnology index fell by 1.17%, underperforming the CSI 300 index by 2.44 percentage points [1][16]. - The H-share Hang Seng Medical Health Index decreased by 0.71%, lagging behind the Hang Seng Index by 1.45 percentage points [1][16]. R&D Progress - Recent IND applications include Yifang Biotech's D-0502 and Hengrui Medicine's HRS-6257 [1][29]. - Clinical trials are ongoing for several drugs, including Shijiazhuang Pharmaceutical's SYS6002 and Zai Ding Pharmaceutical's Aigamod α [1][30]. Key Company Predictions and Valuations - The report provides earnings per share (EPS) forecasts and price-to-earnings (PE) ratios for key companies, recommending a "Buy" for companies like Innovent Biologics and WuXi AppTec [4][26]. Important Updates - The report highlights significant updates from various companies, including strategic partnerships and new product registrations [28][29]. Financial Data - Basic medical insurance revenue reached 2,108.6 billion yuan in the first nine months of 2025, with a monthly income of 227.6 billion yuan in September [33][38]. - The pharmaceutical manufacturing industry saw a revenue decline of 2.90% year-on-year for the first ten months of 2025 [47]. Policy and Market Trends - The report discusses the structural shift in domestic policies favoring innovative drugs and the impact of global economic conditions on the pharmaceutical sector [24][25].

Macro Economy - The Chairman of the China Securities Regulatory Commission, Wu Qing, stated that during the "14th Five-Year Plan" period, the securities industry will undertake four major missions, including serving the real economy and supporting the construction of a financial power [2] - As of the end of November 2025, China's foreign exchange reserves reached $33,464 billion, an increase of $3 billion from the end of October, marking a continuous four-month stay above the $3.3 trillion mark [2] - The People's Bank of China reported that as of the end of November, gold reserves were 74.12 million ounces, an increase of 30,000 ounces from the previous month [3] Industry Trends - The National Healthcare Security Administration and the Ministry of Human Resources and Social Security issued the 2025 drug directory, which includes 114 new drugs, 50 of which are Class 1 innovative drugs [5] - The real estate market is transitioning from a focus on construction to filling properties with people and industries, with current housing prices under pressure due to insufficient usage value [4] - The storage chip market has seen a significant surge in spot prices, with DDR4x chip prices increasing over four times this year, while manufacturers face low inventory levels [6] Company Dynamics - Wuliangye plans to adjust the price of its 52-degree eighth-generation product to 900 yuan per bottle, with potential costs for distributors dropping to around 800 yuan after discounts and rebates [7] - Apple is experiencing significant executive turnover, with key positions related to AI and design seeing resignations, raising concerns about leadership stability [7] - China Life Insurance announced that its vice president is under investigation for serious violations of discipline and law [10]

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转自：新华财经 •2025年医保商保"双目录"发布 114种新药成功纳入医保 50种为一类创新药 •11月末外储规模小幅回升 黄金储备实现"十三连增" •百度回应旗下AI芯片公司上市计划：正就昆仑芯拟分拆上市进行评估 •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》。其中提到，各地医保 部门要会同有关部门推动多层次医疗保障体系建设，积极支持普惠型商业健康保险发展，商保创新药目录推荐商业健康保险、医疗互助等多层次医疗保障体 系参考使用。支持商保机构根据商保创新药目录设计新产品、更新赔付范围、调整赔付方式，更好满足患者用药需求，切实减轻患者医疗费用负担。鼓励有 条件的地区探索开展医保、工伤保险与商保"一站式"结算。各地医保部门和人力资源社会保障部门应建立医保目录内药品配备和使用情况监测机制。（新华 财经） •据国家医保局，2025年国家医保药品目录成功新增114种药品，有50种是一类创新药，总体成功率88%，较2024年的76%明显提高。19种药品纳入首版商保 创新药目录，包括CAR-T等肿瘤治疗药品，也有神经母细胞瘤、戈谢病等罕见病治疗药品，还 ...

【导读】114种药品新增进入2025年国家医保药品目录，19种药品进入商保创新药目录 中国基金报记者 王思文 12月7日，2025年药品目录谈判协商结果在广州发布，市场关注的新版基本医保药品目录和首版《商业健康保险创新药品目录》正式公布。今年是国家医 保药品目录连续第八年进行调整。 新版药品目录自2026年1月1日起正式执行，《国家基本医疗保险、工伤保险和生育保险药品目录（2024年）》（医保发〔2024〕33号）同时废止。 首版商保创新药目录发布 18家企业19种药品被纳入 首次增设商保创新药目录是2025年医保目录调整的重要突破，也是市场关注焦点。 被纳入首版商保创新药目录的19种药品中，既有CAR-T等肿瘤治疗药品，也有神经母细胞瘤、戈谢病等罕见病治疗药品，还有阿尔茨海默病治疗药品等。 2025年版国家医保+商保药品目录正式发布 根据国家医保局对外发布的2025年版国家基本医疗保险、生育保险和工伤保险药品目录和首版商业健康保险创新药品目录显示，2025年国家医保药品目录 成功新增114种药品，19种药品被纳入首版商保创新药目录。 在本次目录调整的新增药品中，有50种是一类创新药，总体成功率为88%，较2 ...

【导读】114种药品新增进入2025年国家医保药品目录，19种药品进入商保创新药目录 12月7日，2025年药品目录谈判协商结果在广州发布，市场关注的新版基本医保药品目录和首版《商业健康保险创新药品目录》正式公布。今年是国家医 保药品目录连续第八年进行调整。 新版药品目录自2026年1月1日起正式执行，《国家基本医疗保险、工伤保险和生育保险药品目录(2024年)》(医保发〔2024〕33号)同时废止。 2025年版国家医保+商保药品目录正式发布 18家企业19种药品被纳入 首次增设商保创新药目录是2025年医保目录调整的重要突破，也是市场关注焦点。 被纳入首版商保创新药目录的19种药品中，既有CAR-T等肿瘤治疗药品，也有神经母细胞瘤、戈谢病等罕见病治疗药品，还有阿尔茨海默病治疗药品等。 国家医保局强调，要积极推进商保创新药目录药品配备使用。商保创新药目录内药品的挂网、配备工作原则上参照医保谈判药品执行，保障临床诊疗需求 和患者合理用药权益。 根据国家医保局对外发布的2025年版国家基本医疗保险、生育保险和工伤保险药品目录和首版商业健康保险创新药品目录显示，2025年国家医保药品目录 成功新增114种药品，1 ...

（文章来源：每日经济新闻） "2025创新药高质量发展大会"今天（12月7日）上午在广州召开，会议将发布2025年《国家基本医疗保 险、生育保险和工伤保险药品目录》和首版《商业健康保险创新药品目录》。 复星凯瑞董事长张文杰表示，创新药的质量不仅来自药品本身，还来自患者可及性。商保谈判机制是中 国创新药可及性的一个极其重要的里程碑。 据大会现场公布，百时美施贵宝、卫材、武田制药、礼来、复星凯瑞、北海康成等多家企业新药产品入 围首版《商业健康保险创新药品目录》。首版商保创新药目录共纳入19种药品，5款百万元级别的CAR- T肿瘤疗法全部纳入，社会关注度较高的阿尔茨海默病治疗药品、罕见病药物等也被纳入其中。 ...

21世纪经济报道记者 贺佳雯 广州报道 12月7日，2025创新药高质量发展大会在广州召开。会议发布2025年《国家基本医疗保险、生育保险和工伤保险药品目录》和 2025年《商业健康保险创新药品目录》。 19种药品包括CAR-T等肿瘤治疗药品 纳入首版商保创新药目录的19种药品中，包括CAR-T等肿瘤治疗药品，神经母细胞瘤、戈谢病等罕见病治疗药品以及阿尔茨海 默病治疗药品等。 此次调整后，国家医保药品目录内药品总数增至3253种，其中西药1857种、中成药1396种，肿瘤、慢性病、精神疾病、罕见 病、儿童用药等重点领域的保障水平得到明显提升。 八年八次动态调整，惠民赋能双显 回顾国家医保药品目录调整工作，自2018年国家医保局成立以来，不断完善医保药品目录管理政策，稳步提升参保人用药保障 水平，助力医药产业高质量发展。 首先，夯实制度基础。印发《基本医疗保险用药管理暂行办法》，规范目录调整规则、程序，打破以往4-8年一调的做法，实现 每年动态调整。 （大会现场 贺佳雯/摄） 记者现场获悉，2025年国家医保药品目录成功新增114种药品，有50种是一类创新药，总体成功率88%，较2024年的76%明显提 高。1 ...