Core Viewpoint - Heng Rui Medicine (600276) has seen a positive market response following the announcement of multiple drugs being included in the National Medical Insurance Directory for 2025, which is expected to enhance its revenue potential significantly [1]. Group 1: Stock Performance - As of December 8, 2025, Heng Rui Medicine closed at 62.46 CNY, up 1.36% from the previous trading day, with a total market capitalization of 414.56 billion CNY [1]. - The stock opened at 62.6 CNY, reached a high of 63.55 CNY, and a low of 61.92 CNY, with a trading volume of 3.187 billion CNY and a turnover rate of 0.8% [1]. Group 2: Drug Inclusion in National Insurance - Heng Rui Medicine announced that several of its drugs have been included in the National Basic Medical Insurance, Work Injury Insurance, and Maternity Insurance Drug Directory for 2025 [1]. - Newly included drugs are injection of Rukang Qutuzumab and Apixaban Famitin Capsules, while additional indications for drugs like injection of Karilizumab and Fluorouracil Capsules have also been added [1]. - The total sales for these drugs are projected to be approximately 8.66 billion CNY for the year 2024 and about 7.554 billion CNY for the first three quarters of 2025 [1]. - The new insurance directory will be implemented starting January 1, 2026, with specific payment standards to be announced officially [1].

Core Points - The company has successfully included several of its products in the National Medical Insurance Catalog for 2025, which is expected to enhance sales and improve operational performance [1] - The total estimated sales for the included drugs in 2024 is approximately 8.66 billion yuan, and for the first three quarters of 2025, it is about 7.55 billion yuan [1] Drug Inclusion in National Medical Insurance Catalog - The following drugs have been newly included: - Injection of Rukang Qutuzumab - Apixaban Famitinib Capsules - Injection of Funaqi Zhumab - Sulfate of Amatuximab Tablets - Injection of Phosphorola Pitant Palonosetron - Injection of Ruikasi Zhumab - Acetate of Abiraterone Tablets (II) - Lipid Injection of Irinotecan Hydrochloride (II) - Regaglitin Metformin Tablets (I)/(II) - Perfluorohexyl Octane Eye Drops [1] - The following drugs have successfully added new indications: - Injection of Karelizumab - Fluorazepam Capsules - Injection of Fumaric Acid Tegafur [1] - The following drugs have been renewed and retained in the National Medical Insurance Catalog: - Maleate of Pyrotinib Tablets - Hecorapam Ethanolamine Tablets - Phosphate of Regaglitin Tablets - Injection of Methylsulfonylmethane Remazolam - Sulfate of Pevonedistat Injection [1] - The following drugs have new indications and have been adjusted to regular catalog management: - Mesylate of Apatinib Tablets - Lipid Injection of Bupivacaine [1] Impact on the Company - The inclusion of these drugs in the National Medical Insurance Catalog is expected to positively impact sales, although the exact effect on the company's operational performance is currently indeterminate [1] - The National Medical Insurance Catalog will officially take effect on January 1, 2026, with further details on payment standards and reimbursement rules to be announced by relevant government departments [1]

恒瑞医药公告称，部分产品纳入《国家基本医疗保险、工伤保险和生育保险药品目录（2025年）》，将 于2026年1月1日起实施。其中，注射用瑞康曲妥珠单抗等10种药品首次纳入；注射用卡瑞利珠单抗等3 种药品新增适应症纳入；马来酸吡咯替尼片等5种药品续约成功；甲磺酸阿帕替尼片等2种药品新增适应 症并调整至常规目录管理。上述药品2024年度合计销售额约86.60亿元，2025年1-3季度约75.54亿元，对 公司业绩影响暂无法估计。 ...

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology sector [4]. Core Insights - The upcoming 2025 ASCO conference highlights the impressive presence of Chinese innovative pharmaceutical companies, with over 70 research projects selected, indicating a robust growth in domestic drug development [2][22]. - The report emphasizes the structural selection of investment opportunities based on payment willingness and ability, focusing on three payment channels: hospital payments, out-of-pocket payments, and overseas payments [3]. Summary by Sections Market Review - The pharmaceutical and biotechnology index rose by 1.78%, outperforming the CSI 300 index by 1.96 percentage points and the ChiNext index by 2.83 percentage points, ranking first among 31 sub-industries [1][16]. - The Hong Kong Hang Seng Medical Health Index increased by 5.54%, surpassing the Hang Seng National Enterprises Index by 4.18 percentage points [1][16]. Company Research Progress - Recent developments include the IND application for HS-10510 by Haosen Pharmaceutical and ongoing clinical trials for several drugs from companies like Hengrui Medicine and BeiGene [35]. Key Company Highlights - Hengrui Medicine has 69 research projects selected for the ASCO conference, covering various cancer types, showcasing its leadership in innovative drug development [23][26]. - Innovent Biologics will present clinical data for IBI363 and IBI343 at ASCO, indicating its strong pipeline in cancer immunotherapy [27][28]. - Rongchang Biopharmaceutical has over 20 clinical progress reports accepted for presentation at ASCO, focusing on ADC therapies for various cancers [30][31]. Investment Recommendations - The report recommends focusing on companies such as Hengrui Medicine, Mindray Medical, United Imaging Healthcare, and Yuyue Medical, based on their strong market positions and growth potential [3].

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology sector [4]. Core Insights - The upcoming 2025 ASCO conference highlights the impressive presence of Chinese innovative pharmaceutical companies, with over 70 research projects selected, indicating a robust growth in domestic drug development [2][22]. - The report emphasizes the increasing competitiveness of domestic drugs in the global market, particularly in oncology, as several innovative drugs are making significant progress [2][23]. Summary by Sections Market Review - The pharmaceutical and biotechnology index rose by 1.78%, outperforming the CSI 300 index by 1.96 percentage points and the ChiNext index by 2.83 percentage points, ranking first among 31 sub-industries [1][16]. - The Hong Kong Hang Seng Healthcare Index increased by 5.54%, surpassing the Hang Seng Index by 4.18 percentage points [1][16]. Company Research Progress - Recent developments include the IND application for HS-10510 by Haosen Pharmaceutical and ongoing clinical trials for several drugs by companies such as Hengrui Medicine and BeiGene [35]. Key Company Highlights - Hengrui Medicine has 69 research projects selected for the ASCO conference, covering various cancer types, showcasing its leadership in innovative drug development [23][26]. - Innovent Biologics will present clinical data for IBI363 and IBI343 at ASCO, indicating its strong pipeline in oncology [27][28]. - Rongchang Biopharmaceutical has over 20 clinical progress reports accepted for presentation at ASCO, focusing on various cancer treatments [30][31]. Investment Strategy - The report suggests a structural selection of investment opportunities based on payment willingness and ability, focusing on three main areas: hospital payment support, expansion of consumer demand, and overseas market opportunities [3]. Key recommendations include Hengrui Medicine, Mindray Medical, United Imaging Healthcare, and Yuyue Medical [3].