Hong Kong stock concept tracking | Medical insurance and commercial insurance "dual directory" released! Many innovative drugs are included. The industry is expected to continue its strong development momentum (with concept stocks attached)

On December 7th, the National Healthcare Security Administration officially released the latest version of the "National Basic Medical Insurance, Maternity Insurance, and Work-related Injury Insurance Drug List" and the 2025 "Commercial Health Insurance Innovative Drug List". This includes 114 new drugs being added to the national healthcare insurance list, and 19 drugs being added to the first edition of the commercial health insurance innovative drug list. This year marks the eighth time that the National Healthcare Security Administration has adjusted the insurance list since its establishment, and the first time that a commercial health insurance innovative drug list has been added in addition to the basic healthcare insurance list. The latest version of the national healthcare insurance list will be implemented starting on January 1st, 2026. Zhang Ke, the Secretary of the Party Leadership Group and Director of the National Healthcare Security Administration, stated at the 2025 High-Quality Innovative Drug Development Conference that the healthcare fund, as the largest purchaser in the field led by China Meheco Group, has accumulated expenditures of approximately 13 trillion RMB during the 14th Five-Year Plan period, maintaining a high growth rate of over 10% annually, providing a stable source of funds for innovation and injecting sustained development momentum. Additionally, Zhang Ke also mentioned at the conference that the National Healthcare Security Administration has adjusted the healthcare insurance drug list for eight consecutive years, including a total of 949 new drugs added this year. The healthcare fund has exceeded 460 billion RMB in expenditure for negotiated drugs within the agreement period, driving sales of over 600 billion RMB, and promoting the "rejuvenation and upgrading" of the pharmaceutical market. This round of catalog adjustments added 114 new drugs, including 50 first-class innovative drugs, and removed 29 drugs that are either clinically unavailable or could be better replaced by other drugs. The new version of the national healthcare insurance drug list includes some drugs that fill gaps in basic healthcare coverage, such as drugs for major diseases like triple-negative breast cancer, pancreatic cancer, and lung cancer; drugs for rare diseases like Langerhans cell histiocytosis and Mediterranean anemia resistant to chelation therapy; and drugs for chronic diseases like diabetes, high cholesterol, and autoimmune diseases. Among the new drugs added to the basic healthcare insurance list, 50 are first-class innovative drugs, with an overall success rate of 88%, significantly higher than the 76% in 2024. In the negotiation process for the commercial health insurance innovative drug list, all five CAR-T therapies that were highly anticipated by the market entered the list, with heavyweight products from foreign companies like Pfizer and Johnson & Johnson also included. On the basic healthcare insurance side, including Jiangsu Hengrui Pharmaceuticals (600276.SH), 10 drugs including rituximab were successfully negotiated, and INNOVENT BIO (01801) had 7 innovative products (including new indications) successfully included. Drugs for treating Alzheimer's disease, which has drawn significant attention from society, were added to the commercial health insurance innovative drug list, and a batch of drugs targeting rare diseases and unmet clinical needs like velaglucerase alfa and lucerastat were also included in either the basic or commercial health insurance innovative drug lists. Previously, some institutions analyzed that most of the innovative drugs included in both healthcare and commercial insurance are in the early stages of market development. With the continued release of policy support for innovative drugs by the healthcare system, the income of included innovative drugs is expected to rapidly increase, benefiting patients continuously, and innovative drug companies will also experience elastic growth. Zhongtai believes that the innovative drug market is expected to continue to grow. The brokerage firm pointed out that innovative drugs are still the most important theme in the pharmaceutical sector, and after a period of consolidation in the past 2-3 months, stock prices, market expectations, and fund allocations have returned to relatively reasonable and low positions, highlighting the investment safety margin and return value. Related stock information: LUYE PHARMA (02186): The company announced that five new products have been successfully included in the "National Basic Medical Insurance, Maternity Insurance, and Work-related Injury Insurance Drug List (2025)" (National Healthcare Insurance Drug List) or the "Commercial Health Insurance Innovative Drug List (2025)" (Commercial Health Insurance Innovative Drug List). These five new products include: Mymeixin (hydrocodone naloxone slow-release tablets), Ruibailai (palmitoyl paliperidone injection ()) added to the national healthcare insurance drug list for the first time; Zanbeijia (injection of lurbinectedin) successfully included in the commercial health insurance innovative drug list; Baituowei (Genseric Rexin microsphere injection), Ruiketuo (repetitive ketone microsphere injection ()) renewed smoothly and continued to be included in the national healthcare insurance drug list. HENLIUS (02696): The company announced that recently, Fuduning (fulvestrant capsules) has been included in the class II range of the "National Basic Medical Insurance, Maternity Insurance, and Work-related Injury Insurance Drug List (2025)", with the indication of combination with fluvevix for postmenopausal patients with hormone receptor (HR) positive and human epidermal growth factor receptor 2 (HER2) negative recurrent or metastatic adult breast cancer. The new version of the national healthcare insurance drug list will officially be implemented on January 1st, 2026. JUNSHI BIO (01877): The company announced that its product Tecifi monoclonal antibody injection (brand name: Tyane, product code: JS001) has added two new indications, and Angorzesi monoclonal antibody injection (brand name: Junshida, product code: JS002) has been successfully included in the "National Basic Medical Insurance, Maternity Insurance, and Work-related Injury Insurance Drug List (2025)" (National Healthcare Insurance Drug List) class II range. The new version of the national healthcare insurance drug list will officially be implemented on January 1st, 2026. INNOVENT BIO (01801): INNOVENT BIO (01801) announced that seven of its innovative products have been successfully included in the new version of the "National Basic Medical Insurance, Maternity Insurance, and Work-related Injury Insurance Drug List (2025)", including: Davshu (sindilly monoclonal antibody injection, anti-PD-1 monoclonal antibody) with new indications, Xymbim (tetuzum monoclonal antibody N01 injection, anti-IGF-1R monoclonal antibody), Allen (letinib tablet, EGFR TKI), Galatea (fizeralidin tablet, KRAS G12C inhibitor), Dauble (rosyatolitin capsule, ROS1TKI), Ruituo (Sepitinib capsule, RET inhibitor), Jielai (beppoitinib tablet, BTK inhibitor). The new version of the national healthcare insurance drug list will officially be implemented on January 1st, 2026.