HK Stock Market Move | Innovative drug concept stocks continue to rise, innovative drug payment reform accelerates, pharmaceutical companies are expected to continue to enter a period of performance harvest.

Concept stocks of innovative drugs continue to rise. As of the time of this report, SIMCERE PHARMA (02096) rose by 8.02% to HK$10.64; 3SBIO (01530) rose by 7.58% to HK$18.17; AKESO (09926) rose by 6.81% to HK$94.05; INNOVENT BIO (01801) rose by 6.66% to HK$84.9. On the news front, the National Medical Insurance Bureau announced the preliminary results of the 2026 medical insurance catalog, with a total of 557 drugs passing the preliminary review of the medical insurance catalog, and 54 drugs passing the preliminary review of the commercial insurance innovative drug catalog, indicating that the "medical insurance + commercial insurance" dual catalog negotiation has entered a substantial promotion stage. At the same time, new mechanisms such as pre-application declaration and 8-year price protection have been implemented simultaneously, further improving the payment system for innovative drugs and providing more stable policy expectations for the commercialization of innovative drugs. Sinolink stated that with the continuous improvement of the global competitiveness of domestic innovative drug companies' clinical pipelines and the acceleration of medical insurance policies and commercial insurance towards innovative drugs, many innovative drug companies are expected to continue to enter a period of performance harvest. Against the backdrop of the strengthening global innovation drug asset sentiment, the current Chinese innovative drug sector faces a deviation between the fundamentals rising and valuations falling, potentially possessing high elasticity and low investment value.