CITIC Securities: Positive on the medical insurance access and commercial insurance increment space for relevant innovative drug and pharmaceutical companies.

CICC research report pointed out that on June 29, 2026, the National Medical Insurance Bureau announced the preliminary form review of the drug list and related information for the adjustment of the 2026 basic medical insurance catalog and the innovative drug catalog for commercial insurance. This form review presents three main features: first, the number of varieties applying for approval has increased, with a total of 818 applications received involving 674 generic names, an increase of 100 materials and 41 generic names compared to 2025; second, the overall pass rate for the preliminary form review has significantly increased, with a pass rate of 92% for all applications except for pre-declared varieties, an increase of 8 percentage points from last year; third, the majority of the applications are for new drugs, with 343 applications for condition 1 declarations outside of the catalog. In addition to the introduction of the "pre-application" mechanism for the first time this year, the results of this review fully reflect the continued bias of the medical insurance catalog adjustment towards innovative drugs, and are optimistic about the access of related innovative drugs and pharmaceutical companies to medical insurance and the increase in commercial insurance coverage.