B[The concept of innovative drugs fluctuated and fell, and Alex dropped by 20cm.] On October 8, the concept of innovative drugs fluctuated and fell by 20cm, with Ellis falling by the limit of 20cm, Bepsis falling by more than 10%, and Yahong Pharmaceutical, Maiwei Biotech, Technomax, Huiyu Pharmaceutical, Rejing Biotech, etc. followed suit. On the news, Arris announced that the phase III clinical trial of fumetinib did not meet the primary study endpoint. Affected by this news, partner ArriVent's US stock price plummeted 47% in a single day on October 6. A[Innovative drugs and CRO concepts continue to strengthen, and many stocks such as Nanmo Biotech have reached their daily limit] On September 30, the intraday gains of innovative drugs and CRO concepts expanded, with Nanmo Biotech rising to the daily limit of 20cm, and nearshore protein and Bepsis rose by more than 10%, both hitting record highs. Previously, CanSino, Technomax, Kangchen Pharmaceuticals, and Osaikang hit their daily limit, and JianKai Technology, CSPC Innovation, Jinbo Biotech, and Yaoshi Technology were among the top gainers. B[The concept of innovative drugs has been active repeatedly, CanSino has hit the 20cm daily limit] On September 30, the concept of innovative drugs has been active again and again, with CanSino hitting the 20cm daily limit, and Technomax, Harbin Pharmaceutical Co., Ltd., JianKai Technology, Yahong Pharmaceutical, Watson Biotech, etc. quickly followed suit. On the news, on September 29, Summit announced that AstraZeneca will make a strategic equity investment of US$2 billion in the company and will lead the clinical research of Ivosi combined with AstraZeneca’s Sonesitatug Vedotin (Sone-Ve, CLDN18.2 ADC) for the treatment of various gastrointestinal tumors. At the same time, the two parties plan to further promote the clinical exploration of combination therapy between Ivosi and AstraZeneca’s series of ADC drugs and other anti-tumor drugs. B[The concept of innovative drugs rebounded in shock, and offshore protein rose by more than 6% and continued to hit a record high] On September 29th, the concept of innovative drugs rebounded in early trading, and offshore protein rose by more than 6%, continuing to hit a record high. Previously, Jinyao Pharmaceutical had two consecutive boards, Baihua Pharmaceutical, Kanghong Pharmaceutical, Yinuosi, Yifang Biotech, and Betta Pharmaceuticals followed suit. On the news, on September 28, Shanghai Sipurui and Merck jointly announced that the two parties have reached an exclusive global licensing agreement for the investigational preclinical oral KRAS G12D (ON) inhibitor SPR2015. The potential total amount is US$2.13 billion, including an upfront payment of US$400 million, and the remainder will be realized based on development and commercialization milestones. B[CITIC Construction Investment: The turning point of the medical device sector is coming] On September 29, CITIC Securities Research Report believed that long-term investment opportunities in the medical device sector come from innovation, overseas expansion and mergers and acquisitions. The sector’s innovation and internationalization capabilities have been recognized, and valuations are being re-evaluated. After the surge in the innovative drug sector, the medical device sector's globally competitive products with improved innovation and breakthrough innovation are gradually being recognized. There are also a number of companies that are actively strategically expanding the second growth curve and achieving high growth in overseas business, and their valuations are rising. It is recommended to continue to pay attention to the innovative medical device track with large market space and low localization rate, as well as investment opportunities in themes such as mergers and acquisitions, brain-computer interfaces, AI medical care, surgical robots, and exoskeleton robots. It is recommended to pay attention to the related catalysts in the clinical, registration, volume, and overseas expansion of innovative medical devices, such as PFA, RDN, TAVR and other products. The directions with more potential catalysts are expected to see individual stocks rise several times. In the future, AI medical care, brain-computer interfaces, etc. are also expected to become new technological directions that investors will focus on. B[The concept of innovative drugs rebounded in shock, and Salem Biotech rose by more than 10%] On September 28, the concept of innovative drugs rebounded in shock, with Salem Biotech rising by more than 10%, and nearshore protein rose by more than 7%, hitting a record high. Previously, Livzon Group hit its daily limit, and Sanyuan Gene, Yiyi Pharmaceutical, Puluo Pharmaceutical, and Tigermed followed suit. On the news, on September 24, local time, Swedish atomic layer deposition (ALD) technology company Nanexa issued a statement saying that the company had reached a drug delivery technology cooperation agreement with Novo Nordisk for a maximum amount of 1.165 billion euros. B[The concept of innovative drugs continues to weaken, and InnoCare falls more than 10%] On September 24th, the concept of innovative drugs continued to weaken. InnoCare once shot up and turned red in the afternoon and then quickly fell back. It is now down more than 10%. Previously, Harbin Pharmaceutical Co., Ltd. fell by the limit, and Chengda Pharmaceutical, Medicilon, Bepsis, Ellis, Enos, Kelun Pharmaceutical and other stocks fell more than 6%. B[The concept of innovative drugs rebounded in shock, and Hokuriku Pharmaceutical rose by more than 10%] On September 22, the concept of innovative drugs rebounded in shock, and Beiku Pharmaceutical rose by more than 10%. Previously, Harbin Pharmaceutical Co., Ltd. and Xinhua Pharmaceutical hit the daily limit, and Ruikang Pharmaceutical, Baihua Pharmaceutical, Tailong Pharmaceutical, Jiankai Technology, and Baike Biologics followed suit. On the news, overnight U.S. "cancer vaccine" bull stock Moderna closed up 12.27% on Monday, nearly returning to the year's high hit after the "cancer vaccine" results were released on August 19. B[The concept of innovative drugs is active, Jinshi Yao has a daily limit of 20CM] On September 17, the concept of innovative drugs is active, Jinshi Yao has a daily limit of 20CM, and New Ganjiang, Frontier Biotech, Haixiang Pharmaceutical, and Wanbang Pharmaceutical have followed suit. In terms of news, it is reported that since the beginning of this year, China’s innovative drugs have accelerated their pace of exporting overseas, with the total number of external licensing transactions exceeding US$120 billion, a year-on-year increase of 36%. Among them, the scale of down payment exceeds 10 billion US dollars, and the market also shows the characteristics of steady growth in the average transaction amount, both the amount and proportion of down payment, and the frequent implementation of large-value transactions. B[The fifth day of the 2026 State Talks: Negotiation on the price of commercially insured innovative drugs begins. Many pharmaceutical companies enter the market with nuclear drugs, CAR-T new drugs and other blockbuster drugs] September 9th, at about 8 o'clock today, the fifth day of negotiation and bidding for the 2026 National Basic Medical Insurance Drug List and the price negotiation for the commercially insured innovative drugs officially started. The reporter learned on the spot that today is the last day of this year's State Talks, and intensive price negotiations for the commercially insured innovative drugs will be carried out. The negotiation and bidding for the basic medical insurance list were completed yesterday morning. Representatives from AstraZeneca, Sanofi, Keji Pharmaceutical subsidiary Kaixing Life, Yuanda, Hengrun Dasheng, Precision Biotech and other companies entered the negotiation venue one after another. This year, a total of 62 drug generic names were applied for in the commercial insurance innovative drug catalog price negotiation, and 58 passed the formal review, of which 57 were outside the catalog and 1 was within the catalog. Rare diseases, tumors, and neurological diseases were still the main applicants, accounting for about 70% in total. Two new CAR-T drugs, Hengrun Dasheng's Ranicchiolense Injection and Precision Biotech's Pulgeolense Injection, tried to "break through" for the first time. (Reporters Lu Afeng and Yu Miao) B[Morning session on the fourth day of the 2026 State Talks: Kelun Pharmaceutical, Tasly, etc. enter negotiations] September 8th, at about 8 o'clock today, the morning session on the fourth day of the 2026 National Basic Medical Insurance Drug List Negotiation Bidding and Commercial Insurance Innovative Drug List Price Negotiation officially opened. Reporters observed at the scene that Kelun Pharmaceutical, Luye Pharmaceutical, Chia Tai Tianqing, Shenwei Pharmaceutical, Jiangxi Pharmaceutical Capital Zhangshu, Weikang Pharmaceutical, Tasly, Jilin Aodong, etc. were about 20 Representatives from several companies lined up to enter the venue. This is also the first time since the first day of the state-to-state talks that a large number of traditional Chinese medicine companies and Western medicine companies have begun negotiations to enter the country at the same time. (Reporters Lu Afeng and Yu Miao) B[Afternoon session of the third day of the 2026 National Talks: BeiGene, Colombotel, Roche, and Daiichi Sankyo will appear] September 7th, at about 13:00 today, the third day of the 2026 National Basic Medical Insurance Drug List Negotiation and Bidding and the Commercial Insurance Innovative Drug List Price Negotiation will begin. The midday session started. Reporters observed at the scene that domestic and foreign companies such as Colombotech, BeiGene, Roche, AstraZeneca, Hengrui Pharmaceuticals, Daiichi Sankyo, Novartis, Pierre Fabre, Sanofi, Bristol-Myers Squibb, Pfizer, etc. entered the negotiation room, and about 20 companies were negotiating. (Reporters Lu Afeng and Yu Miao) B[The concept of innovative drugs rebounded with shock and Dezhan Health had 2 boards in 3 days] On September 7th, the concept of innovative drugs rebounded with shock and 2 boards in 3 days. Dezhan Health had 2 boards in 3 days. Haooubo rose by nearly 10%. Qianjin Pharmaceutical, Wanbang Pharmaceutical, Borui Pharmaceutical, Harbin Pharmaceutical Co., Ltd., etc. followed suit. In terms of news, the National Medical Insurance Administration made it clear at a press conference held by the State Council Information Office on September 4 that during the “15th Five-Year Plan” period, the medical insurance drug catalog will continue to be adjusted every year to include more innovative drugs in major disease fields such as tumors, chronic diseases, rare diseases, and children for reimbursement. At the same time, we will promote the national unification of the reimbursement catalog for medical services and consumables and narrow regional differences. B[Morning session on the third day of the 2026 National Talks: Representatives from InnoCare, China Resources Shuanghe, Merck, CDT, Chia Tai Tianqing, AbbVie and other companies attended] September 7th, at about 8:00 today, the 2026 National Basic Medical Insurance Drug List Negotiation Bidding and Commercial Insurance Innovative Drug List Price Agreement The morning session on the third day of the trade officially opened. Reporters observed at the scene that representatives from nearly 20 companies, including China Resources Double-Crane, Merck & Co., Yuanda Pharmaceuticals, Capital Pharmaceutical Holdings, Sino-American Huadong, Chia Tai Tianqing, AbbVie, and Novartis, entered the venue one after another. There are still many oncology drugs under negotiation today. (Reporters Lu Afeng and Yu Miao) B[Afternoon session of the first day of the 2026 National Talks: Representatives from Hengrui Pharmaceuticals, Dongguang Pharmaceutical, Pfizer and other companies entered the venue to start negotiations on chronic disease varieties] The reporter learned from the on-site negotiation of the 2026 National Medical Insurance Catalog and the price negotiation of the commercially insured innovative drug catalog that the afternoon session of the first day of the National Talks started at about 13:00 today. Reporters observed at the scene that negotiators from Hengrui Pharmaceuticals, Dongguang Pharmaceutical, Pfizer, Novo Nordisk, Tonghua Jinma and other companies successively arrived at the National People's Congress Conference Center in Beijing and entered the venue one after another after accepting identity verification. According to incomplete statistics from reporters, about 20 companies participated in negotiations during the afternoon session. Among them, Dongguangguang Pharmaceutical’s ologliflozin and hepatitis C combination drugs natansvir phosphate and icofosbuvir tablets, Pfizer’s new dual-indication drug for weight loss and diabetes, enoglutide injection and ogaituzumab for injection, and Tonghua Jinma’s new Alzheimer’s disease drug Aviacridine succinate tablets have all passed the preliminary review, which also means that innovative drugs and chronic disease drugs have begun intensive negotiations. (Reporters Lu Afeng and Yu Miao) B[On-site negotiation and bidding for the 2026 National Medical Insurance Catalog and price negotiation for the commercially insured innovative drug catalog begin in Beijing] On September 5, the negotiation and bidding for the 2026 National Basic Medical Insurance Drug Catalog and the price negotiation for the commercially insured innovative drug catalog officially opened today at the National People's Congress Conference Center in Beijing. Reporters observed at the scene that around 7:30 in the morning, corporate negotiators had arrived at the scene and were waiting. It is worth noting that this year’s national talks have further strengthened pre-negotiation communication, and new mechanisms such as drug pre-communication and pre-declaration have been gradually implemented, and the time node for enterprises to deploy medical insurance has continued to move forward. The National Medical Insurance Administration previously disclosed that there were 664 drug generic name applications for the 2026 adjustment of the basic medical insurance catalog, and 601 ultimately passed the formal review; there were 62 drug generic name applications for the commercially insured innovative drug catalog, and 58 passed the formal review. Many local innovative drug rising stars and leading companies such as Bailey Tianheng, Keji Pharmaceutical, BeiGene, Sansheng Guojian, Zhixiang Jintai, etc. have applied. The industry expects that the current round of on-site negotiation and bidding for the adjustment of the national medical insurance catalog and the price negotiation of the commercially insured innovative drug catalog will last 4 to 5 days. (Reporters Lu Afeng and Yu Miao)
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