<p>摩根大通发布了一份研究报告，指出国家医疗保障局发布了《2026 年基本医疗保险、 maternity 保险和工伤保险国家报销药品目录调整工作方案及商业健康保险创新药品目录（征求意见稿）》，引入了多项市场友好的规则变化。该行预计这些措施将进一步改善中国创新药开发商及其 CXO 合作伙伴的商业化前景。</p>
<p>该行认为，最重要的变化是首次允许药品在正式批准之前提交 NRDL 申请，这预计将显著缩小药品批准与 NRDL 纳入之间历史上长达一到两年的差距。此外，新计划正式建立了商业保险与国家 NRDL 之间的联动机制，创建了 “商业保险优先，NRDL 后续” 的模式。这为之前因价格限制而难以进入 NRDL 的高价创新药打开了大门。摩根大通表示，预申请机制为处于 NDA 审查阶段或接近 NDA 阶段的创新药公司提供了直接的催化剂。早期的 NRDL 纳入意味着更快的销售增长和更清晰的收入可见性。</p>
<p>报告指出，商业保险到 NRDL 的桥接路径的正式建立验证了许多创新药公司长期追求的双重上市战略。对于目前已被商业保险覆盖但因零售价格之前超过 NRDL 谈判中可接受范围而未纳入 NRDL 的药品，新规则尤为重要。该行认为，更清晰的续约规则将为创新药公司提供更透明的长期定价路线图，而中国创新药商业化的加速将直接惠及其 CXO 合作伙伴。摩根大通重申了对信达生物（01801.HK）-0.050（-0.057%）空头头寸$229.66M；比例 17.428%，科伦博泰生物（06990.HK）+4.200（+0.935%）空头头寸$23.57M；比例 8.326%，药明康德（02359.HK）-0.700（-0.507%）空头头寸$192.96M；比例 33.556% 和药明合联（02268.HK）+1.200（+2.190%）空头头寸$15.80M；比例 4.583%，将它们命名为行业首选股票。（广告/数据）（香港股票报价延迟至少 15 分钟。空头数据截至 2026-05-11 16:25。）</p>

荃信生物-B

药明康德

药明生物(ADR)

<p>摩根大通的报告强调了国家医疗保障局关于 2026 年国家医保药品目录的新计划，该计划允许药品在正式批准之前申请纳入医保目录。此项变化预计将提升中国创新药物开发者的商业化前景。报告指出，信达生物、药明康德、药明合联和科伦博泰生物是首选公司，受益于更明确的定价规则和高价药物更快的市场准入</p>

<p>JPMorgan issued a research report noting that the National Healthcare Security Administration released the &#34;Work Plan for the Adjustment of the 2026 National Reimbursement Drug List for Basic Medical Insurance, Maternity Insurance and Work Injury Insurance and the Innovative Drug List for Commercial Health Insurance (Draft for Consultation)&#34;, introducing multiple market-friendly rule changes. The bank expects the measures to further improve the commercialization outlook for innovative drug developers in China and their CXO partners.</p>
<div class="lb-trans"><p>摩根大通发布了一份研究报告，指出国家医疗保障局发布了《2026 年基本医疗保险、 maternity 保险和工伤保险国家报销药品目录调整工作方案及商业健康保险创新药品目录（征求意见稿）》，引入了多项市场友好的规则变化。该行预计这些措施将进一步改善中国创新药开发商及其 CXO 合作伙伴的商业化前景。</p>
</div><p>The bank believes the most important change is the first-time allowance for drugs to submit NRDL applications prior to formal approval, which is expected to significantly narrow the historical one- to two-year gap between drug approval and NRDL inclusion. In addition, the new plan formally establishes a linkage mechanism between commercial insurance and the national NRDL, creating a &#34;commercial insurance first, NRDL follow-up&#34; model. This opens the door for high-priced innovative drugs that previously struggled to enter the NRDL due to pricing constraints. JPM stated that the pre-application mechanism serves as a direct catalyst for innovative drug companies with assets in the NDA review stage or approaching the NDA stage. Earlier NRDL inclusion implies faster sales ramp-up and clearer revenue visibility.</p>
<div class="lb-trans"><p>该行认为，最重要的变化是首次允许药品在正式批准之前提交 NRDL 申请，这预计将显著缩小药品批准与 NRDL 纳入之间历史上长达一到两年的差距。此外，新计划正式建立了商业保险与国家 NRDL 之间的联动机制，创建了 “商业保险优先，NRDL 后续” 的模式。这为之前因价格限制而难以进入 NRDL 的高价创新药打开了大门。摩根大通表示，预申请机制为处于 NDA 审查阶段或接近 NDA 阶段的创新药公司提供了直接的催化剂。早期的 NRDL 纳入意味着更快的销售增长和更清晰的收入可见性。</p>
</div><p>The report pointed out that the formal establishment of a bridging pathway from commercial insurance to the NRDL validates the dual-list strategy long pursued by many innovative drug companies. For drugs currently covered by commercial insurance but not included in the NRDLoften because their retail prices previously exceeded the acceptable range in NRDL negotiationsthe new rules are particularly meaningful. The bank believes that clearer renewal rules will provide innovative drug companies with a more transparent long-term pricing roadmap, while the acceleration of innovative drug commercialization in China will directly benefit their CXO partners. JPM reiterated its positive view on INNOVENT BIO (01801.HK) -0.050 (-0.057%)  Short selling $229.66M; Ratio 17.428%  , SKB BIO (06990.HK) +4.200 (+0.935%)  Short selling $23.57M; Ratio 8.326%  , WUXI APPTEC (02359.HK) -0.700 (-0.507%)  Short selling $192.96M; Ratio 33.556%  and WUXI XDC (02268.HK) +1.200 (+2.190%)  Short selling $15.80M; Ratio 4.583%  , naming them as sector top picks. (ad/da)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-11 16:25.)</p>
<div class="lb-trans"><p>报告指出，商业保险到 NRDL 的桥接路径的正式建立验证了许多创新药公司长期追求的双重上市战略。对于目前已被商业保险覆盖但因零售价格之前超过 NRDL 谈判中可接受范围而未纳入 NRDL 的药品，新规则尤为重要。该行认为，更清晰的续约规则将为创新药公司提供更透明的长期定价路线图，而中国创新药商业化的加速将直接惠及其 CXO 合作伙伴。摩根大通重申了对信达生物（01801.HK）-0.050（-0.057%）空头头寸$229.66M；比例 17.428%，科伦博泰生物（06990.HK）+4.200（+0.935%）空头头寸$23.57M；比例 8.326%，药明康德（02359.HK）-0.700（-0.507%）空头头寸$192.96M；比例 33.556% 和药明合联（02268.HK）+1.200（+2.190%）空头头寸$15.80M；比例 4.583%，将它们命名为行业首选股票。（广告/数据）（香港股票报价延迟至少 15 分钟。空头数据截至 2026-05-11 16:25。）</p>
</div>

JPM: NRDL Adjustment to Accelerate Commercialization of Innovative Drugs; Top Picks INNOVENT BIO , WUXI APPTEC , WUXI XDC , SKB BIO

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摩根大通

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JPMORGAN CHASE & CO. DEP REP 1/400TH (5.75% NON CUM PFD DD)

JPMORGAN CHASE & CO. 4.625% DEP SH RE 1/400TH INT NO CU PF LL

JPMorgan Chase & Co.

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JPMORGAN CHASE & CO. 4.75 DEP SHS REP 1/400 NCUM PFD SR GG

摩根大通表示，国家医保目录的调整将加速创新药的商业化进程；首选的公司包括信达生物、药明康德、药明合联和科伦博泰生物