{"entry_id": "3ae1f62b-1df5-44ad-83a2-53c40e904b59", "infos": [{"txt": "header", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 0, "bbox": [[0.056, 0.035, 0.294, 0.09]]}]}, "tags": ["header"], "label": "O", "web_segment_id": -1, "global_sentence_id": 0, "edu_l1_label": "EDU_O"}, {"txt": "header", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 0, "bbox": [[0.825, 0.054, 0.937, 0.084]]}]}, "tags": ["header"], "label": "O", "web_segment_id": -1, "global_sentence_id": 1, "edu_l1_label": "EDU_O"}, {"txt": "header", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 0, "bbox": [[0.462, 0.076, 0.582, 0.09]]}]}, "tags": ["header"], "label": "O", "web_segment_id": -1, "global_sentence_id": 2, "edu_l1_label": "EDU_O"}, {"txt": "header", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, 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"author", "web_segment_id": 10, "global_sentence_id": 6, "edu_l1_label": "EDU_O"}, {"txt": "wenxin.yu@htisec.com", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 200000, "bbox": [[0.045, 0.198, 0.212, 0.209]]}]}, "tags": ["text"], "label": "author", "web_segment_id": 8, "global_sentence_id": 7, "edu_l1_label": "EDU_O"}, {"txt": "本研究报告由海通国际分销，海通国际是由海通国际研究有限公司，海通证券印度私人有限公司，海通国际株式会社和海通国际证券集团其他各成员单位的证券研究团队所组成的全球品牌，海通国际证券集团各成员分别在其许可的司法管辖区内从事证券活动。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 300000, "bbox": [[0.044, 0.782, 0.285, 0.95]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 1, "global_sentence_id": 8, "edu_l1_label": "EDU_O"}, {"txt": "关于海通国际的分析师证明，重要披露声明和免责声明，请参阅附录。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 300000, "bbox": [[0.044, 0.782, 0.285, 0.95]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 1, "global_sentence_id": 9, "edu_l1_label": "EDU_O"}, {"txt": "(Please seeappendix for English translation of the disclaimer)", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 300000, "bbox": [[0.044, 0.782, 0.285, 0.95]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 1, "global_sentence_id": 10, "edu_l1_label": "EDU_O"}, {"txt": "2024 年医保目录调整点评：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 400000, "bbox": [[0.334, 0.113, 0.747, 0.134]]}]}, "tags": ["title"], "label": "article_title", "web_segment_id": 4, "global_sentence_id": 11, "edu_l1_label": "BOT"}, {"txt": "鼓励真创新、全球新，真金白银助力医药新质生产力发展", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 400000, "bbox": [[0.747, 0.113, 0.949, 0.134], [0.334, 0.141, 0.943, 0.165], [0.334, 0.172, 0.368, 0.195]]}]}, "tags": ["title"], "label": "article_title", "web_segment_id": 4, "global_sentence_id": 12, "edu_l1_label": "BOT"}, {"txt": "投资要点：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 500000, "bbox": [[0.343, 0.21, 0.444, 0.224]]}]}, "tags": ["title"], "label": "content", "web_segment_id": 6, "global_sentence_id": 13, "edu_l1_label": "BOS"}, {"txt": " 行业新闻：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 600000, "bbox": [[0.343, 0.253, 0.446, 0.262]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 5, "global_sentence_id": 14, "edu_l1_label": "IOS"}, {"txt": "2024 年11 月27 日，国家医保局公布2024 年国家基本医疗保险、工伤保险和生育保险药品目录", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 600000, "bbox": [[0.446, 0.253, 0.939, 0.262], [0.362, 0.265, 0.563, 0.277]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 5, "global_sentence_id": 15, "edu_l1_label": "IOS"}, {"txt": " 点评：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 700000, "bbox": [[0.343, 0.298, 0.413, 0.307]]}]}, "tags": ["title"], "label": "content", "web_segment_id": 7, "global_sentence_id": 16, "edu_l1_label": "IOS"}, {"txt": " 持续纳新，持续为患者减负。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 800000, "bbox": [[0.343, 0.328, 0.581, 0.337]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 3, "global_sentence_id": 17, "edu_l1_label": "IOS"}, {"txt": "本次调整共新增91 种药品，其中肿瘤用药26 种（含4 种罕见病）、糖尿病等慢性病用药15 种（含2 种罕见病）、罕见病用药13种、抗感染用药7 种、中成药11 种、精神病用药4 种，以及其他领域用药21种。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 800000, "bbox": [[0.581, 0.328, 0.934, 0.337], [0.362, 0.341, 0.939, 0.354], [0.362, 0.356, 0.93, 0.369], [0.362, 0.371, 0.396, 0.383]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 3, "global_sentence_id": 18, "edu_l1_label": "IOS"}, {"txt": "同时，调出了43 种临床已替代或长期未生产供应的药品。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 800000, "bbox": [[0.396, 0.371, 0.823, 0.383]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 3, "global_sentence_id": 19, "edu_l1_label": "IOS"}, {"txt": "本次调整后，目录内药品总数将增至3159 种，其中西药1765 种、中成药1394 种，肿瘤、慢性病、罕见病、儿童用药等领域的保障水平得到明显提升。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 800000, "bbox": [[0.823, 0.371, 0.939, 0.383], [0.362, 0.387, 0.939, 0.399], [0.362, 0.402, 0.782, 0.414]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 3, "global_sentence_id": 20, "edu_l1_label": "IOS"}, {"txt": "叠加谈判降价和医保报销因素，预计2025 年将为患者减负超500 亿元。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 800000, "bbox": [[0.782, 0.402, 0.933, 0.414], [0.362, 0.418, 0.74, 0.429]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 3, "global_sentence_id": 21, "edu_l1_label": "IOS"}, {"txt": " 医保目录调整大力支持药品创新，助力新质生产力发展。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 900000, "bbox": [[0.343, 0.451, 0.783, 0.459]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 2, "global_sentence_id": 22, "edu_l1_label": "IOS"}, {"txt": "2024 年目录调整范围以新药为主，新增的91 种药品中有90 种为5 年内新上市品种，2024 年医保谈判包括1 类化药、1 类治疗用生物制品、1 类和3 类中成药在内的“全球新”作为重点支持对象，今年新增91 种药品中38 种是“全球新”的创新药，无论是比例还是绝对数量都创历年新高。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 900000, "bbox": [[0.783, 0.451, 0.939, 0.459], [0.362, 0.463, 0.938, 0.475], [0.362, 0.478, 0.939, 0.49], [0.362, 0.494, 0.931, 0.506], [0.362, 0.509, 0.58, 0.521]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 2, "global_sentence_id": 23, "edu_l1_label": "IOS"}, {"txt": "在谈判阶段，创新药的谈判成功率超过了90%较总体成功率高16 个百分点。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 900000, "bbox": [[0.58, 0.509, 0.916, 0.522], [0.362, 0.525, 0.589, 0.536]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 2, "global_sentence_id": 24, "edu_l1_label": "IOS"}, {"txt": "在药品注册审批制度改革、医保目录动态调整等政策的加持下，近年来我国医药创新蓬勃发展，在完全公平竞争的前提下，91种新增药品中，国内企业的有65 种，占比超过了70%，并且呈逐年上升之势，首个晚期宫颈癌的双靶点免疫治疗药物、首个20 外显子插入突变的晚期肺癌靶向药都顺利谈判纳入目录，反映出我国医药创新水平的持续发展和进步。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 900000, "bbox": [[0.589, 0.525, 0.939, 0.536], [0.362, 0.54, 0.933, 0.553], [0.362, 0.555, 0.941, 0.567], [0.362, 0.571, 0.939, 0.583], [0.362, 0.586, 0.899, 0.598]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 2, "global_sentence_id": 25, "edu_l1_label": "IOS"}, {"txt": "2017年仅有9%的药品选择在中国首发上市，2023 中国首发上市的药品占比增加到29%，中国成为仅次于美国的全球第二大首发上市国家。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 900000, "bbox": [[0.899, 0.586, 0.933, 0.599], [0.362, 0.602, 0.928, 0.614], [0.362, 0.618, 0.777, 0.629]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 2, "global_sentence_id": 26, "edu_l1_label": "IOS"}, {"txt": " 医保基金“真金白银”支持创新药发展，极大激发了医药企业的创新积极性。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 1000000, "bbox": [[0.343, 0.65, 0.922, 0.658]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 0, "global_sentence_id": 27, "edu_l1_label": "IOS"}, {"txt": "国家医保局成立7 年来，在坚持保基本的基础上，以前所未有的力度支持创新药发展。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 1000000, "bbox": [[0.922, 0.65, 0.939, 0.658], [0.362, 0.662, 0.939, 0.674], [0.362, 0.677, 0.412, 0.689]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 0, "global_sentence_id": 28, "edu_l1_label": "IOS"}, {"txt": "7 轮调整，累计将149 种创新药纳入医保目录。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 1000000, "bbox": [[0.412, 0.677, 0.762, 0.689]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 0, "global_sentence_id": 29, "edu_l1_label": "IOS"}, {"txt": "监测表明，截至2024 年10 月，医保基金对协议期内药品支付累计超3500 亿元，带动相关销售超过5100亿元。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 1000000, "bbox": [[0.762, 0.677, 0.939, 0.689], [0.362, 0.694, 0.939, 0.706], [0.362, 0.708, 0.412, 0.72]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 0, "global_sentence_id": 30, "edu_l1_label": "IOS"}, {"txt": "今年前10 月医保基金对协议期内谈判药品支付约920 亿元，按相同周期计算，是2019 年的21 倍。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 1000000, "bbox": [[0.412, 0.708, 0.939, 0.72], [0.362, 0.723, 0.569, 0.735]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 0, "global_sentence_id": 31, "edu_l1_label": "IOS"}, {"txt": "在医保目录调整频次的改变下，创新药纳入医保时间不断缩短，2024 年206 个目录外独家申报药品中，共有115 个药品上市不满一年，其中更有66 个药品是在上市当年即进行了医保准入申请。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 1000000, "bbox": [[0.569, 0.723, 0.939, 0.735], [0.362, 0.739, 0.939, 0.751], [0.362, 0.754, 0.839, 0.766]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 0, "global_sentence_id": 32, "edu_l1_label": "IOS"}, {"txt": "新药从获批上市到纳入目录获得报销的时间已从原来的5 年左右降至1 年多，根据2023 年医保谈判数据统计，80%以上的创新药能在上市后2 年内进入医保。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 1000000, "bbox": [[0.839, 0.754, 0.939, 0.766], [0.362, 0.77, 0.939, 0.781], [0.362, 0.785, 0.842, 0.797]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 0, "global_sentence_id": 33, "edu_l1_label": "IOS"}, {"txt": "我国创新药临床试验申请（IND）受理量从2017 年的483 件增加到2023 年的2255 件，其中创新化药和创新生物制品IND 数量分别达到了1368 件和833 件。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 1000000, "bbox": [[0.842, 0.785, 0.939, 0.797], [0.362, 0.8, 0.939, 0.812], [0.362, 0.816, 0.842, 0.828]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 0, "global_sentence_id": 34, "edu_l1_label": "IOS"}, {"txt": "2013 年我国新药研发管线的全球市场占比仅为3%，2023 年翻了将近10 倍，占比达28%。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 1000000, "bbox": [[0.842, 0.816, 0.939, 0.828], [0.362, 0.831, 0.922, 0.843]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 0, "global_sentence_id": 35, "edu_l1_label": "IOS"}, {"txt": "特别是2018 年医保谈判之后，我国新药研发管线的全球市场占比显著增加，我国成为仅次于美国的全球第二大开展临床试验的国家地区。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 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贺文斌，在此保证（i）本研究报告中的意见准确反映了我们对本研究中提及的任何或所有目标公司或上市公司的个人观点，并且（ii）我的报酬中没有任何部分与本研究报告中表达的具体建议或观点直接或间接相关；", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 2600000, "bbox": [[0.027, 0.213, 0.97, 0.393]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 1, "global_sentence_id": 105, "edu_l1_label": "EDU_O"}, {"txt": "及就此报告中所讨论目标公司的证券，我们（包括我们的家属）在其中均不持有任何财务利益。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 2600000, "bbox": [[0.027, 0.213, 0.97, 0.393]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 1, "global_sentence_id": 106, "edu_l1_label": "EDU_O"}, {"txt": "我和我的家属（我已经告知他们）将不会在本研究报告发布后的3 个工作日内交易此研究报告所讨论目标公司的证券。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 2600000, "bbox": [[0.027, 0.213, 0.97, 0.393]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 1, "global_sentence_id": 107, "edu_l1_label": "EDU_O"}, {"txt": "I, Wenbin He, certify that (i) the views expressed in this research report accurately reflect my personal views about anyor all of the subject companies or issuers referred to in this research and (ii)no part of my compensation was, is or will be directly or indirectly related to the specific recommendations or vie ws expressed in this research report;", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 2600000, "bbox": [[0.027, 0.213, 0.97, 0.393]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 1, "global_sentence_id": 108, "edu_l1_label": "EDU_O"}, {"txt": " and that I linduding members of my household) no financial interest in the security or securities of the subject companies disc and my household, whom I have already notified of this, will not deal in or trade any securities in respect of the issuer that I review within 3 business days after the research report is published. 我， 余文心，在此保证（i）本研究报告中的意见准确反映了我们对本研究中提及的任何或所有目标公司或上市公司的个人观点，并且（ii）我的报酬中没有任何部分与本研究报告中表达的具体建议或观点直接或间接相关；", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 2600000, "bbox": [[0.027, 0.213, 0.97, 0.393]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 1, "global_sentence_id": 109, "edu_l1_label": "EDU_O"}, {"txt": "及就此报告中所讨论目标公司的证券，我们（包括我们的家属）在其中均不持有任何财务利益。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 2600000, "bbox": [[0.027, 0.213, 0.97, 0.393]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 1, "global_sentence_id": 110, "edu_l1_label": "EDU_O"}, {"txt": "我和我的家属（我已经告知他们）将不会在本研究报告发布后的3 个工作日内交易此研究报告所讨论目标公司的证券。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 2600000, "bbox": [[0.027, 0.213, 0.97, 0.393]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 1, "global_sentence_id": 111, "edu_l1_label": "EDU_O"}, {"txt": "I, Wenxin Yu, certify that (i) the views expressed in this research report accurately reflect my personal views about anyor all of the subject companies or issuers referred to in this research and (il o compensation was, is or will be directly or indirectly related to the spiic recom or views expressed in this research report;", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 2600000, "bbox": [[0.027, 0.213, 0.97, 0.393]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 1, "global_sentence_id": 112, "edu_l1_label": "EDU_O"}, {"txt": " and that I cluding members of my household) ha interest in the security or securities of the subject companies distussed. I and whom I have already notified of this, will not deal in or trade any securities in of the issuer that I review within 3 business days after the research report is published.", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 2600000, "bbox": [[0.027, 0.213, 0.97, 0.393]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 1, "global_sentence_id": 113, "edu_l1_label": "EDU_O"}, {"txt": "利益冲突披露Conflict of Interest Disclosures", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 2600000, "bbox": [[0.027, 0.411, 0.25, 0.424]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 17, "global_sentence_id": 114, "edu_l1_label": "EDU_O"}, {"txt": "海通国际及其某些关联公司可从事投资银行业务和/或对本研究中的特定股票或公司进行做市或持有自营头寸。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 2600000, "bbox": [[0.03, 0.431, 0.594, 0.442]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 13, "global_sentence_id": 115, "edu_l1_label": "EDU_O"}, {"txt": "就本研究报告而言，以下是有关该等关系的披露事项（以下披露不能保证及时无遗漏，如需了解及时全面信息，请发邮件至ERD-Disclosure@htisec.com）", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 2600000, "bbox": [[0.594, 0.431, 0.964, 0.442], [0.03, 0.446, 0.441, 0.457]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 13, "global_sentence_id": 116, "edu_l1_label": "EDU_O"}, {"txt": "HTI and some of ts afflates may ergage in hvstment baning and as as amainarket or trading positions of certain stocks or companies in this research report.", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 2600000, "bbox": [[0.025, 0.461, 0.969, 0.503]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 11, "global_sentence_id": 117, "edu_l1_label": "EDU_O"}, {"txt": "As far as this research report is concerned, the following are the disclosure matterelat relationship (As the following disdosure does not ensure timeiness and completens send an email to ERD-Disclosure@htisec.com if timely and comprehensive information is needed).", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 2600000, "bbox": [[0.025, 0.461, 0.969, 0.503]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 11, "global_sentence_id": 118, "edu_l1_label": "EDU_O"}, {"txt": "NoDisclosure", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 2600000, "bbox": [[0.028, 0.519, 0.092, 0.531]]}]}, "tags": ["title"], "label": "O", "web_segment_id": 20, "global_sentence_id": 119, "edu_l1_label": "EDU_O"}, {"txt": "评级定义（从2020 年7 月1 日开始执行）：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 2600000, "bbox": [[0.03, 0.549, 0.265, 0.561]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 19, "global_sentence_id": 120, "edu_l1_label": "EDU_O"}, {"txt": "海通国际（以下简称“HTI” ）采用相对评级系统来为投资者推荐我们覆盖的公司：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 2600000, "bbox": [[0.03, 0.565, 0.429, 0.577], [0.03, 0.58, 0.05, 0.592]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 2, "global_sentence_id": 121, "edu_l1_label": "EDU_O"}, {"txt": "优于大市、中性或弱于大市。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 2600000, "bbox": [[0.05, 0.58, 0.198, 0.592]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 2, "global_sentence_id": 122, "edu_l1_label": "EDU_O"}, {"txt": "投资者应仔细阅读HTI 的评级定义。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 2600000, "bbox": [[0.198, 0.58, 0.384, 0.592]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 2, "global_sentence_id": 123, "edu_l1_label": "EDU_O"}, {"txt": "并且HT I发布分析师观点的完整信息，投资者应仔细阅读全文而非仅看评级。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 2600000, "bbox": [[0.384, 0.58, 0.431, 0.593], [0.03, 0.595, 0.378, 0.607]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 2, "global_sentence_id": 124, "edu_l1_label": "EDU_O"}, {"txt": "在任何情况下，分析师的评级和研究都不能作为投资建议。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 2600000, "bbox": [[0.378, 0.595, 0.428, 0.607], [0.03, 0.611, 0.282, 0.622]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 2, "global_sentence_id": 125, "edu_l1_label": "EDU_O"}, {"txt": "投资者的买卖股票的决策应基于各自情况（比如投资者的现有持仓）以及其他因素。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 2600000, "bbox": [[0.282, 0.611, 0.428, 0.622], [0.03, 0.627, 0.315, 0.638]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 2, 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{"txt": "根据FINRA/NYS E 的评级分布规则，我们会将中性评级划入持有这一类别。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 2600000, "bbox": [[0.402, 0.688, 0.429, 0.7], [0.03, 0.705, 0.376, 0.715]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 6, "global_sentence_id": 130, "edu_l1_label": "EDU_O"}, {"txt": "弱于大市，未来12-18 个月内预期相对基准指数跌幅在10%以上，基准定义如下", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 2600000, "bbox": [[0.03, 0.719, 0.429, 0.73], [0.03, 0.735, 0.04, 0.746]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 8, "global_sentence_id": 131, "edu_l1_label": "EDU_O"}, {"txt": "各地股票基准指数：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 2600000, "bbox": [[0.03, 0.75, 0.128, 0.761]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 5, "global_sentence_id": 132, "edu_l1_label": "EDU_O"}, {"txt": "日本 – TOPIX, 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"chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 2600000, "bbox": [[0.029, 0.066, 0.97, 0.094]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 14, "global_sentence_id": 152, "edu_l1_label": "EDU_O"}, {"txt": " 600837 CH), the uhimate parent company of HTISG based in Shangha publishes research on these same AShares for distribution mairland China.", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 2600000, "bbox": [[0.029, 0.066, 0.97, 0.094]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 14, "global_sentence_id": 153, "edu_l1_label": "EDU_O"}, {"txt": "However system employed by HS differs from that used by HTI and as a result there may be a difference in the HTI and HS ratings for t he same A-share stocks.", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 2600000, "bbox": [[0.029, 0.066, 0.97, 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constituent companies are revi quarterly.", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 2600000, "bbox": [[0.025, 0.128, 0.97, 0.158]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 15, "global_sentence_id": 160, "edu_l1_label": "EDU_O"}, {"txt": "盟浪义利（FIN-ESG）数据通免责声明条款：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 2600000, "bbox": [[0.03, 0.2, 0.261, 0.212]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 17, "global_sentence_id": 161, "edu_l1_label": "EDU_O"}, {"txt": "在使用盟浪义利（FIN-ES G）数据之前，请务必仔细阅读本条款并同意本声明：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 2600000, "bbox": [[0.261, 0.2, 0.652, 0.212]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 17, "global_sentence_id": 162, "edu_l1_label": "EDU_O"}, {"txt": "第一条 义利（FIN-ES G）数据系由盟浪可持续数字科技有限责任公司（以下简称“本公司”）基于合法取得的公开信息评估而成，本公司对信息的准确性及完整性不作任何保证。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 2600000, "bbox": [[0.03, 0.219, 0.921, 0.231]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 6, "global_sentence_id": 163, "edu_l1_label": "EDU_O"}, {"txt": "对公司的评估结果仅供参考，并不构成对任何个人或机构投资建议，也不能作为任何个人或机构购买、出售或持有相关金融产品的依据。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 2600000, "bbox": [[0.921, 0.219, 0.96, 0.231], [0.03, 0.234, 0.695, 0.246]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 6, "global_sentence_id": 164, "edu_l1_label": "EDU_O"}, {"txt": "本公司不对任何个人或机构投资者因使用本数据表述的评估结果造成的任何直接或间接损失负责。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 2600000, "bbox": [[0.695, 0.234, 0.959, 0.246], [0.03, 0.25, 0.269, 0.262]]}]}, "tags": ["text"], "label": "O", 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awholly owned subsidiary of Haitong Intemational Secu Limited |\"HTISGL\"] and a licensed corporation to carry on Type regulated acthity securities) for the purpose ofthe Secunties and Futures Ordinance (Cap.", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 2700000, "bbox": [[0.027, 0.216, 0.97, 0.258]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 7, "global_sentence_id": 226, "edu_l1_label": "EDU_O"}, {"txt": "571) of assistance of Haitong International (Japan) K.K.", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 2700000, "bbox": [[0.027, 0.216, 0.97, 0.258]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 7, "global_sentence_id": 227, "edu_l1_label": "EDU_O"}, {"txt": "(\"HTUKK”), a wholly owned subsidiary of HTIS GL and which is regulated as an Investment Adviser by the Kanto Finance Bureau of Japan.", "language": "chinese", "position": 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Securities Group of Com(“HTISG”) on_22December 2016.", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 2700000, "bbox": [[0.027, 0.261, 0.971, 0.319]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 8, "global_sentence_id": 230, "edu_l1_label": "EDU_O"}, {"txt": "All the research reports are globally branded under the name Haitong Internationa and approved for distribution by Haitong International Securities Compainy Limited (“HTISCL”) and/or any othermembers within HTISG in their respective jurisdictions.", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 2700000, "bbox": [[0.029, 0.322, 0.961, 0.349]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 13, "global_sentence_id": 231, "edu_l1_label": "EDU_O"}, {"txt": "The information and opinions contained in this research report have been complier at from sources believed to be reliable and in good faith 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# 2024 年医保目录调整点评：鼓励真创新、全球新，真金白银助力医药新质生产力发展
##  行业新闻：2024 年11 月27 日，国家医保局公布2024 年国家基本医疗保险、工伤保险和生育保险药品目录
##  点评：
###  持续纳新，持续为患者减负。
###  医保目录调整大力支持药品创新，助力新质生产力发展。
###  医保基金“真金白银”支持创新药发展，极大激发了医药企业的创新积极性。
### 谈判定价程序逐步规范，企业预期降幅更加合理。
### 多项新举措，确保目录调整工作更好满足患者的临床需求。
## 风险提示：创新药研发进展风险、医保基金支出增速下降风险、生物医药行业投融资下滑风险、医疗消费支出复苏不达预期风险。
