每經AI快(kuai)訊，中(zhong)信證券研報表示，國(guo)家醫保局首次公開確認(ren)制(zhi)(zhi)(zhi)(zhi)定(ding)“新(xin)(xin)(xin)(xin)(xin)上市藥(yao)(yao)(yao)品首發價(jia)格(ge)機制(zhi)(zhi)(zhi)(zhi)”，我們(men)認(ren)為“新(xin)(xin)(xin)(xin)(xin)上市藥(yao)(yao)(yao)品首發價(jia)格(ge)形成(cheng)機制(zhi)(zhi)(zhi)(zhi)”推出后將(jiang)給予高(gao)質量創新(xin)(xin)(xin)(xin)(xin)藥(yao)(yao)(yao)更(geng)(geng)高(gao)的(de)(de)定(ding)價(jia)自(zi)由度、效率更(geng)(geng)高(gao)的(de)(de)掛網(wang)流(liu)程以及更(geng)(geng)長的(de)(de)首發價(jia)格(ge)穩定(ding)周期。新(xin)(xin)(xin)(xin)(xin)靶點/新(xin)(xin)(xin)(xin)(xin)機制(zhi)(zhi)(zhi)(zhi)的(de)(de)高(gao)質量創新(xin)(xin)(xin)(xin)(xin)藥(yao)(yao)(yao)研發產商(shang)有望迎來(lai)更(geng)(geng)快(kuai)的(de)(de)現金流(liu)回報，創新(xin)(xin)(xin)(xin)(xin)藥(yao)(yao)(yao)企業有望持(chi)(chi)續享受(shou)到監管政(zheng)策在真(zhen)支(zhi)持(chi)(chi)創新(xin)(xin)(xin)(xin)(xin)、支(zhi)持(chi)(chi)真(zhen)創新(xin)(xin)(xin)(xin)(xin)、支(zhi)持(chi)(chi)差異化創新(xin)(xin)(xin)(xin)(xin)等方向的(de)(de)全鏈條(tiao)支(zhi)持(chi)(chi)。2025年以來(lai)政(zheng)府多次提出優化藥(yao)(yao)(yao)品集采(cai)、支(zhi)持(chi)(chi)創新(xin)(xin)(xin)(xin)(xin)藥(yao)(yao)(yao)等相(xiang)關政(zheng)策，同時(shi)商(shang)保創新(xin)(xin)(xin)(xin)(xin)藥(yao)(yao)(yao)目錄出臺在即(ji)，且醫保局已制(zhi)(zhi)(zhi)(zhi)定(ding)“新(xin)(xin)(xin)(xin)(xin)上市藥(yao)(yao)(yao)品首發價(jia)格(ge)機制(zhi)(zhi)(zhi)(zhi)”，醫藥(yao)(yao)(yao)政(zheng)策環(huan)境向好(hao)，全面支(zhi)持(chi)(chi)創新(xin)(xin)(xin)(xin)(xin)藥(yao)(yao)(yao)發展。建議橫(heng)向維度上，下(xia)半年圍(wei)繞創新(xin)(xin)(xin)(xin)(xin)驅動和國(guo)際(ji)化+自(zi)主可(ke)控+院外營銷(xiao)模式改革三個(ge)領域進行布(bu)局，尤其是最(zui)具貝塔效應的(de)(de)創新(xin)(xin)(xin)(xin)(xin)藥(yao)(yao)(yao)領域。我們(men)長期堅(jian)定(ding)看好(hao)創新(xin)(xin)(xin)(xin)(xin)藥(yao)(yao)(yao)板塊(kuai)，持(chi)(chi)續建議關注創新(xin)(xin)(xin)(xin)(xin)藥(yao)(yao)(yao)領域的(de)(de)核心標的(de)(de)。