金吾财讯 | 中信证券研究指，《2026年版国家基本药物目录》于7月9日正式发布，将于9月1日起实施。本次目录总品种数扩至794种，新增116种。本次调整最大的亮点是首次打破基本药物排斥高价创新疗法的惯例，将国产1类创新药、GLP-1、单抗及靶向抗肿瘤药等纳入目录，释放了强烈的支持创新药发展的政策信号，进一步拓宽了创新药进入基层和基本用药体系的渠道，为国内创新药产业高质量发展提供了明确的政策支撑和市场空间。同时，新版目录大幅强化了慢病代谢管理和基层用药的可及性，剂型分类与国际指南及药典全面接轨。该机构认为，本次新版基药目录新增药物均已属于医保药品，随着基药与医保的深度协同联动，有望极大加速创新药的基层落地，医保控费与创新回报形成良性循环。风险因素：药品研发失败或进度不及预期风险；医保控费降价超预期风险；市场竞争日益加剧风险；医药行业政策调整超预期风险；个股业绩不达预期风险。
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