CITIC Securities believes that the pharmaceutical sector continues to highlight the high degree of certainty that is just needed, and at the same time, compounded by the continued high growth in domestic biomedical financing data. CITIC Securities believes that innovative pharmaceutical companies and companies in the global pharmaceutical industry chain are expected to continue to experience steady growth in performance over the next 3-5 years. At the same time, with the beginning of Q3 this year, the core pipeline of domestically produced innovative drugs is about to usher in heavy data readings, and the internationalization value of assets with global potential is expected to be realized at an accelerated pace. At the same time, major policy changes have also begun to gradually return to a market price pricing system based on clinical value and demand, bringing about a stable and continuous domestic pharmaceutical market environment and the main development tone of Changpo Heavy Snow, and bringing about alpha and beta with high certainty about the growth of the industry. It is recommended to focus on investment opportunities in the healthcare industry.

CITIC Securities believes that the pharmaceutical sector continues to highlight the high degree of certainty that is just needed, and at the same time, compounded by the continued high growth in domestic biomedical financing data. CITIC Securities believes that innovative pharmaceutical companies and companies in the global pharmaceutical industry chain are expected to continue to experience steady growth in performance over the next 3-5 years. At the same time, with the beginning of Q3 this year, the core pipeline of domestically produced innovative drugs is about to usher in heavy data readings, and the internationalization value of assets with global potential is expected to be realized at an accelerated pace. At the same time, major policy changes have also begun to gradually return to a market price pricing system based on clinical value and demand, bringing about a stable and continuous domestic pharmaceutical market environment and the main development tone of Changpo Heavy Snow, and bringing about alpha and beta with high certainty about the growth of the industry. It is recommended to focus on investment opportunities in the healthcare industry.