CITIC Securities' outlook for the pharmaceutical, consumer, and bioproduct industries in 2026: Optimistic about the recovery of demand for traditional Chinese medicine industry by the end of the year and opportunities for improvement in fundamentals and valuations.

CITIC Securities Research Report stated that the short-term base pressure in the traditional Chinese medicine industry is expected to ease, channel inventory is accelerating clearance, optimistic about the recovery of demand at the end of the year, and the opportunity for improvement in the underlying fundamentals and valuation; innovation in the field is helpful in building a second growth curve, with ample brand extension space for traditional Chinese medicine consumer product companies. In the blood products industry, attention is on the "Fifteen Five" plasma station construction plan and industry merger and acquisition progress, with demand expectations for the improvement of demand for coagulation factors and new product development. In the vaccine industry, attention is on the improvement of sales of key products and the progress of innovative pipeline research and development, as well as the expected promotion of enterprise development through the issuance of policies and overseas marketing of vaccines. The pharmaceutical retail industry is steadily promoting transformation and reform, with a focus on subsequent diversified catalysts. The pharmaceutical distribution industry's revenue side is steadily improving, with a focus on payments and the "Fifteen Five" plan.