CITIC Securities Pharmaceutical Industry Investment Outlook: Based on the inside, expanding on the outside.

CITIC Securities pointed out that in the context of reshaping the global landscape, the Chinese pharmaceutical industry needs to "stand on the inside and expand on the outside", promote technology independence and control, accelerate international layout, respond to tariff policies and geopolitical challenges, and seize opportunities in the global pharmaceutical industry chain reform. In the current situation of the US imposing tariffs on China, pharmaceuticals are temporarily exempt, and the overseas expansion of innovative drugs mainly involves IP transfer, with limited impact. For the medical device industry, we are optimistic about the trend of self-control and overseas expansion. Looking ahead to future investment opportunities in the industry, we are optimistic that pharmaceutical companies will stabilize their domestic foundations, actively participate in industry consolidation, grasp the pace and path externally, and actively explore overseas markets.