CITIC Securities: The era of true innovation and true internationalization in the pharmaceutical industry will bring rewards.

CITIC Securities research report pointed out that China's development of innovative drugs has achieved phased results. Continuing our investment strategy view in the second half of 2025, embracing innovation-driven, internationalization + independent controllability, and out-of-hospital marketing model reform will be a relatively more certain layout direction for the second half of the year. Considering that in addition to overseas achievements in the innovative drug sector, the addition of strong domestic policy support, the era of true innovation and true internationalization in the pharmaceutical industry will bring returns, and is expected to drive the sector steadily upwards. It is recommended to layout around the three areas of innovation-driven, internationalization + independent controllability, and out-of-hospital marketing model reform in the second half of the year, especially in the innovative drug sector with the most beta effect.