The China Meteorological Administration continues to issue a orange rainstorm warning at 6:00 on August 14th.

date
14/08/2025
It is expected that from 08:00 on August 14th to 08:00 on August 15th, there will be heavy to torrential rain in most parts of Guangdong, most parts of Guangxi, southeastern Fujian, southern Jiangxi, central-southern and northwestern parts of Hunan, and eastern parts of Guizhou. Some areas may experience severe rainfall, with localized extremely heavy rainfall in certain areas such as northern Guangdong, northeastern Guangxi, southern Hunan, and southwestern Jiangxi. The above-mentioned areas will also experience short periods of heavy precipitation, and localized thunderstorms with strong winds and other severe convective weather.
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CITIC Securities stated that the National Medical Security Administration has issued the "Announcement on the Preliminary Review of Drugs and Related Information in the Adjustment of the Drug Catalogs for National Basic Medical Insurance, Maternity Insurance, Work-related Injury Insurance, and the Innovation Drug Catalog for Commercial Insurance by 2025". We believe that the first appearance of the commercial insurance innovation drug catalog is of symbolic significance, which is conducive to the development of commercial insurance and the expansion of the payment end, and more beneficial to the construction of a multi-level medical security system and the innovation of the pharmaceutical industry in China. The introduction process of the basic medical insurance and commercial insurance innovation drug catalogs in this round is relatively fast, and the inclusion of drug varieties exceeds expectations, with a wide range of categories, which highlights the National Medical Security Administration's new definition of "innovation". Continuing our investment strategy viewpoint for the second half of 2025, embracing innovation-driven and internationalization + independent controllable + out-of-hospital marketing mode reform will be a relatively more certain layout direction in the second half of the year. Considering that in addition to overseas gains, the innovative drug sector has received strong domestic policy support, we believe that the era of truly innovative and internationalized pharmaceuticals will bring returns and are expected to drive the sector steadily upwards. We suggest laying out in the second half of the year around the three areas of "innovation-driven and internationalization + independent controllable + out-of-hospital marketing mode reform" in the horizontal dimension, especially in the innovative drug sector with the most beta effect.
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