中信证券：技术创新迭代驱动医疗健康产业新一轮高成长

Core Insights - The 43rd J.P. Morgan Healthcare Conference will be held from January 13 to 16, 2025, in San Francisco, USA, and is recognized as the largest and most comprehensive healthcare investment seminar in the industry [1] - The conference will connect global industry leaders, rapidly growing companies, innovators, and investment professionals [1] Pharmaceutical Sector - In the innovative drug sector, the focus remains on technological iterations and business development (BD) around core products and areas, which are seen as growth engines for pharmaceutical companies [1] Life Sciences and CXO - There is a moderate recovery in upstream research and development demand in the life sciences sector, with domestic stimulus policies expected to enhance demand in this area [1] Medical Devices - The medical device sector is concentrating on technological innovation and product iteration, aiming to explore new fields and enhance product competitiveness [1] Vaccine Development - For vaccines, multinational corporations (MNCs) are prioritizing the continuous development of high-priced and innovative vaccines as key areas for pipeline growth [1] Investment Opportunities - The international capital interaction in the healthcare industry is vibrant, and technological innovation is driving the sector's development, making 2025 an optimal time to invest in excellent tracks and leading core enterprises in the healthcare industry [1]