中信证券：政策支持创新药发展 医药创新动能加速

Core Viewpoint - The report from CITIC Securities indicates that China's innovative drug development has achieved significant progress, suggesting that the era of true innovation and internationalization in the pharmaceutical sector is approaching a period of returns [1] Summary by Relevant Categories Innovation-Driven Strategy - Emphasis on embracing innovation-driven strategies as a key focus for the second half of the year, aligning with the investment strategy outlook for 2025 [1] Internationalization and Self-Control - The report highlights the importance of internationalization and self-control in the pharmaceutical industry, suggesting these areas will provide more certainty in investment opportunities [1] Out-of-Hospital Marketing Model Reform - The reform of the out-of-hospital marketing model is identified as a significant area for investment, particularly in the context of the innovative drug sector [1] Policy Support - The report notes that domestic policies are increasingly supportive of the innovative drug sector, which, along with overseas achievements, is expected to drive steady growth in the pharmaceutical industry [1] Focus on Beta Effect - It is recommended to focus on the innovative drug sector, which is seen as having the most substantial beta effect, indicating higher potential returns [1]