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Core Viewpoint - The Chinese pharmaceutical sector is experiencing positive momentum due to supportive government policies aimed at fostering the development of innovative drugs, which is expected to enhance the industry's growth and investment opportunities [3]. Policy Support - The National Healthcare Security Administration and the National Health Commission have issued measures to support the high-quality development of innovative drugs, including increased R&D support, inclusion in basic medical insurance, and improved clinical application [3]. - The introduction of the 2025 basic medical insurance directory and commercial health insurance innovative drug directory aims to enhance the multi-tiered medical security system, addressing payment challenges for high-value innovative drugs [3]. Market Outlook - The year 2025 is anticipated to be significant for domestic innovative drugs entering international markets, following a seven-year transition from generic to innovative drugs since the "4+7" procurement policy was implemented in 2018 [3]. - The pharmaceutical sector is expected to see a rise in sentiment and valuation due to ongoing policy support, improved payment mechanisms, enhanced R&D capabilities, and the integration of AI technologies [4]. AI Integration - AI is projected to comprehensively empower the pharmaceutical industry, improving efficiency in drug development, production, and medical services [4]. - The implementation plan for the digital transformation of the pharmaceutical industry aims for comprehensive coverage of intelligent transformation by 2030 [4]. Investment Opportunities - The innovative drug ETFs, such as Guotai (517110), are highlighted as worthy of continued attention, alongside other ETFs focused on the entrepreneurial and biopharmaceutical sectors [4].