CICC(SH:601995) Zhi Tong Cai Jing·2025-07-07 23:52Group 1 - The core viewpoint is that China's innovative drug industry has entered a phase of progressive innovation, gaining international competitiveness after a period of following innovation [1][2] - The investment strategy of "barbell" remains applicable in the 2H25 investment environment, focusing on stable dividend blue chips and leveraging investment windows around ASCO/ESMO academic conferences [1][2] - The convenience of primary and secondary financing, along with a more favorable international situation, presents derivative investment opportunities in the CXO and upstream research sectors [1][2] Group 2 - In the innovative drug sector, competitive clinical data and collaborations with multinational corporations (MNCs) are seen as important catalysts for mid-term growth [2] - Traditional blue-chip assets are recommended for stable allocation due to challenges in the pharmaceutical fundamentals, with positive changes expected in 2025 [2] - The merger and integration of leading assets have shown progress, and major pharmaceutical companies are transitioning towards innovation, holding cash for future opportunities [2] Group 3 - In the medical device sector, there are structural opportunities following a price base clearance, with potential for stock price stabilization and recovery [3] - The in-vitro diagnostics (IVD) category has global growth potential, although domestic pressures from centralized procurement remain, with a focus on export growth in non-US regions [3] - In healthcare services, the core issue is the contradiction in payment systems, with an urgent need for increased funding and commercial insurance to support the integration of "medicine + drugs + insurance" [3]