Zhong Zheng Wang·2025-09-11 01:48Core Insights - The report from CITIC Construction Investment (601066) indicates that the economic environment, industry policies, and consumer habits have been changing continuously in recent years, leading to a need for traditional pharmacies to adapt to these changes [1] - It is suggested that the traditional pharmacy model may face several development challenges in the medium to long term, making differentiated transformation essential [1] - The long-term logic of prescription outflow and increased concentration in the pharmacy industry remains unchanged [1] - Looking ahead to 2025, there is a clear trend of marginal improvement in the pharmacy industry, which is expected to recover moderately [1] - The report recommends focusing on high-quality leading enterprises, as their transformation is likely to catalyze valuation increases [1]