机构：中药市场快速增长 新品兑现蓄满成长动能

Group 1 - The 12th World Traditional Chinese Medicine Conference was held in Sydney, Australia, from October 31 to November 1, focusing on "Global Perspectives on the Dissemination of Traditional Chinese Medicine Culture and Technological Innovation," attracting over 800 representatives from 24 countries and regions [1] - Pacific Securities believes that the traditional Chinese medicine market is experiencing rapid growth, with new products ready to drive growth momentum. Favorable policies are continuously promoting the prosperity and development of the traditional Chinese medicine industry across various aspects, including registration, review and approval, quality control, medical insurance payment, and cultural promotion [1] - Huajin Securities emphasizes the importance of focusing on the marginal turning point of OTC traditional Chinese medicine affected by inventory cycles, suggesting two main lines: high-quality traditional Chinese medicine with medical value and consumer attributes, and innovative traditional Chinese medicine supported by favorable policies and positive external stimuli [1] Group 2 - Dongwu Securities notes that traditional Chinese medicine listed companies have abundant cash flow and relatively rich cash reserves, with low asset-liability ratios and weak reinvestment needs, allowing for high dividend payouts [2] - The traditional Chinese medicine sector is less affected by international political situations, making high dividend defensive strategies worth considering in the current market, which is influenced by international political dynamics and is generally volatile [2]