中信证券：医药行业将是有望继续维持超配的行业

Core Insights - The report from CITIC Securities indicates a positive outlook for the pharmaceutical investment trend by 2026, driven by both domestic innovation and supportive policies [1] - The healthcare industry is expected to gradually return to a market pricing system based on clinical value and demand, leading to a stable domestic pharmaceutical market environment [1] - Listed companies in the pharmaceutical sector are anticipated to experience continuous and stable performance growth, contributing to the industry's growth certainty [1] Summary by Categories Investment Trends - The pharmaceutical industry is projected to maintain an overweight status, with a focus on innovation-driven and internationalization strategies [1] - Key investment themes for 2026 include: 1) Innovation-driven and internationalization, 2) Self-sufficiency, 3) Beneficiaries of policy changes such as optimized procurement and healthcare payment reforms [1] Market Environment - The internal and external catalysts for the healthcare industry are expected to persist, fostering a long-term development trend characterized by stability and growth [1] - The emphasis on clinical value and demand in pricing is likely to enhance the overall market environment for pharmaceuticals [1]