中信证券：2026年继续超配医药行业

Core Viewpoint - The pharmaceutical industry in China is expected to maintain a stable and continuous growth trend, driven by innovation and supportive policies, leading to a return to a market pricing system based on clinical value and demand [1] Group 1: Investment Trends - By 2026, the medical health industry is anticipated to benefit from a series of supportive policies for innovative drugs and medical devices, optimization of centralized procurement, and promotion of commercial insurance [1] - The industry is expected to experience a stable domestic market environment and a long-term growth trajectory, providing certainty for industry growth [1] Group 2: Investment Recommendations - Focus on innovation-driven and internationalization strategies, particularly in the context of domestic policy changes that discourage internal competition [1] - Emphasize on self-sufficiency, particularly in core components, reagents, and upstream research areas, to mitigate risks from geopolitical disturbances [1] - Identify opportunities related to new policies, including benefits from optimized centralized procurement, three-payment systems in medical insurance, consumer stimulus policies, and state-owned enterprise reforms [1]