中信证券：继续超配医药行业 关注三大主线

Core Viewpoint - The medical health industry in China is expected to experience stable and continuous growth driven by innovation, supportive policies, and a return to a market pricing system based on clinical value and demand, leading to a positive outlook for listed companies [1] Summary by Categories Investment Trends - By 2026, the pharmaceutical investment trend will be influenced by the concentration of innovation in Chinese pharmaceutical companies and a series of supportive policies aimed at promoting innovative drugs and medical devices, optimizing procurement, and enhancing commercial insurance [1] Market Environment - The medical health industry is anticipated to gradually return to a pricing system that reflects clinical value and demand, fostering a stable domestic pharmaceutical market environment and a long-term growth trajectory for the industry [1] Performance Outlook - Listed companies in the pharmaceutical sector are expected to see sustained and stable performance growth, contributing to a certain degree of industry growth certainty [1] Investment Strategies - Recommended investment strategies for 2026 include: 1. Focus on innovation-driven and internationalization efforts, particularly in the context of a "de-involution" domestic policy environment [1] 2. Emphasize self-sufficiency and the acceleration of import substitution processes for core components, reagents, and upstream research due to potential geopolitical risks [1] 3. Identify beneficiaries of policy changes such as optimized procurement, three-payment systems in medical insurance, consumer stimulus policies, and state-owned enterprise reforms [1]