Xin Hua Cai Jing·2025-11-20 05:19Core Viewpoint - The investment outlook for the pharmaceutical and bioproducts industry in 2026 indicates a potential recovery in demand and improvement in fundamentals and valuations, particularly in the traditional Chinese medicine sector [1] Group 1: Traditional Chinese Medicine - Short-term pressure from the base is expected to ease, with channel inventory clearing accelerating [1] - There is optimism for demand recovery by the end of the year, along with opportunities for fundamental and valuation improvements [1] - The brand extension space for traditional Chinese medicine consumer companies is broad, supported by innovation [1] Group 2: Blood Products - Attention is drawn to the "14th Five-Year Plan" for plasma station construction and industry consolidation progress [1] - Demand for immunoglobulin and factor products is expected to increase, along with new product development [1] Group 3: Vaccine Industry - Focus on the sales improvement of key products and the progress of innovative pipelines [1] - Policy developments and international expansion of vaccines are anticipated to further drive corporate growth [1] Group 4: Pharmaceutical Retail - The transformation and reform in the pharmaceutical retail sector are progressing steadily [1] - Future catalysts for growth are being monitored [1] Group 5: Pharmaceutical Distribution - The revenue side of the pharmaceutical distribution industry is showing steady improvement [1] - Attention is on payment collection and the "14th Five-Year Plan" [1]