Core Viewpoint - Daiwa has released a report recommending specific pharmaceutical stocks, highlighting Innovent Biologics (01801) and Heng Rui Medicine (600276) as top picks, with target price adjustments and ratings for other companies in the sector [1] Company Recommendations - Innovent Biologics' target price has been raised from HKD 95 to HKD 112 [1] - Heng Rui Medicine's target price remains at RMB 80 [1] - CSPC Pharmaceutical Group (01093) is rated "Sell" with a target price maintained at HKD 6.6 [1] Industry Outlook - The Chinese biopharmaceutical sector is expected to experience a comprehensive increase in 2025 [1] - For 2026, Daiwa suggests a more selective stock-picking strategy focusing on high-quality targets [1] - Key clinical data release timelines and significant stock price catalysts will be outlined for 2026 [1] - Important areas of analysis include PD-(L)1/VEGF, GLP-1, and siRNA [1]