Di Yi Cai Jing·2026-01-30 00:21Core Viewpoint - The revised Implementation Regulations of the Drug Administration Law of the People's Republic of China have been officially released, emphasizing a legal framework for drug activities that prioritizes public welfare and innovation [1] Industry Summary - The new regulations serve as a tool to refine and implement the Drug Administration Law, indicating a shift towards high-quality development in the pharmaceutical industry, driven by innovation and compliance [1] - The pharmaceutical industry is expected to maintain an overweight position, with investment strategies focusing on three main lines for 2026: 1. Innovation-driven and internationalization, particularly in the context of domestic policies that discourage excessive competition [1] 2. Self-sufficiency, with an emphasis on core components, reagents, and upstream research areas that can replace imports due to geopolitical risks [1] 3. New policies and opportunities, benefiting from optimized centralized procurement, three-payment systems in medical insurance, consumption stimulus policies, and state-owned enterprise reforms [1]