医药行业投资策略（2025）：创新+老龄化+出海，看好结构性机会

Investment Rating - The report maintains a "Positive" investment rating for the pharmaceutical and biotechnology industry [1]. Core Insights - The report highlights structural opportunities driven by innovation, aging population, and international expansion in the pharmaceutical sector [1][3]. - It anticipates marginal improvements in the industry by 2025, with a focus on structural opportunities [3][37]. Summary by Sections 1. Review & Outlook - The pharmaceutical industry is currently at historical lows, with expectations for marginal improvement in 2025 [3][10]. - The medical reform has reached a deep-water phase, and the secondary market indicators are at historical lows [3][10]. 2. China's Strong Rise in Innovation - In 2024, China is expected to see significant achievements in innovative drugs, supported by positive domestic policies [3][81]. - The talent pool in engineering is notably strong, enhancing global competitiveness [3][81]. - Traditional pharmaceutical companies are transforming, with biotech and biopharma entering the commercialization phase [3][84]. - The innovative industry chain is experiencing a recovery in overseas investment and financing, with resilient leading companies [3][84]. 3. Aging Population and Healthcare Demand - The aging population in China is accelerating, leading to increased demand for related medical treatments [3][68]. - Traditional Chinese medicine is viewed as a cultural treasure with long-term potential [3][68]. - Home medical devices represent new categories and opportunities [3][68]. 4. Rise of Chinese Manufacturing and International Expansion - Domestic medical devices are gaining recognition, with increasing global competitiveness [3][74]. - Supply chain capabilities are expected to improve significantly by 2025 [3][74].