美国关税政策未包含药品，继续看好创新药及消费复苏相关赛道

Core Views - The report maintains a positive outlook on the biopharmaceutical industry, expecting it to outperform the market due to minimal impact from recent U.S. tariff policies on drug sectors [4][5] - The report emphasizes continued optimism for innovative drugs and sectors related to consumer recovery, highlighting the resilience of the pharmaceutical sector amidst tariff changes [4][5] Industry Insights - The recent U.S. tariff policy has a limited effect on the pharmaceutical sector, with most drugs, including various chemical drugs, vaccines, and biological products, exempt from tariffs. Raw materials like vitamins and amino acids are also on the exemption list [4][27] - The report suggests that the innovative drug sector has shown significant growth, providing a selection of quality stocks based on criteria such as strong fundamentals, potential in research pipelines, and favorable cash positions [4][5] Investment Strategy - The report recommends focusing on four main themes: "Innovation," "Going Global," "Equipment Upgrades," and "Consumer Recovery" [5] - Innovation: Invest in globally competitive innovative drugs and promising categories, with specific companies highlighted such as BeiGene and East China Pharmaceutical [5] - Going Global: Identify opportunities in overseas markets, with companies like Mindray Medical and Sinocare suggested for investment [5] - Equipment Upgrades: Expect support for medical equipment updates from government policies, with companies like Mindray Medical and United Imaging Healthcare recommended [5] - Consumer Recovery: Anticipate a rebound in sectors like ophthalmology and aesthetic medicine, with companies like Prue Eye Hospital and Tongce Medical highlighted [5] Key Companies to Watch - Nocare Biopharma: Expected to achieve revenue of 1.009 billion in 2024, with a 49% year-on-year growth in sales of its core product, Oubatinib [6] - Sihuan Pharmaceutical: Strong fundamentals with a stable performance, and a promising pipeline with multiple products expected to be approved between 2025 and 2027 [9] - East China Pharmaceutical: Anticipated growth driven by the commercialization of domestic nuclear medicine products and a robust R&D pipeline [10] - China Biopharmaceutical: Rapid revenue growth with an increasing proportion of innovative products, indicating potential for accelerated profit growth [11] - Aier Eye Hospital: Benefiting from growing demand in ophthalmology and favorable policies for private specialty hospitals, with significant expansion plans [21]