正向循环贯通，产业拐点确立

Investment Rating - The report maintains a "Buy" rating for the industry, indicating an expected investment return exceeding 15% over the next 6-12 months [49][56]. Core Insights - The report identifies a turning point in the innovative drug industry, driven by overseas growth and the opening of the domestic market, suggesting a significant growth phase ahead [34]. - The industry is transitioning from capital-driven to profit-driven growth, with a dual recovery in performance and valuation expected [47][49]. - Key factors include the commercialization of innovative products, the acceleration of clinical data breakthroughs, and the introduction of supportive payment policies [50][49]. Summary by Sections Section 1: Validation of the Turning Point in the Innovative Drug Industry - The innovative drug industry in China is entering a recovery phase, characterized by a "profit year" and the implementation of supportive payment policies [5][10]. - The report highlights a significant increase in the number of innovative drug companies achieving over 500 million yuan in revenue, indicating a robust growth trajectory [21][22]. - The domestic market for innovative drugs is projected to reach a scale of 1 trillion yuan by 2035, with innovative drugs expected to account for 30% of the market [30][32]. Section 2: Core Technology Cycle Configuration - The next generation of immunotherapy is anticipated to drive a new round of biotechnology cycles, with a focus on product strength and clinical demand [37][40]. - The report emphasizes the importance of selecting stocks based on technology cycles, product strength, and clinical needs [44]. Section 3: Investment Recommendations - The report suggests focusing on pharmaceutical companies transitioning to innovation, which are expected to see performance and valuation increases [50]. - It also highlights biotech companies with validated research platforms and potential for overseas product registrations as key investment opportunities [50].