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Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" [2]. Core Viewpoints - The recent performance of the pharmaceutical sector has been sluggish, with the innovative drug sector experiencing a significant rise in expectations earlier this year, now undergoing a correction. However, innovative medical devices are expected to benefit from ongoing government support for medical equipment upgrades and accelerated domestic replacement of high-end medical devices, alongside continuous expansion into overseas markets. A recovery is anticipated starting in Q3 2025, with performance gradually improving in 2026 [3][9]. - The high-end medical device sector is driven by the recovery of in-hospital procurement, suggesting a focus on companies such as United Imaging, Shandong Weigao, and Mindray Medical. The demand for consumer medical devices is gradually recovering, with a shift in market share from imported brands, indicating potential in companies like Kefu Medical and Yuyue Medical. The orthopedic consumables market has reached a price floor, with opportunities for market share growth in orthopedic robotics and overseas expansion, highlighting companies like Aikang Medical and Chuangli Medical [3][9]. - The pharmaceutical equipment sector is undergoing a cyclical recovery, with rapid overseas growth opening new avenues for growth. Domestic margins are expected to stabilize and profitability to improve, with a return to rational competition anticipated from late 2024. The recovery in innovative drug financing and frequent business development transactions are expected to drive a revival in contract manufacturing organizations (CMOs), positively impacting the pharmaceutical equipment industry. Additionally, global strategic safety backups and commitments from multinational pharmaceutical companies to invest in the U.S. market are projected to accelerate fixed asset expenditures in the pharmaceutical sector over the next three years, with a focus on companies like Senson International and Dongfulong [3][9]. - In the CXO and upstream life sciences supply chain, leading global CXO companies such as WuXi AppTec and Kanglong Huacheng are highlighted. Domestic clinical CRO leaders like Tigermed and Pruce are also recommended, along with resource-based CXOs such as Zhaoyan New Drug and Mediso. The upstream life sciences supply chain includes companies like Baipusais and Haier Biomedical [3][9]. Summary by Sections Market Performance - The pharmaceutical and biotechnology sector's return was -1.04% last week, ranking 17th among 31 sub-industry indices. The medical services sub-sector had the highest weekly return at 1.67%, while the pharmaceutical commercial sub-sector had a return of -4.26% [3][9]. Industry Trends - The report emphasizes the ongoing low performance of the pharmaceutical sector, particularly in innovative drugs, while highlighting the potential recovery in innovative medical devices and the pharmaceutical equipment sector [3][9]. Recommendations - Specific companies to watch include United Imaging, Mindray Medical, Kefu Medical, and Aikang Medical in the high-end medical device sector, as well as Senson International and WuXi AppTec in the pharmaceutical equipment and CXO sectors [3][9].