3月19日，中信证券为期两天的春季资本市场论坛拉开序幕，主题为"聚焦新赛道"。会议现场人潮涌 动，据悉有1700多人线下参会。 "中国核心资产迎来春天。"中信证券再次重申了这一3月初的观点，并提到以国产算力链为代表的新赛 道正在萌芽，这些新核心资产有望向千亿美金市值的体量扩容。券商中国记者注意到，近期多家大型券 商新发的策略报告均认为，从中期维度看，科技仍然是市场核心主线。 其实，这也是其对2025年3月初月度策略观点的重申。裘翔谈到，A股目前处在震荡行情中，要实现突 破，依靠零散的题材并不够，必须有核心资产的发力。而DeepSeek带来AI平权的产业趋势，在国产算 力链、云应用、端侧AI、物理AI等赛道，具备千亿美金市值潜力的新核心资产在扩容。同时，传统核 心资产（LED、安防、服务机器人、工程机械、集成电路、锂电池、全国性股份制银行、云服务、医疗 服务）当中约30%的公司已走出经营拐点。 再从宏观面来看，裘翔表示，2025年全国两会的政策在科技、供给侧和促消费三大方面均有推进，政策 方向明确。此外，部分计划两地上市的龙头企业会随着港股上市落地而行情启动。与此同时，他也坦 承，美国对华限制加强或是春季最大挑 ...

Investment Rating - The report maintains a positive outlook on the pharmaceutical industry, focusing on innovation, overseas expansion, thematic investments, and dividend strategies as the main investment themes [2][17]. Core Insights - The pharmaceutical sector experienced a short-term pullback but remains optimistic about the innovation-driven growth trajectory. Key areas of focus include innovative drugs, international market expansion, and supportive policies for innovation [2][17]. - The report highlights the importance of innovative drugs as a new productive force, with significant policy support expected to accelerate their development [17]. - The report emphasizes the potential of companies with strong clinical pipelines and innovative capabilities, particularly in the context of recent supportive policies for innovative drugs [16][17]. Summary by Sections Current Industry Investment Strategy - The pharmaceutical index fell by 2.72% in the week, underperforming the CSI 300 index by 1.97 percentage points. Year-to-date, the sector has risen by 1.11%, outperforming the CSI 300 by 1.75 percentage points [15]. - The current valuation level (PE-TTM) for the pharmaceutical industry is 26.53 times, with a premium of 75.91% relative to the entire A-share market [15]. Key Companies and Their Performance - **Hengrui Medicine**: Recent updates on lung cancer data show promising results, with an overall response rate (ORR) of 73% and median progression-free survival (mPFS) of 11.5 months, indicating strong commercial potential [16]. - **Innovative Drug Policies**: New policies are expected to encourage commercial insurance companies to invest in innovative drug companies and improve pricing standards [16][17]. Thematic Investment Lines - **Innovation and Overseas Expansion**: The report identifies innovative drugs as a key area, with a high success rate in recent insurance negotiations for innovative drugs [17]. - **Dividend Strategy**: With the 10-year government bond yield falling below 2%, dividend-paying assets with stable growth and cash flow are highlighted as defensive and offensive investment options [9][18]. Recommended Investment Combinations - The report lists several recommended stocks, including Hengrui Medicine, Enhua Pharmaceutical, and Yifan Pharmaceutical, among others, indicating a strong buy rating for these companies based on their growth potential and market performance [19][22].