Group 1 - The pharmaceutical stocks are mostly rising, with notable increases in companies such as WuXi AppTec (02268) up 6.82% to HKD 75.2, Innovent Biologics (09969) up 5.72% to HKD 17.38, and WuXi Biologics (02269) up 3.86% to HKD 39.24 [1] - The National Healthcare Security Administration has released the 11th batch of centralized procurement documents for drugs, emphasizing principles such as "stabilizing clinical use, ensuring quality, preventing collusion, and countering internal competition" [1] - The procurement plan optimizes the selection of price control "anchors," moving away from simply choosing the lowest bid, which reflects a proactive approach by the healthcare authority to promote a healthier domestic market [1] Group 2 - Guojin Securities expresses strong confidence in a reversal trend for the pharmaceutical sector in 2025, identifying innovative drugs and the left-side sector's recovery as the biggest investment opportunities [2] - The upward trend in the innovative drug industry remains unchanged, with multinational corporations facing patent cliffs and likely to continue using business development (BD) strategies to fill revenue gaps [2] - Dongwu Securities notes that in a context of interest rate cuts, the innovative industry chain's prosperity is expected to improve, benefiting upstream biotech and CXO sectors [2]