Investment Rating - The report does not provide a specific investment rating for the industry discussed. Core Insights - The supply of fentanyl is only one aspect of the opioid crisis in the US, and addressing it requires cooperation between the US and China [4][5][8] - The US has made progress in reducing overdose deaths, with a 27% decline in 2024, but this progress may be jeopardized by political and policy challenges [9][10][11][32] - Cooperation between the US and China is essential for effectively tackling the fentanyl issue, but political tensions complicate this collaboration [25][37] Summary by Sections - **Fentanyl Supply and US Addiction Crisis** - Cutting off fentanyl supply alone will not resolve America's addiction crisis; a serious commitment to user support programs is necessary [4][5][25] - The US has made strides against fentanyl, with over 400,000 deaths since its rise, but the recent 27% drop in overdose deaths indicates potential for improvement [9][10][11] - **US-China Relations and Fentanyl** - China has been scapegoated for the fentanyl crisis, but the reality is more complex, involving both countries' cooperation [4][5][8] - The US should stop using fentanyl as a political weapon and instead engage China as a partner in addressing the issue [37] - **Impact of Policy Changes** - Abrupt crackdowns on fentanyl supply could lead to unintended consequences, such as the emergence of more dangerous narcotics [27][28] - The Biden administration's efforts to improve access to naloxone and treatment options are crucial for maintaining progress against the opioid crisis [32][33]