According to the latest research report of CITIC Securities, due to the impact of the epidemic and general consumer environment factors in the first three quarters of 2022, the performance of various pharmaceutical sectors was clearly differentiated, but overall growth was still steady, especially in the immediate demand sector. Combining the current lower valuation positions in the sector, focusing on the opportunities for the biomedical sector to bottoming out and rebounding, it is recommended to focus on outstanding enterprises with an advantageous track layout centered on domestic autonomy, internationalization, high-end manufacturing, and inclusive medical care. The dark will pass, and embrace certainty in the face of uncertainty.