According to the Donghai Securities Research Report, the performance of the pharmaceutical-biological industry is expected to be low and high this year. In terms of policy, since this year, including clear support for innovative drugs and continuous optimization of procurement renewal terms, etc., the industry policy is clearly showing a positive trend, and the overall industry is expected to continue to warm up after the second quarter. In the medium to long term, we continue to be optimistic about investment opportunities such as innovative drugs and specialty devices representing the development direction of new quality productivity; in the short to medium term, we will focus on investment opportunities in undervalued, high-dividend, and steady growth related sectors such as branded traditional Chinese medicines, pharmacy chains, and blood products. Individual stocks can be watched: Ling Rui Pharmaceutical, Yifeng Pharmacy, etc.