China Securities Co., Ltd.'s research report pointed out that it is recommended to focus on five investment trends in the medical industry. 1. Innovation trend: the best weapon to cross the cycle. The marginal improvement of global liquidity is more favorable for pricing innovative assets; national policies encourage the development of innovative drugs; new technologies promote the rapid development of the industry. 2. Overseas trend: reasonable expectations, leading companies should be given a premium. In the long run, the medical industry is expected to develop into global large companies, but investors also need to have sufficient expectations for the challenges brought about by going overseas, which will definitely be a long process. 3. Improvement trend: grasp the rhythm of changes in business conditions. ① CXO industry, the early adjustment is relatively sufficient, the recovery of global investment and financing is expected to promote the gradual warming of global customer demand. ②High-value consumable companies gradually cleared from centralized procurement, and new business capabilities gradually constructed. 4. Low valuation trend: choose high cost-effective companies. ① Traditional Chinese medicine: leading brand OTC and leading traditional Chinese medicine innovative enterprises; ② Leading chain drugstores; ③Vaccine leaders with strong commercial and product selection capabilities; ④ Medical distribution and comprehensive pharmaceutical companies. 5. Other trends: medical services. Bullish on ophthalmology, serious medical and traditional Chinese medical leaders.