CITIC Construction Investment Securities's December 11 research report said that looking ahead to 2025, reform policies in the pharmaceutical sector have been normalized. The most noteworthy incremental policy in the health insurance sector is the establishment of a diversified payment system. The medical sector is about to usher in “deep-water” reforms such as the remuneration system and hierarchical diagnosis and treatment, which are generally in line with expectations. At the same time, innovation in China's pharmaceutical industry is gradually entering the international stage. Some industry segments will experience marginal improvements, and industry integration will begin. We are optimistic about investment opportunities in the pharmaceutical industry in 2025. The recommendation focuses on new volume (innovation, overseas expansion, marginal change) and industry integration opportunities.