Sinolink's Research Reports indicate that the core investment opportunities in the pharmaceutical sector for 2025 will revolve around three main logics: 1) Innovative drugs going abroad; 2) Demand recovery; 3) Reversal of policy expectations. Currently, the warm wind of policies arrives first (the pharmaceutical sector's policies are continuously improving, and the overall industry expectations are likely to become optimistic); next is the research and development of innovative drugs going abroad (the innovative drug sector continues to make progress and will still be the hottest sector in the pharmaceutical industry in 2025, especially focusing on the clinical data readouts and commercialization progress of first-line symbols, as well as the expected variance opportunities of second-line innovative drugs). After that, in the first half of 2025, the growth rate of performance is expected to bottom out and rebound (however, the arrival of this improvement in growth rate will take time. Based on current industry communication and historical data, it is expected that cautious optimism should still be maintained for Q4 2024 and Q1 2025, and the period around the first quarter report in 2025 will be a critical point).