September 23rd, Grong Hui | CMB International published a report stating that on September 19th, the Federal Reserve announced a 50 basis point rate cut, officially starting the rate cut cycle. The bank believes that overseas rate cuts may drive the valuation rebound of highly elastic innovative drugs, medical device sectors, and CXO sectors. A new round of health insurance negotiations in China is about to be implemented, despite some pressure on health insurance funds. The bank believes that the trend of health insurance funds supporting innovative drugs will not change. The normalization of anti-corruption in healthcare, and the pharmaceutical industry's profits are expected to gradually recover from the second half of this year. Bullish on leading CXO companies, leading innovative drug companies, solid performance and attractively valued consumer medical enterprises, including Wuxi Apptec, Innovent Bio, 3sbio, Gushengtang, Kelun Pharmaceutical, and Juzi Biotech.