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CITIC Securities research report states that we believe the pharmaceutical industry is expected to continue to maintain an overweight rating. We recommend positioning for 2026 along the following themes: 1) Innovation-driven and internationalization - Focus on innovation-driven and internationalization targets for overseas expansion in the anti-"involution" domestic policy environment. 2) Self-reliant and controllable - We expect to face risks brought by geopolitical disturbances in the future. Focus more on the acceleration of import substitution processes for core components, reagents, and upstream of scientific research under the context of self-reliant and controllable. 3) New policies, new trends - Benefiting from policies such as optimized centralized procurement, the three payment plans for medical insurance, consumer stimulus policies, and reforms in state-owned enterprises.