Galaxy Securities: Innovation in new drugs continues to be in high demand, and the positioning of emerging pillars is changing gear to upgrade.

Guotai Junan Securities released a research report stating that after a significant correction in the pharmaceutical industry in the first half of the year, the valuations of both innovative drugs and non-innovative drugs have fallen to historical lows. In the second half of the year, attention should be paid to changes in medical insurance variables and the realization of innovative drug clinical data. In terms of investment strategies, one should look for pharmaceutical hard technology and consider the cash value of companies. It is recommended to pay attention to innovative drugs, the innovation drug industry chain, overseas expansion of innovative medical devices, medical AI direction, the recovery of medical services, and third-party ICL.