Industry trends:
1. Medical reform has shifted from drug compliance to medical service efficiency management, and the marginal impact is slowing down
2. Innovation returns to the origin of clinical value and is based on the world as the way of enterprise survival
3. Grasp the iteration cycle of underlying technology and invest in cutting-edge technology
Investment suggestion: under the source innovation, grasp the two main investment lines of bottom process innovation and cutting-edge scientific and technological innovation
1. Main line of bottom process innovation: the invisible champion at tob end suggests paying attention to the opportunities of individual stocks in the subdivided fields such as upstream equipment, gene consumables, biological enzymes, high-end analytical instruments and reagents of the biopharmaceutical industry chain
2. Main line of cutting-edge scientific and technological innovation: it is suggested to focus on the potential investment opportunities of ADC, shuangkang and mRNA technology platform companies
Rating: maintain the "overweight" rating of the pharmaceutical industry
