On October 20, 2025, China Galaxy Securities released its viewpoint, stating that the '15th Five-Year Plan' will continue to drive innovative development in the biopharmaceutical sector. It is optimistic about the innovative drug industry chain, medical AI, and leading companies in sub-sectors, and suggests paying attention to the recovery of pharmaceutical consumption. Specifically, in terms of pharmaceutical innovation, innovative drugs are advancing from Me-too to FIC and BIC, with new targets, new drug forms, and new therapies becoming the main investment directions. Medical devices are developing towards high-end and integrated solutions. In the medical AI field, products have achieved breakthroughs, accelerating the industrialization of artificial intelligence. Additionally, against the backdrop of improved economic expectations, consumer healthcare is expected to see a recovery, and the pharmaceutical sector as a whole holds long-term investment value.