According to CITIC Securities' analysis, policies have refined centralized procurement measures for pharmaceuticals and consumables, with expectations that the regulations for the 11th batch of national centralized procurement will be more lenient. Additionally, these policies will foster the development of innovative drugs and medical devices while tightening quality supervision across the entire supply chain. This shift is poised to benefit high-quality generic drug and innovative drug enterprises. As centralized procurement policies are optimized, market sentiment is gradually improving, heralding a genuine era of innovation and internationalization for the pharmaceutical industry. The establishment of self-sufficient industrial chains and the transformation of off-hospital marketing models will serve as catalysts for industry growth in the latter half of the year. It is advisable to focus on areas such as innovation drive, internationalization, self-sufficiency, and the reform of off-hospital marketing models, particularly the growth potential within the innovative drug sector.