Since the dawn of 2025, the MSCI China Healthcare Index has surged 31.7%, surpassing the performance of the broader MSCI China Index. A recent research report from CMB International highlights that, in the short term, the mainland pharmaceutical industry might encounter correction pressures stemming from lofty expectations surrounding overseas transactions. Despite innovative drugs demonstrating global competitiveness, the accumulation of experience necessary for overseas expansion is a gradual process. However, in the long run, China's innovative drug outbound business development (BD) transactions present substantial growth potential. Consumer medical enterprises boast a solid fundamental outlook, reasonable valuation, and significant investment value. While the innovative drug sector may undergo a temporary correction, the overall fundamental strength of the mainland pharmaceutical industry remains robust, and its valuation remains within a reasonable range.