CMB International released a research report stating that the 2025 edition of China's basic medical insurance catalog and the first commercial insurance catalog have been announced, continuing to support innovation. The report anticipates the CXO sector may see performance recovery in the second half of the year. The firm recommends buying shares of 3SBIO (01530), GUSHENGTANG (02273), WUXI XDC (02268), GIANT BIOGENE (02367), INNOVENT BIO (01801), and SINO BIOPHARM (01177). The report noted that core innovative products from multiple companies have been included in the medical insurance catalog. CMB International believes that despite fiscal pressure on medical insurance amid macroeconomic challenges and aging populations, attention should be paid to national centralized procurement renewals. While the first commercial insurance catalog may have limited short-term impact on product sales due to the small scale of commercial insurance, the bank views the catalog as highly significant—potentially marking the beginning of expanded commercial health insurance coverage in China and the development of a diversified payment system.