Citic Securities: Long-term structural opportunities in the domestic innovative pharmaceutical industry continue to be realized, and investment and financing continue to improve.

The research report from CITIC Securities Investment Management stated that after experiencing a 22-24 year adjustment phase, the domestic CXO industry has benefitted from the overseas investment and financing returning first. In 24 years, the top domestic CXO companies have shown signs of recovery in overseas orders. With the large-scale external authorization of domestic innovative drug assets in 25 years, domestic investment and financing continued to recover in 25H2, and industry demand also stabilized and increased. From 26 years to the present, the long-term structural opportunities in the domestic innovative drug industry continue to be realized, domestic investment and financing continue to improve, and the race track for new drug forms remains hot and further expands. CITIC Securities Investment Management believes that in 26 years, the new contract orders and performance of the domestic CRO/CDMO industry will accelerate growth, driving the CXO industry chain into a new development stage.