CSC released a research report stating that the international competitiveness of domestic pharmaceutical companies continues to improve, new technologies are driving rapid industry development, and national policies encourage the development of innovative drugs, making it bullish on related innovative drugs and pharmaceutical companies. It is optimistic about leading companies in the CXO industry and those with a high proportion of overseas business, anticipating that companies across various CRO sub-sectors in China will successively reach an inflection point in their performance. At the recent JPM conference, Chinese pharmaceutical companies, leveraging technological breakthroughs in areas like ADC, IO bispecific antibodies, and GLP-1, are going global through methods such as License-out and collaborative development. Leading companies like BeiGene have already achieved organizational globalization, while some Biotech firms have made breakthroughs in specific niche areas. Within the CXO sector, WuXi-appendant companies,凭借 the CRDMO model and global production capacity layout, are seeing sustained growth in their order backlogs. With overseas bases intensively commencing production in 2026, they are entering a period of commercial harvest. Overall, China's pharmaceutical industry is standing at the starting point of a global value reassessment, and 2026 will become a critical node to verify the effectiveness of this transformation. Regarding domestic pharmaceutical companies, technological breakthroughs and globalization are accelerating. Chinese pharmaceutical companies are exhibiting a pattern of accelerated globalization. Core trends include: 1) Comprehensive iteration of technology platforms such as ADC, multi-specific antibodies, and small nucleic acids, yielding numerous assets with BIC/FIC potential; 2) The internationalization process is accelerating, with transactions exceeding tens of billions of dollars reached with MNCs, and revenue from innovative drug licensing continuing to climb; 3) By 2026, domestic pharmaceutical companies will enter a period of intensive catalyst realization, with multiple companies initiating global registration studies, key data readouts, and new product applications, characterized by密集 individual breakthroughs and overall sector acceleration. For domestic CXOs, it's about platform empowerment and global expansion. The recent JPM conference highlighted the historic opportunity for China's CXO industry to transition from a "cost advantage" to dual-drive by "technology + scale." Chinese CXO companies, leveraging their one-stop service platform capabilities in areas like ADC, bispecific antibodies, and GLP-1, have completed the leap from "intermediate suppliers" to "global innovation enablers." By 2026, Chinese and global innovation will simultaneously enter a period of密集 catalysts. Chinese CXOs are experiencing continuous growth in their order backlogs, and overseas production capacity is entering a release cycle.
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