On January 15, the 2026 investment strategy conference of Caitong Fund was held in Shanghai.
Luo Ying, Fund Manager of the Equity Public Offering Investment Department at Caitong Fund, pointed out that after experiencing the previous cycle of policy and event-driven gains and the subsequent adjustment, the pharmaceutical industry is entering a new industrial cycle starting from 2025. She believes the core drivers of this new cycle are the industry's upgrades in "innovation" and "going global," which have led to the outstanding performance of the innovative drug sector, reflecting the differentiated advantages and global competitiveness of China's pharmaceutical industry.
Luo Ying stated that the internationalization capabilities of Chinese innovative pharmaceutical companies are rapidly gaining global recognition. Data shows that in the first 11 months of 2025, the upfront payment amount from Chinese pharmaceutical companies' License-out deals has reached $8.45 billion, exceeding the total for the full year of 2024. She believes that as products enter global registrational clinical trials and data readouts occur, certainty increases, and the industry is entering the "BD 2.0 Era," which will bring sustained valuation uplifts.
Luo Ying specifically highlighted that small nucleic acids (such as siRNA therapies), regarded as the "third wave" of modern pharmaceuticals following small molecules and antibody drugs, offer advantages like precision, high efficiency, and long-lasting efficacy. She analyzed that this field will experience multiple points of resonance in 2026, including overseas commercial scaling, BD transactions, expansion of indications into chronic diseases, and corporate IPOs. The market space is expected to grow from $5-10 billion in 2025 to $46.7 billion by 2033.
Luo Ying believes that as the centralized procurement coverage for high-value consumables nears completion and price systems stabilize, the innovative medical device sector is poised to replicate the industrial trajectory of innovative drugs. Using surgical robots as an example, she noted that leading Chinese companies had secured 120 new overseas orders in 2025, placing them among the global leaders, yet their market capitalization is only 1.4% of the global leader's. This indicates immense future growth potential as their global expansion accelerates.
Finally, Luo Ying emphasized that AI healthcare and brain-computer interfaces are significant technological trends reshaping industry competitiveness. She pointed out that AI is already widely used in medical imaging diagnostics, pathological analysis, surgical robots, and smart wearable devices. Meanwhile, brain-computer interfaces, with strong policy support, saw the number of approved medical devices in China in the first four months of 2025 exceed the total of the previous two years combined, with B-end procurement volume increasing by 200% year-on-year, signaling an accelerated phase of commercial implementation.
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