The Zhitong Finance App learned that Guosheng Securities released a research report saying that in the first half of 2026, the total amount of Chinese pharmaceutical overseas transactions reached 99.7 billion US dollars, surpassing the full year of 2024 (52.2 billion yuan), which is close to 73% of the full year of 2025, and the total amount for the whole year is expected to reach a new high. Recently, a number of innovative drugs have been approved, and the 2026 edition of the basic drug catalogue was recently released. This is the first time that 4 domestically produced first-class innovative drugs have been introduced. The future will shorten the time for innovative drugs from marketing to entry into the basic drug catalogue. The field of brain-computer interface has further risen from cutting-edge technology exploration to a national industrial policy support framework.
Guosheng Securities's main views are as follows:
The overall pharmaceutical sector is developing steadily, and BD's overseas trips have reached a new high
The Pharmaceutical Biology Index fell 10% in the first half of 2026. Since Q2, the pharmaceutical industry has actively bought back, demonstrating confidence in development. According to data from the Pharmaceutical Network, from the beginning of April to mid-June, more than 100 listed pharmaceutical companies announced or implemented share buybacks in A shares and H shares. The cumulative revenue of the pharmaceutical manufacturing industry on the manufacturing side from January to May was 944.57 billion yuan, a slight decrease of 1.5% over the previous year. In the first half of 2026, the total amount of Chinese pharmaceutical overseas transactions reached 99.7 billion US dollars, surpassing the full year of 2024 ($52.2 billion), and is close to 73% of the full year of 2025. The total amount for the whole year is expected to reach a new high.
The approval of innovative drugs has been accelerated, and the release of a new version of the basic drug catalogue has released multiple positive signals
The innovative drug industry chain is booming. On the clinical side, the number of phase I clinical trials of innovative drugs in China ranked first in the world in 2025, confirming the original domestic innovation capability from “0” to “1”; on the review side, various innovative drugs were recently approved, covering the direction of dual antibody ADC and solid tumor CAR-T; from a commercial perspective, the 2026 edition of the basic drug catalogue was recently released, and 4 types of domestically produced first-class innovative drugs will be shortened in the future.
Pharmaceutical technology accelerates deployment and expands the boundaries of capabilities
The pharmaceutical technology industry, represented by segments such as brain-computer interfaces, AI medicine, robotics, new materials, and new equipment, has benefited from industrial chain layout requirements and has been able to develop rapidly. The bank saw that the brain-computer interface was included in the government work report for the first time this year and was clearly included in key future industrial cultivation directions, indicating that this field has further evolved from cutting-edge technology exploration to a national industrial policy support framework.
Related targets
1) Innovative drugs: Kangfang Biology, Hanson Pharmaceuticals, Shiyao Group, Colun Botai Biology, Cinda Biology, Sansheng Pharmaceuticals, Hengrui Pharmaceuticals, China Biopharmaceuticals, Baili Tianheng, Allis, Junshi Biotech, Deqi Pharmaceuticals, Hebo Pharmaceuticals, Zhongsheng Pharmaceuticals, Lepu Biotech, Hualing Pharmaceuticals; 2) CXO: Pharmaceutical Kangde, Kanglong Chemical, Pharmaceuticals; 3) Medical devices: Haitai Xinguang, Huakang Jiejing, Yirui Gaojing, Linuo Pharmaceutical, Kefu Healthcare, Elken Healthcare, Minimally Invasive Robotics; 4) AI Pharmaceuticals: Insili Intelligence, Jingtai Holdings, Jietai Technology, Hualan Co., Ltd.
Risk warning: 1) Negative pharmaceutical policies exceed expectations; 2) industry growth falls short of expectations; 3) industry competition increases risks.