CITIC Securities said that since 2026, the domestic market for innovative drugs in China has been rapidly expanding. According to China reports, leading innovative drug companies have rapidly grown in revenue, and Biopharma has entered a profit inflection point one after another; innovative drugs going overseas have begun to enter the third-phase/registration research implementation stage; several international academic conferences are approaching, and many innovative drug pipelines have entered an intensive data catalysis period. We believe that China's innovative drugs have entered the global value realization stage. It is recommended to focus on: ① leading international innovative pharmaceutical companies are expected to usher in a period of global value realization of their products; ② the product volume of leading innovative drug companies has entered a new stage of growth; ③ the internationalization of pipeline assets with global potential is expected to accelerate implementation. In summary, we maintain the innovative drug industry's “better than the market” rating.

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