Summary of Key Points from the Equity Research Report Industry Overview - The report focuses on the **China CXO (Contract Research Organization) sector**, highlighting growth prospects and investment opportunities for 2026 and beyond [2][3]. Core Insights and Arguments - The **2026 National Defense Authorization Act (NDAA)** was signed, which includes a revised Biosecure provision that reduces geopolitical risks and ensures continuity of US orders for Chinese companies [3][4]. - The **Federal Reserve's anticipated rate cuts** (two to three 25 basis points cuts in 2026) are expected to revive biotech financing, enhancing demand for CXO services [3][4]. - The **Chinese CXO competitive advantage** is strengthening due to economies of scale, AI-driven efficiencies, and advancements in niche technologies like antibody drug conjugates (ADCs) and peptides [3][4]. - The report forecasts **11-39% net profit growth** for major players in the CXO industry by 2026, supported by low-teen order growth [4][5]. Valuation and Investment Recommendations - Current valuations are considered attractive, with an average **30x 2026e PE** and **1.1x 2026e PEG** [4]. - Investment themes include: 1. Launch of the **1260H list** in January 2026 for risk mitigation. 2. Full-industry-chain leaders like **Wuxi Apptec** and **Wuxi Biologics** with global scalability. 3. High-growth specialists like **Wuxi XDC** focusing on niche markets and overseas expansion. 4. Domestic recovery names like **Pharmaron** offering stable profitability [5][9]. Company-Specific Updates Wuxi Apptec - Target price maintained at **RMB137.00** for A-shares and **HKD133.90** for H-shares, implying **51.2% and 30.9% upside** respectively [6][33]. Wuxi Biologics - Target price remains at **HKD45.00**, with a **37.5% upside** from current levels. Revenue estimates for 2025-27 have been slightly decreased by 1-3% due to competitive pricing pressures [20][22][33]. Wuxi XDC - Target price increased to **HKD90.50** from **HKD90.00**, reflecting a **33.2% upside**. Revenue estimates for 2025-27 have been reduced by approximately 3% each due to lower-than-expected capacity ramp-up [26][28][33]. Pharmaron - Target price set at **RMB41.00** for A-shares and **HKD30.80** for H-shares, indicating **41% and 44% upside** respectively. The valuation is based on a DCF model with unchanged assumptions [33]. Risks to Monitor - Potential expansion of US biotech restrictions and geopolitical tensions could impact the sector [4][5]. - Risks include capacity surplus from rapid industry expansion, slower-than-expected recovery in biotech financing, and increased regulatory compliance costs [4][5][25][33]. Additional Important Insights - The report emphasizes the importance of monitoring the **1260H list** updates and the potential impact of US tariffs on the CXO sector [10][25]. - The **global healthcare funding** has shown signs of recovery, with a **18% year-on-year growth** in 1H25, which may take time to reflect in CXO backlogs [12][22]. This comprehensive analysis provides a detailed overview of the current state and future outlook of the China CXO sector, highlighting key players, investment opportunities, and associated risks.

《生物安全法案》复盘 --如何看待地缘政治对中国CXO企业的影响？ 行业研究 · 行业专题 医药生物 · 医疗研发外包 投资评级：优于大市（维持评级） 0755-81982723 pengsiyu@guosen.com.cn S0980521060003 证券分析师：陈曦炳 0755-81982939 chenxibing@guosen.com.cn S0980521120001 证券分析师：彭思宇 证券分析师：凌珑 021-60375401 linglong@guosen.com.cn S0980525070003 请务必阅读正文之后的免责声明及其项下所有内容 1 报告摘要 证券研究报告 | 2025年12月28日 n 靴子落地，美国《2026财年国防授权法案》夹带《生物安全法案》生效。 请务必阅读正文之后的免责声明及其项下所有内容 2 ü 《2026财年国防授权法案》夹带《生物安全法案》（主要指第851节《禁止与特定生物技术公司签订合同》）落地，标志着美国已将生物安全正式纳入国家防务与 安全战略框架统筹考量，同时彰显其在生物技术供应链自主可控的明确政策转向，本质是中美的科技竞争与产业安全博弈在生物领域的延 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [7] Core Insights - The year 2026 is expected to be a significant year for IO combined with ADC, with China leading the development of second-generation IO combined ADC therapies [5][24] - The immune therapy and ADC have a natural complementarity, enhancing efficacy and expanding the beneficiary population [17] - The report highlights the importance of innovative drugs, medical devices, and the focus on domestic demand in the pharmaceutical sector [5][48] Summary by Sections 1. IO+ADC: 2026 Catalyst Year - PD-1 combined with ADC has shown promising results in first-line NSCLC, with a global phase III trial expected to report results in 2026 [1.1][27] - Second-generation IO combined with ADC is progressing, with several global phase III studies initiated [1.2][39] 2. Weekly Market Review and Hotspot Tracking (Dec 22-26, 2025) - The CITIC Pharmaceutical Index fell by 0.2%, underperforming the CSI 300 Index by 2.1 percentage points [4][48] - The report notes a general decline in the pharmaceutical sector, with specific stocks like Hongyuan Pharmaceutical and Luyuan Pharmaceutical showing significant gains [4][63] 3. Investment Focus - The report suggests focusing on innovative drugs with commercial capabilities, potential blockbuster candidates, and cutting-edge technologies such as gene therapy and CAR-T [5][48] - Medical devices are highlighted as a sector with growth potential, particularly in areas like endoscopy and robotics [5][48]

Group 1 - JD announced that 92% of its employees will receive year-end bonuses, with total investment in bonuses increasing by over 70% year-on-year for 2025, marking the largest increase in the industry this year [2][3] - JD's retail group and functional systems will implement a two-year plan to achieve a 20-salary structure, with some departments already achieving a 19-salary structure this year [3][4] - ByteDance has also increased its bonus investment by 35% and salary adjustment investment by 1.5 times for 2025, aiming to attract and retain top talent [4][5] Group 2 - Ningde Times announced a salary adjustment for its first to sixth-level employees, increasing basic wages by 150 yuan starting January 1, 2026, along with a Spring Festival bonus plan [6][9] - In Q3 2025, Ningde Times reported revenue of 1,041.85 billion yuan, a year-on-year increase of 12.90%, and a net profit of 185.49 billion yuan, up 41.21% [7] - BYD is also implementing salary increases for its technical research and development personnel, with adjustments ranging from 500 yuan to 4,500 yuan [9] Group 3 - The central economic work conference emphasized the implementation of a plan to increase urban and rural residents' income, indicating a shift towards concrete actions to boost income across all demographics [10][12] - Since 2025, over 20 provinces have raised their minimum wage standards, with Shanghai leading at 2,740 yuan [11] - Major companies like JD, ByteDance, Ningde Times, and BYD are setting a precedent for salary increases, which is expected to enhance consumer spending power and stimulate domestic demand [12]

Core Viewpoint - The precision medicine sector experienced a slight increase of 0.18% on December 26, with WuXi AppTec leading the gains [1] Market Performance - The Shanghai Composite Index closed at 3963.68, up by 0.1% - The Shenzhen Component Index closed at 13603.89, up by 0.54% [1] Fund Flow Analysis - The precision medicine sector saw a net outflow of 278 million yuan from major funds - Retail investors contributed a net inflow of 259 million yuan - Speculative funds recorded a net inflow of 18.61 million yuan [1]

从资金流向上来看，当日医疗服务板块主力资金净流出8.24亿元，游资资金净流入4129.99万元，散户资 金净流入7.83亿元。医疗服务板块个股资金流向见下表： 证券之星消息，12月26日医疗服务板块较上一交易日下跌0.21%，皓元医药领跌。当日上证指数报收于 3963.68，上涨0.1%。深证成指报收于13603.89，上涨0.54%。医疗服务板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 600721 | 自花医药 | 12.24 | 5.88% | 48.95万 | | 5.94亿 | | 301096 | 百诚医药 | 55.93 | 3.79% | 5.12万 | | 2.84亿 | | 000504 | *ST生物 | 9.20 | 3.25% | 2.70万 | | 2461.38万 | | 301201 | 诚达药业 | 41.95 | 0.84% | 6.37万 | | 2.72亿 | | 603259 | 药明康德 | 92.70 | 0. ...

Core Viewpoint - The strong growth of WuXi AppTec's performance is attributed to its accelerating globalization strategy, which is becoming a key differentiator for long-term competitiveness in the pharmaceutical industry [1] Group 1: Company Performance - For the first three quarters of 2025, WuXi AppTec achieved revenue of 32.86 billion yuan, a year-on-year increase of 18.6%, and a net profit attributable to shareholders of 12.076 billion yuan, significantly up by 84.8% [1] - The company's performance is not merely a result of cyclical rebound but reflects the amplification of its globalization capabilities in a complex environment [1] Group 2: Globalization Strategy - WuXi AppTec's globalization is a systematic project involving the establishment of global production capacity, expansion of cross-regional R&D networks, and further internationalization of its customer base [1] - The company is evolving into a platform enterprise that plays a foundational role in the global innovative drug ecosystem [1] Group 3: Marginal Effects of Globalization - The marginal effects of global production capacity are becoming evident, with significant improvements in service capabilities in advanced technology areas such as complex molecules, TIDES, and peptides [2] - TIDES business revenue grew by 121.1% year-on-year in the first three quarters of 2025, driven by the synergy of production capacity, technology, and global delivery systems [2] Group 4: Order Quality and Market Position - As of September 30, 2025, the company's backlog of orders reached 59.88 billion yuan, a year-on-year increase of 41.2%, indicating a strong order quality that is expected to provide stable future revenue [2] - The quality of orders reflects the genuine recognition of the company's capabilities by the global innovative drug industry, independent of market fluctuations [2] Group 5: Industry Outlook - The global pharmaceutical R&D outsourcing market is on a structurally growing trajectory, with increasing outsourcing penetration due to rising R&D costs and compressed innovation cycles [3] - WuXi AppTec's strategic accumulation in global layout, technical depth, talent systems, and operational efficiency positions it well to capture the growth dividends of global innovative drugs [3] Group 6: Future Growth Confidence - The company has raised its revenue growth forecast for 2025 to 17-18%, reflecting confidence derived from its globalization framework, continuous capacity release, deepening customer ties, and strong order backlog [3] - This growth is seen as a natural outcome of deepening globalization rather than a temporary rebound driven by industry cycles [3]

Core Viewpoint - The global biopharmaceutical investment and financing activities are showing signs of recovery, with the CXO industry in China experiencing improved sentiment, despite concerns over major shareholders' share reduction actions [1] Group 1: Shareholder Actions - WuXi AppTec announced that 17 shareholders plan to reduce their holdings by up to 59.675 million shares, or 2% of the total share capital, starting from November 20, 2025 [1] - Previous reductions by WuXi AppTec in April and August 2023 led to significant short-term stock price declines, coinciding with a broader market correction in the innovative drug sector, which saw a nearly 20% drop in the innovation drug index [2][4] Group 2: Market Reactions - Despite liquidity concerns from major shareholder reductions, WuXi AppTec's stock price did not significantly decline, indicating rational market judgment regarding the company's fundamentals [4] - The number of shareholders increased from 281,200 at the end of March 2023 to 301,400 by the end of June 2023, suggesting that informed investors took advantage of price dips to lower their average cost [4] Group 3: Financial Performance and Returns - WuXi AppTec's stock price has recovered strongly since the reduction announcements, with a cumulative increase of over 140% [4] - The company announced its first interim dividend of 1.03 billion yuan, representing 21.1% of the total annual cash dividend, following a substantial total dividend of 2.835 billion yuan for 2024 [5] - The company has completed share buybacks totaling 20 billion yuan, which have been used for cancellation, effectively increasing earnings per share (EPS) and enhancing shareholder value [5] Group 4: Governance and Investment Strategy - The reduction in major shareholders' stakes has not compromised the actual control of the company, maintaining strategic decision-making authority [6] - Investors are encouraged to differentiate the nature of share reductions and assess the company's fundamentals, as strong fundamentals and reasonable valuations can create opportunities for investment at attractive prices [6]

智通财经APP获悉，国信证券发布研报称，美国国会近日通过2026财年国防授权法案，其中纳入修订版 《生物安全法案》相关条款，中国创新药产业长期竞争力仍受看好。建议关注CXO板块，并留意创新 药海外临床进展。 中国创新药产业已经体现出长期向好的发展趋势，并在近年集中体现在BD交易的爆发式增长。值得注 意的是，对于大部分国产创新药，对外授权通常只是全球开发的起点，合作伙伴在海外的开发进度，以 及后续全球临床数据的读出可以进一步加强产品在全球市场商业化的确定性。 投资策略：推荐关注CXO板块。2025年12月投资组合：A股：迈瑞医疗、药明康德、爱尔眼科、新产 业、惠泰医疗、开立医疗、澳华内镜、艾德生物、爱博医疗、金域医学、鱼跃医疗、南微医学；H股： 康方生物、科伦博泰生物-B、和黄医药、康诺亚-B、三生制药、药明合联、爱康医疗、威高股份。 风险提示：研发失败风险；商业化不及预期风险；地缘政治风险；政策超预期风险。 国信证券主要观点如下： 《生物安全法案》获参、众议院通过，关注CXO板块投资机会 美国时间12月17日，美国参议院以77票赞成、20票反对的表决结果，通过2026财年国防授权法案 （2026NDAA）。此 ...

Core Insights - The report recommends focusing on the CXO sector within the pharmaceutical and biotechnology industry, highlighting its global competitiveness and long-term growth potential [6][4] - The investment strategy maintains an "outperform" rating for the sector, with a specific portfolio of recommended stocks for December 2025 [2][6] Industry Overview - The pharmaceutical manufacturing industry saw a cumulative revenue of 199.55 billion yuan from January to October 2025, reflecting a year-on-year decline of 2.9%, while total profits decreased by 3.5% to 26.98 billion yuan [10][9] - The retail sales of Western and Chinese medicines reached 595.5 billion yuan, with a modest growth of 1.5% year-on-year [10][9] Investment Strategy - The recommended investment portfolio for December 2025 includes notable A-shares such as Mindray Medical (迈瑞医疗), WuXi AppTec (药明康德), and Aier Eye Hospital (爱尔眼科), among others [6][7] - The report emphasizes the importance of monitoring the clinical progress and data readouts of innovative drugs in overseas markets, as these factors can enhance the commercial viability of domestic products [6] Market Performance - The pharmaceutical sector experienced a decline of 3.62% in November 2025, underperforming the CSI 300 index by 1.16% [11] - The medical services sub-sector faced the most significant drop, with a decrease of 7.77%, while the pharmaceutical commercial sector saw a slight increase of 1.27% [17][11] Valuation Insights - The overall valuation of the pharmaceutical sector is relatively high, with a current PE (TTM) of 37.71, placing it at the 79.87 percentile of its historical range over the past five years [19][20] - The premium rates of the pharmaceutical sector compared to the CSI 300 and the entire A-share market remain at historical averages [19][20] Recent Developments - In November 2025, eight innovative drugs or biosimilars were approved for market entry, including products from Pfizer and domestic companies, indicating a robust pipeline for new therapies [25][26] - The report tracks the NDA and IND applications for innovative drugs, highlighting ongoing research and development activities within the industry [27][28]