中金：创新药板块投资热情高昂 下半年关注ESMO

Core Viewpoint - The investment environment in 2025 is expected to favor innovative pharmaceutical technology assets, driven by optimistic liquidity expectations and breakthroughs in domestic AI technology [1][2] Group 1: Innovative Pharmaceutical Sector - There is high investment enthusiasm in the innovative pharmaceutical sector, with a focus on the upcoming ESMO conference in the second half of the year [2] - Recent clinical data disclosures from ASCO and significant business development (BD) deals, exemplified by Sanofi, confirm that Chinese innovative drugs are beginning to possess international competitiveness [1][2] Group 2: CXO and Research Supply Chain - The positive performance of the innovative pharmaceutical sector this year has improved the financing environment for new drug development, leading to better order conditions for domestic CROs and upstream research supply chains [3] - Ongoing negotiations regarding US-China tariffs may alleviate overseas trade uncertainties, potentially leading to a valuation recovery for foreign demand CDMOs [3] Group 3: Policy and Market Outlook - Although the renewal policies in the pharmaceutical industry for 2024 have been delayed, there are signs of improvement in local bidding processes [3] - The low base effect from Q3 last year, combined with new equipment subsidy policies under favorable fiscal measures, is expected to boost the market [3] - The global economic growth outlook may enhance the competitiveness of Chinese manufacturing in international markets, potentially accelerating overseas exports [3] Group 4: Investment Targets - A-shares: Include companies such as BeiGene (688235.SH), Hengrui Medicine (600276.SH), and WuXi AppTec (603259.SH) [4] - H-shares: Include companies such as Kintor Pharmaceutical (09926) and WuXi Biologics (02269) [4]