国信证券：创新药板块持续改善 CXO行业或迎反转

Group 1 - The adjustment of the medical insurance catalog and commercial health insurance innovative drug catalog has officially started, providing stronger economic support for the development of innovative drugs in China [1] - Domestic and overseas markets for innovative drugs are showing continuous improvement, with promising clinical data presented at academic conferences such as ASCO and ADA [1] - The trend of Chinese innovative drugs going abroad is strengthening as their clinical data and progress become increasingly competitive globally [1] Group 2 - The CXO industry is experiencing a recovery, with prices in preclinical CRO, clinical CRO, and domestic CDMO businesses stabilizing, and new orders steadily recovering [2] - The international CDMO business maintains a reasonable pricing system, and the impact of high pandemic baselines has been digested, indicating a potential industry reversal [2] - Chinese companies have comprehensive advantages in the small molecule CRDMO sector, and their industry position is unlikely to be shaken in the medium term [2][3] Group 3 - The overall market share of Chinese companies in the large molecule CRDMO sector remains low, facing strong competition from international players [3] - The rapid development of new molecular businesses such as peptides, oligonucleotides, and CGT is expected to further open up growth opportunities in the CXO sector [3]