机构：持续看好创新药投资机会

Group 1 - The Shanghai Municipal Government has issued measures to deepen the reform of drug and medical device regulation, aiming to promote high-quality development in the pharmaceutical industry [1] - The measures include reducing the review and approval time for clinical trials of eligible innovative drugs to 30 working days and actively promoting pilot experiences [1] - Zhongtai Securities maintains a positive outlook on innovative drug investment opportunities, noting a performance vacuum period and a focus on the first quarter of 2026 for establishing the operational situation for the entire year [1] Group 2 - Recommendations include seizing opportunities in the innovative drug sector following adjustments, as short-term gains have been realized and stock prices are now more reasonable while the industrial logic and fundamentals continue to advance [1] - There is an expectation for operational improvements in 2026, with signs of recovery in the market for CRO/CDMO and upstream life sciences sectors, driven by demand recovery and industry clearing [1] - Industrial sentiment for innovative drugs has recently declined, but with ongoing business development (BD) initiatives, the sector's sustainability remains intact, and the trend of "innovation + internationalization" continues [1] Group 3 - After a short-term adjustment, the innovative drug sector's elasticity has increased, and attention should be given to the improving fundamentals within the innovative drug industry chain [1] - Positive trends are observed in investment and financing data, orders, and performance metrics within the sector [1]