Western Securities(SZ:002673) Zhi Tong Cai Jing·2025-12-11 07:33Group 1 - The core viewpoint is that by 2026, the focus in the innovative drug market will shift from "BD supremacy" to "data supremacy," emphasizing the importance of clinical data and commercial capabilities in realizing revenue growth [1] - The pharmaceutical industry is expected to experience a reversal in 2025, led by innovative drugs, with significant benefits extending to the CXO and upstream supply chain, as well as notable gains in secondary sectors [2] - The Hong Kong stock market has seen remarkable performance in innovative drugs, with a peak increase of over 80% year-to-date, making it one of the most关注板块 in the first half of the year [2] Group 2 - The core catalysts for innovative drugs include policy support and the realization of BD opportunities, with significant transactions such as those by 3SBio and Innovent Biologics, which have seen upfront payments exceeding $1 billion [2] - A significant reform in the payment sector is underway, with the introduction of a dual-track system for medical insurance, aimed at addressing the gap in coverage for high-value innovative drugs [2] - By November 13, 2025, the number of license-out transactions by Chinese pharmaceutical companies has rapidly increased, with total upfront payments reaching $6.298 billion, a 53% year-on-year increase, and total transaction amounts reaching $118.862 billion, a 125% year-on-year growth [3]