机构：创新药将持续蓬勃发展

Core Insights - In 2025, China approved 76 innovative drugs, significantly surpassing the 48 approved in 2024, marking a historical high [1] - The total amount of authorized transactions for innovative drugs in China exceeded $130 billion in 2025, with over 150 transactions, also a historical high [1] Industry Outlook - The pharmaceutical and biotechnology industry in China is expected to officially enter a new era of innovative drugs in 2026, with innovative drugs gradually dominating the market [1] - The combination of medical insurance and commercial insurance is anticipated to open up long-term payment space for innovative drugs, supporting their continued growth [1] Domestic Focus - In 2026, there will be increased attention on the launch rhythm of innovative drugs, the leading status of popular target layouts, the competitiveness of the market, and the outcomes of key clinical data [1] International Focus - With the normalization of business development (BD) transactions, there will be a focus on the improvement of cash flow from upfront payments and the overseas clinical progress of authorized projects [1] - The performance of overseas launched products will also be closely monitored [1] Sector Performance - The CXO and upstream scientific reagent sectors within the innovative drug industry chain are expected to maintain good growth momentum due to the rapid development of innovative drugs [1] - Recent sentiment in the innovative drug sector has cooled, but with ongoing BD transactions, the sector's prosperity is expected to be sustainable [1] - The trend of "innovation + internationalization" in the innovative drug industry remains unchanged, with improved fundamentals observed in the industry chain [1]