医药行业：美国大选落幕，对中国CXO行业影响几何？

Investment Rating - The report assigns a "Leading" investment rating to the pharmaceutical industry, indicating an attractive outlook compared to benchmark indices over the next 12 months [6]. Core Insights - The CXO sector has recently outperformed the market, with average gains of 7.0% in Hong Kong and 7.3% in A-shares over the past week, surpassing the Hang Seng Medical Index and the CSI Pharmaceutical Index [1]. - The report highlights several factors contributing to this performance, including a shift in fund holdings, recovery in overseas demand, and improved order trends in Q3 [1]. - The election of Donald Trump as U.S. President is viewed with cautious optimism for the CXO and innovative drug sectors, with potential benefits from lower corporate costs but also risks from a more hostile regulatory environment [1]. - The report recommends focusing on high-growth segments within the industry, specifically mentioning WuXi AppTec and Genscript Biotech as key players [1]. Summary by Sections Market Performance - The CXO sector's recent performance has been driven by fund reallocation and recovery in overseas markets, with significant gains noted in stock prices [1][3]. - The report provides detailed stock performance data for various companies, indicating a general upward trend in the CXO sector [3][4]. Company Ratings and Price Targets - The report lists several companies with "Buy" ratings, including: - WuXi AppTec (2268 HK) with a target price of 44.00, current price at 25.35, indicating a potential upside of 73.6% [5]. - Genscript Biotech (1548 HK) with a target price of 28.75, current price at 10.88, indicating a potential upside of 164.3% [5]. - Other notable companies with "Buy" ratings include: - AstraZeneca (AZN US) with a target price of 93.30, current price at 64.69, indicating a potential upside of 44.2% [5]. - Innovent Biologics (1801 HK) with a target price of 60.00, current price at 38.85, indicating a potential upside of 54.4% [5]. Sector Outlook - The report emphasizes the cautious optimism regarding the impact of U.S. political changes on the CXO sector, suggesting that while there may be benefits, there are also significant uncertainties [1]. - The overall sentiment towards the pharmaceutical industry remains positive, with expectations of continued growth driven by innovation and market recovery [1][6].