CXO国别研究系列：从欧美日印中财报看中国CXO行业供需变化

Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Insights - The demand side shows a moderate recovery overseas, with improvements in investment indicators, while the supply side highlights China's competitive advantages in certain sectors [3][4] Summary by Sections Investment and Financing Tracking - Overseas investment and financing are gradually recovering, while domestic financing is in a policy support phase, with improvements expected [2] Overall Industry View - The demand side is experiencing a mild recovery overseas, with investment indicators improving. The supply side is optimistic about China's competitive advantages in key sectors [2] Sub-industry Strategies - Small Molecule CDMO: Leading indicators are improving, with minimal impact from legislation. Chinese companies are growing faster than Indian counterparts [2][4] - Large Molecule CDMO: Competition is intense among global players, with Samsung Biologics showing high growth in new orders and aggressive capacity expansion [2][25] - Preclinical CRO: Increased competition is putting pressure on profit margins, but overseas demand is recovering, and new molecular-related business is growing [2][29] - Clinical CRO: Performance has been under pressure this year, but the outlook for next year is gradually optimistic [2][36] - Peptide CDMO: The industry needs to track the commercialization and R&D progress of formulations, as high-quality global commercial capacity remains scarce [2] - CGT CDMO: This sector is significantly affected by investment and financing, with expectations for demand recovery driven by R&D breakthroughs [2] - Generic Drug CRO: Traditional generic drug businesses are under significant pressure, while the expansion into innovative drug CRO business is a highlight [2] - Upstream Supply Chain: Focus on identifying alpha companies and the acquisition logic of industry chain leaders [2] Investment Recommendations - The report suggests focusing on companies with increasing market share, growing orders, confirmed profitability turning points, and attractive valuations. Recommended companies include WuXi AppTec, WuXi Biologics, Tigermed, and others [4]