KAIYUAN SECURITIES·2025-07-13 05:42Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Insights - The global healthcare industry financing stabilized in H1 2025, with a total financing amount of approximately $28.2 billion, a slight year-on-year decline of 8.6% [6][14] - The average R&D investment of the top 30 global pharmaceutical companies in 2024 was approximately $6.011 billion, reflecting a year-on-year growth of 10.39% [6][16] - In China, the number of new drug IND applications in H1 2025 was approximately 914, showing a year-on-year increase of 2.47% [6][21] Summary by Sections Industry Performance - In the second week of July, the pharmaceutical and biotechnology sector rose by 1.82%, outperforming the CSI 300 index by 1 percentage point [26][30] - The medical R&D outsourcing sector had the highest increase, up 9.29%, while other biopharmaceuticals saw the largest decline, down 1.55% [31][32] Company Performance - WuXi AppTec and Boteng Co. reported H1 2025 earnings that exceeded expectations, with WuXi AppTec projecting revenue of approximately 20.8 billion yuan, a year-on-year increase of 20.64% [7][23] - Boteng Co. expects revenue between 1.55 billion and 1.62 billion yuan, with a year-on-year growth of 15% to 20% [7][24] Recommended Stocks - Recommended stocks in the pharmaceutical and biopharmaceutical sector include: Heng Rui Medicine, East China Medicine, Sanofi, and others [8] - In the CXO sector, recommended stocks include WuXi AppTec, WuXi Biologics, and Boteng Co. [8]