2025年三季报业绩前瞻报告：周期向上，重估持续

Investment Rating - The industry rating is "Positive" (maintained) [7] Core Views - The report highlights that the domestic innovative drug sector is entering a phase of "engineer dividend" realization, with improved profitability and valuation breakthroughs expected [1] - The CXO sector is showing signs of recovery, with a positive outlook on CDMO commercialization orders and clinical CRO investment opportunities [2] - The upstream research sector is anticipated to benefit from a downward interest rate cycle and a recovery in global new drug development demand, with recommended stocks including Haoyuan Pharmaceutical and Bid Pharma [3] - The medical device sector is expected to experience a recovery cycle, particularly for high-value consumables and medical equipment companies, with recommendations for companies like Aikang Medical and Mindray Medical [4] - The traditional Chinese medicine sector is projected to see an earnings inflection point, with a favorable outlook for the second half of 2025 [5] - The report favors leading pharmacy chains with superior management capabilities, recommending companies such as Dazhonglin and Yifeng Pharmacy [6] - The pharmaceutical distribution sector is expected to improve, with a focus on low-positioned value and innovative business opportunities [7] Summary by Sections Innovative Drugs - Positive outlook on profitability improvement and valuation breakthroughs due to recognition by multinational corporations [1] CXO - Recovery in the sector with ongoing commercialization of small and large molecule CDMO orders [2] Upstream Research - Anticipated performance elasticity and new business expansion opportunities [3] Medical Devices - Significant growth potential in high-value consumables and medical equipment sectors [4] Traditional Chinese Medicine - Expected earnings growth and increased market interest due to improved fundamentals [5] Pharmacies - Favorable view on pharmacy chains with strong management and adaptability [6] Pharmaceutical Distribution - Positive trends in the sector with potential for operational improvements and value re-evaluation [7]