海外CXO业绩分析：看好外需型CXO

Investment Rating - The report maintains a rating of "Outperform" for the pharmaceutical and biotechnology sector, indicating a positive outlook compared to the broader market [7]. Core Insights - The overseas CXO industry is entering a phase of accelerated recovery, with significant investment opportunities in domestic and foreign demand-driven CXO companies. Key companies to focus on include WuXi AppTec, WuXi Biologics, and others [4][17]. - The macro-level investment trends show a recovery in BD transactions and mergers, while PE/VC financing is still lagging behind. The global biopharmaceutical financing amount for Q1-Q3 2025 was $19.26 billion, down 13.8% year-on-year, but close to the $20.71 billion level of the same period in 2023 [17][21]. - The micro-level performance of major overseas CXO companies indicates a positive trend, with new molecular businesses maintaining high growth rates. Companies are generally optimistic about their annual performance guidance [21][25]. Summary by Sections Weekly Market Review - The CITIC Pharmaceutical Index increased by 0.6% from October 20 to October 24, 2025, underperforming the CSI 300 Index by 2.7 percentage points. Year-to-date, the CITIC Pharmaceutical Biotech Index has risen by 20.5%, outperforming the CSI 300 Index by 2.1 percentage points [3][32]. - The top-performing stocks this week included Teva Pharmaceutical (+22.3%), Bid Pharma (+18.9%), and others, indicating a strong performance in the CXO sector [3][47]. Investment Opportunities in CXO - The report emphasizes the importance of strategic allocation in the overseas CXO sector, highlighting the recovery in demand and performance of companies involved in new molecular businesses. The report suggests focusing on companies like WuXi AppTec and others [4][17]. - The performance of major overseas CXO companies in Q2 2025 showed that peptide CDMO outperformed other segments, with companies adjusting their annual performance guidance upwards [21][25]. Short-term Investment Thoughts - The report suggests that the innovative drug sector has undergone sufficient adjustment and is expected to rebound post-Q3 reports. The focus should be on high-performing sectors and companies with strong earnings capabilities [5][6]. - The report recommends a combination of innovative drugs, CXO, and medical devices for medium to long-term investment strategies, emphasizing the need for strategic allocation in high-growth areas [5][6].