医药生物：25Q3：创新药、CXO及上游业绩持续亮眼

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical sector [7] Core Views - The pharmaceutical sector has shown resilience with a 1.2% increase in the CITIC Pharmaceutical Index, outperforming the CSI 300 Index by 1.6 percentage points during the week of October 27-31, 2025 [3][54] - The overall revenue growth for the pharmaceutical sector in Q1-Q3 2025 was -2%, with a net profit decline of -1%. However, Q3 2025 showed signs of improvement with a 0% revenue growth and a -3% net profit growth compared to Q2 2025 [4][17] - The report highlights the strong performance of innovative drugs, CXO, and upstream sectors, indicating a positive outlook for these segments [4][25] Summary by Sections Weekly Market Review - The CITIC Pharmaceutical Index increased by 1.2% during the week, ranking 13th among CITIC's primary industry classifications. Year-to-date, the index has risen by 22%, also ranking 13th [3][54] - The top five performing stocks for the week included HeFu China (+49.0%), NuoSiGe (+36.7%), SanSheng GuoJian (+33.1%), ChangShan Pharmaceutical (+29.6%), and ZhenDe Medical (+26.6%) [3][70] Q3 Performance Overview - The pharmaceutical sector's overall revenue growth for Q3 2025 was 0%, with a net profit decline of -3%. The highest revenue growth was seen in Bio-Tech, Bio-Pharma, and home-use devices [4][17] - The report notes that the Bio-Pharma segment has consistently shown strong revenue growth since Q1 2023, indicating a robust performance trend [18][25] Subsector Analysis 1. BioPharma/Biotech - Q3 2025 saw significant growth due to multiple innovative drug approvals, with expectations for continued high growth in 2026 [25] 2. Pharma - The sector faced challenges with a -1% revenue decline in Q3 2025, but upcoming healthcare negotiations may provide revenue boosts [26] 3. CXO - The CXO sector reported a 10% revenue increase and a 51% net profit increase in Q3 2025, with a positive outlook for Q4 and 2026 [31] 4. Upstream - The upstream sector's revenue reached 4.4 billion yuan in Q3 2025, showing a 13.1% year-on-year growth, with expectations for further growth in 2026 [30] 5. Medical Devices - The medical devices sector reported a 10.6% revenue increase in Q3 2025, with a positive outlook for continued growth [41] Recommendations - The report suggests focusing on high-quality innovative drug leaders and the CXO sector, particularly companies like SanSheng Pharmaceutical, XinDa Bio, and Kangfang Bio [5][25]