创新链系列：中国创新药研发投入景气度指标 10 月跟踪

Investment Rating - The investment rating for the industry is "Positive" and is maintained [11] Core Insights - The financing ecosystem for China's biopharmaceutical industry is gradually moving towards a positive cycle, driven by the influx of funds from A/H listings and capital increases of innovative drug companies, which is expected to improve the investment sentiment in innovative drug R&D [2][43] - The widening IPO channels for innovative drugs and the substantial fundraising from these listings are expected to enhance R&D investments [6][33] - The increase in the scale of capital increases by listed pharmaceutical companies is further strengthening their cash reserves [7][35] - The biopharmaceutical investment and financing amounts in China are likely at a turning point, showing signs of recovery [8][38] - The upfront payments from external business development (BD) have become a significant new source of funding for R&D, indicating a shift in funding dynamics [9][41] Summary by Sections Innovative Drug IPOs - The IPO channels for innovative drug companies have expanded, with a resurgence in the Hong Kong IPO market and the opening of the Sci-Tech Innovation Board for unprofitable companies, leading to a significant increase in fundraising [6][29][33] Capital Increases - There has been a notable increase in the scale of capital increases among listed pharmaceutical companies, particularly in the Hong Kong market, with the highest quarterly capital increase since 2019 recorded in Q3 2025 [7][35] Investment and Financing Trends - The investment and financing amounts in China's biopharmaceutical sector reached a new high of $1.76 billion in Q3 2025, indicating a potential recovery in the market [8][38] External Business Development Payments - The amount of upfront payments from external BD reached $1.85 billion in Q3 2025, surpassing the investment and financing amounts, highlighting its importance as a funding source for R&D [9][41]