中国医药行业中间体出口全景分析：破解政策难题深挖全球红利

Investment Rating - The report does not explicitly state an investment rating for the pharmaceutical intermediate export industry Core Insights - The Chinese pharmaceutical intermediate industry has become a crucial supply base globally, leveraging its scale and technological advancements to meet international demand [8][9] - From 2022 to October 2025, China's cumulative export value of 12 major pharmaceutical intermediate categories exceeded $32.7 billion, highlighting its dominant position in the global market [10] - The export network is characterized by a "multi-concentration" feature, with key markets including India, the United States, and Brazil, which together account for nearly half of the total exports [10] Summary by Sections Industry Overview - The pharmaceutical intermediate industry is essential for drug synthesis, directly impacting the stability and security of the global pharmaceutical supply chain [8] - China's rise in this sector is linked to the global pharmaceutical industry's shift and domestic chemical industry upgrades, transitioning from basic raw material production to high-value patented intermediates [9] Export Scale and Global Market Layout - China's pharmaceutical intermediate exports are significant, with a focus on 12 key product categories, including pyridine and antibiotics, contributing to a robust global pharmaceutical industry [10] - The export destinations are highly concentrated in major pharmaceutical production and consumption markets, with a stable trade network covering Asia and the Americas [10] Industry Competitiveness and Supply Chain Advantages - China's international competitiveness stems from a dynamic and multi-layered advantage system, including scale and cost advantages, efficient industrial chain collaboration, and continuous improvement in technology and quality [12] - The supply chain has demonstrated resilience amid global market fluctuations, making it a key partner for multinational pharmaceutical companies [12][13]