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Core Viewpoint - The innovative drug sector is experiencing a significant surge driven by strong earnings, overseas orders, and favorable policies [2][3][6]. Group 1: Market Performance - On July 29, both A-shares and Hong Kong stocks in the innovative drug sector saw substantial gains, with multiple stocks rising over 10% [2][4][5]. - Notable performers included Yaoshan Technology, Tigermed, and WuXi Biologics, all of which saw significant increases [4]. Group 2: Key Drivers - Earnings Growth: WuXi Biologics reported a revenue of 20.799 billion yuan for the first half of 2025, a year-on-year increase of 20.64%, and a net profit of 8.561 billion yuan, up 101.92% year-on-year. The company raised its full-year revenue forecast to between 42.5 billion and 43.5 billion yuan [6]. - International Expansion: Heng Rui Medicine announced a partnership with GlaxoSmithKline (GSK), which includes a $500 million upfront payment and potential milestone payments totaling around $12 billion for 12 projects in respiratory diseases, oncology, and autoimmune diseases [6]. - Policy Support: The National Healthcare Security Administration held discussions to support the high-quality development of innovative drugs, emphasizing the use of healthcare data to support drug research and development [7][8]. Group 3: Future Outlook - Analysts suggest that the innovative drug sector is in a phase of dual support from policy and fundamentals, indicating a potential for value re-evaluation [10]. - The current valuation of the innovative drug sector remains attractive compared to major pharmaceutical companies in the U.S., with both domestic and foreign investments expected to increase [11][12]. - The sector is seen as a key investment theme for the year, with a focus on high-quality companies and emerging sub-sectors such as CRO&CDMO and specialty raw materials [12][13].