作者 | 格隆汇小编 数据支持 | 勾股 大数 据（www.gogudata.com） 格隆汇交易学苑 . 以基本面为基础，专注于趋势交易 2025 年国内医药行业迎来关键转折点，创新药领域走出调整期实现强势复苏，成为医药赛道的核心增长引擎。 在二级资本市场中， 2026 年 1 月 CRO 板块呈现明确资金净流入态势，技术面形成强势转势信号。 1 月底板块迎来回踩确认，在前期突破 位获得有效支撑，叠加行业景气度复苏与基本面改善的共振，此次回踩是否为趋势延续的蓄力， 板块 能否启动二波上涨行情 ？ 以下文章来源于格隆汇交易学苑 ，作者格隆汇小编 另外， 投融资市场回暖、 BD 出海规模创历史新高，叠加 IND 申报与审评效率双提升，全球监管导向优化及临床执行模式数字化升级，多重 利好因素共振下，临床 CRO 行业需求全面释放，订单量与业绩确定性同步走高。 头部企业凭借技术、规模和合规优势，在行业复苏中占据绝对主导地位，整个 CRO 行业迎来全方位发展红利，长期成长逻辑清晰且坚实。 01 投融资 +B D 双轮驱动，为 CRO 注入充足资金活水 2025 年创新药融资市场率先回暖，资本向高确定性临床项目集中，为 ...

Group 1 - The domestic pharmaceutical industry is expected to experience a significant turning point in 2025, with the innovative drug sector emerging from an adjustment period to achieve a strong recovery, becoming the core growth engine of the pharmaceutical sector [1] - In the secondary capital market, the CRO sector showed a clear net inflow of funds in January 2026, indicating a strong trend reversal signal, supported by the recovery of industry prosperity and improvement in fundamentals [1][3] - The investment and financing market is recovering, with the scale of BD going overseas reaching a historical high, alongside improvements in IND application and review efficiency, leading to a comprehensive release of demand in the clinical CRO industry [3][6] Group 2 - In the first three quarters of 2025, the financing amount in the primary healthcare market reached 79.53 billion yuan, a year-on-year increase of 22.4%, indicating a bottom reversal characteristic of "funds warming up first, projects following" [6] - The capital allocation logic has shifted from "early and small investments" to "investing in clinical and certainty," with a significant increase in the proportion of later-stage financing, which directly drives the demand for CRO and SMO services [6][7] - The total transaction amount for innovative drug BD overseas reached 135.7 billion USD in 2025, with upfront payments of 7 billion USD, marking a historical high and establishing China as the second-largest source of projects for multinational pharmaceutical companies [7] Group 3 - The number of IND applications accepted by the CDE in 2025 reached 1,878, a year-on-year increase of 13.34%, with class 1 innovative drug IND applications accounting for over 70%, indicating a shift in R&D resources towards quality [8][9] - The approval rate for class 1 innovative drug INDs reached 96.53%, and the NDA approval rate was 86.87%, reflecting significant improvements in review efficiency and approval rates [12] - The global regulatory environment is shifting towards efficiency, with the FDA focusing on enhancing R&D and review efficiency, which is expected to accelerate the demand for clinical CRO services [12][13] Group 4 - The comprehensive recovery of the innovative drug industry in 2025 presents historic development opportunities for the CRO industry, with multiple favorable factors driving the industry's prosperity [14] - It is recommended to focus on leading clinical CRO companies with digital platforms, robust compliance systems, and scale advantages, as they are expected to benefit significantly from the release of industry demand [14]