证券研究报告 医药健康 CXO：拐点已至，新周期启航 华泰研究 2025 年 12 月 16 日│中国内地 深度研究 包袱渐轻，情绪渐暖，行业进入新一轮上升周期 CXO 行业外部扰动因素（美国生物安全法案、美国药品关税、新冠药品及 疫苗业务高基数、生物医药投融资走弱等）已边际改善，包袱渐轻，情绪渐 好。伴随海外降息、国内复苏、叠加产业升级三重驱动，行业已开启新一轮 高景气周期。我们认为，中国 CXO 核心竞争力仍在（效率、成本、质量、 快速扩产能力等），中短期全球地位难以撼动，且大浪淘沙后格局有望逐渐 向头部集中。穿越周期，外需型 CXO 已于 2H24 陆续走出困境，1-3Q25 订单、收入同比双增，美国降息+新分子订单拉动下有持续提速潜力；内需 型 CXO 经历 23-24 年集中降价后目前订单端已量增价稳，收入端有望于 26 年起陆续迎来曙光。推荐外需型且具备新分子布局优势的龙头，包括药明合 联、药明康德 AH 股、康龙化成 AH 股、凯莱英 AH 股、昭衍新药 AH 股等。 新周期：海外降息+国内复苏共振，高景气周期开启 CXO行业经历2H21-1H24相对漫长的调整期后，外部扰动因素已逐渐好转， 包 ...

Core Viewpoint - Chery Automobile has launched its "New Fuel Strategy" with the introduction of the new models, Tiggo 9X and Tiggo 9, emphasizing advancements in technology, intelligence, safety, and a new framework for fuel vehicles [1] Group 1: New Fuel Strategy - The "New Fuel Strategy" is described as a technological declaration and a reflection of China's automotive evolution from learning to leading [1] - Chery aims to redefine the value benchmark for fuel vehicles through its four new standards: new technology, new intelligence, new safety, and new framework [1] Group 2: Technological Advancements - Chery is the first domestic brand to achieve full-stack self-research and manufacturing of the "three major components" [1] - The Falcon intelligent driving assistance system is now integrated into fuel vehicles, enhancing smoothness and fuel efficiency while featuring an intelligent cockpit for improved interaction [1] Group 3: Safety Investments - Chery has invested over 100 billion yuan in developing the Rock Solid body and 360° surround airbags to ensure user safety [1] Group 4: Sales Performance - In the first three quarters of this year, Chery Group achieved cumulative sales of 2.008 million vehicles, solidifying its position in the industry [1] - The sales of Chery's new energy segment reached 91,600 units in September, marking a year-on-year increase of 55.4% [1]