【浙商医药|郭双喜】Continue to Be Optimistic About Pharmaceutical Sector: Born Toward 'New'

English summary

[Event] US MNCs performed strongly on July 29, with GSK and IQVIA rising sharply after better-than-expected results. We believe the pharmaceutical sector is undergoing major changes and major opportunities, a window for comprehensive valuation reshaping. Whether it is internationalization of innovative drugs, pipeline realization, or continued strengthening of CXO global competitive advantages, and larger demand (GLP-1, cyclic peptides, small nucleic acids, ADC) outbreak, all are expected to drive domestic innovative drugs and CXO orders, performance, and valuation to break through upwards. # Investment strategy: Bullish on 'new' life, focus on CXO and upstream, innovative drug sector. # CXO: Strong supply and demand, optimistic about orders & performance continuing to exceed expectations. We believe that after years of supply-side clearing and demand-side cold, CXO sector valuations have fallen to bottom range since 2010. On the operating side, we believe that since 2025, the CXO sector has entered a stage of orders & performance resonating upward. Focus on: 药明康德, 泰格医药, 凯莱英, 普洛药业, 康龙化成, 药明生物, 药明合联, 昭衍新药, 益诺思 and other leaders. # Innovative drugs: Internationalization brings valuation revaluation. ...