[Huaxin Pharma] CXO Prosperity Improvement Continues to Be Validated

English summary

Investment points: 1. CXO prosperity enters mid-year report earnings delivery period with strong growth; 2. Innovative drugs fluctuate upward, focus on core increments; 3. Autoimmune disease overseas expansion progresses steadily, expect more clinical data for Chinese innovative drugs; 4. Value Chinese strength in MASH new drug development; 5. Domestic GLP-1 still catching up, breakthrough in differentiated needs; 6. Dual-use item controls constrain Japan's zirconia powder supply, Chinese industry chain gradually controls pricing power; 7. Offline pharmacies' old stores expected to resume growth, long-term focus on industry consolidation. CXO enters earnings confirmation period, new CDMO orders expected to improve, valuation has upside, recommend [WuXi AppTec], [Asymchem], [InnoScience], [Precision Medicine?], focus on [GemPharmatech]. In autoimmune field, focus on oral direction and breakthroughs in difficult-to-treat areas like UC/IBD, recommend [InventisBio], [Ascentage Pharma?], focus on [TransThera], [InnoCare], domestic commercialization breakthroughs and blockbuster potential, focus on [KeyMed Bio]; ...