Route H-6: US Road-Trip Marketing Feedback

研报英文原文证据摘录

Route H-6: US Road-Trip Marketing Feedback

Healthcare

Equity Research

June 30, 2026

CXOs China CXOs have the highest earnings certainty across the sector in 2026, which is largely

priced in. We think geopolitical risk, including 1260H, may have limited imminent impact to their P/L,

due to MNCs' dependence on Wuxi's cost efficiency and lack of reliable alternative capacity at this

time. Meanwhile, the market continues to pay attention to new order flow visibility beyond 2027.

Ban on BD unlikely China’s BD landscape continues to be seen as a key global innovation supply

hub, despite evolving regulatory frameworks. The Chinese government generally supports asset-

level out-licensing, despite potential US policy headwinds (e.g., COINS Act), which would likely

face significant industry pushback as US firms retain the vast majority of the economics. Global

MNCs keep actively "shopping" in China for innovative assets to mitigate looming patent cliffs and

leverage China's superior R&D efficiency. The robustness of this demand is evidenced by China's

out-licensing deal value accounting for approximately 69% of global BD value year-to-date, with the

industry's successful resistance to the BioSecure Act.

Race in AI only just begun Global pharmaceutical companies are likely to adopt a "basket

approach," partnering broadly across the sector rather than concentrating on a single platform.

The champion is yet to be determined in China’s AI drug discovery, with conviction still at an early

stage despite strong investor interest. We believe first mover advantage is critical. Insilico Medicine

is highlighted as having the most comprehensive offering among leading names. Meanwhile,

investors are waiting for more definitive validation, and it largely hinges on sentiment in broader