According to the China Merchants Securities Research Report, the financing environment continues to improve, providing a continuous financial guarantee for investment in innovative drug research and development: global pharmaceutical investment and financing picked up markedly from January to August 2026, with a total increase of 53.8 billion US dollars, an increase of 72% over the previous year, about 92% of the full year of 2025; domestic BD amounts and license-out overseas expenses are also expected to reach new highs in the first half of the year, and first-level financing amounts have improved markedly year-on-year since 2026. There is a clear upward trend in the CXO sector: in the first half of 2026, the domestic CXO sector's revenue and net profit to mother increased by 24.5% and 52.7% year-on-year respectively, and the profit growth rate was close to the high point of the previous cycle; current orders and new orders picked up overall, and leading companies raised their guidance for the whole year. Overseas, pre-clinical R&D demand reached an inflection point, and Charles River DSA business book-to-bill hit a new high in nearly four years. In addition, AI pharmaceuticals are expected to reshape the pharmaceutical research and development industry and improve drug development efficiency, and the sector will also benefit.

According to the China Merchants Securities Research Report, the financing environment continues to improve, providing a continuous financial guarantee for investment in innovative drug research and development: global pharmaceutical investment and financing picked up markedly from January to August 2026, with a total increase of 53.8 billion US dollars, an increase of 72% over the previous year, about 92% of the full year of 2025; domestic BD amounts and license-out overseas expenses are also expected to reach new highs in the first half of the year, and first-level financing amounts have improved markedly year-on-year since 2026. There is a clear upward trend in the CXO sector: in the first half of 2026, the domestic CXO sector's revenue and net profit to mother increased by 24.5% and 52.7% year-on-year respectively, and the profit growth rate was close to the high point of the previous cycle; current orders and new orders picked up overall, and leading companies raised their guidance for the whole year. Overseas, pre-clinical R&D demand reached an inflection point, and Charles River DSA business book-to-bill hit a new high in nearly four years. In addition, AI pharmaceuticals are expected to reshape the pharmaceutical research and development industry and improve drug development efficiency, and the sector will also benefit.