CITIC Securities pointed out that the fundamentals of China's innovative drug industry were improving steadily in the second half of 2026, with the core coming from improved R&D quality, global value verification, and improved profitability. China's innovative drugs are gradually entering the “global registration+commercialization” stage. In terms of research and development, the 2026 ASCO China original research was selected for the number of oral presentations reached 94, Harmoni-6 was selected for the Anti-Drug Session, and SKB264 beat K head-to-head, indicating that the quality of the Chinese pipeline continues to improve. In terms of global cooperation, the total amount of YTD China's innovative drug license-out in 2026 reached US$94.3 billion, +80.8% YoY, and the down payment reached US$5.50 billion, +124.2% YoY. MNC's recognition of China's innovative drug pipeline continues to grow. According to the report, some innovative drug companies have turned losses into profits in 2025. Looking ahead to the second half of the year and the future, conferences such as WCLC, ESMO, ACR, and ASH will be held one after another. Multiple registered studies have entered the readout window, global Phase III/registered research continues to advance, and overseas commercialization is expected to jointly drive the performance of the innovative drug sector.

CITIC Securities pointed out that the fundamentals of China's innovative drug industry were improving steadily in the second half of 2026, with the core coming from improved R&D quality, global value verification, and improved profitability. China's innovative drugs are gradually entering the “global registration+commercialization” stage. In terms of research and development, the 2026 ASCO China original research was selected for the number of oral presentations reached 94, Harmoni-6 was selected for the Anti-Drug Session, and SKB264 beat K head-to-head, indicating that the quality of the Chinese pipeline continues to improve. In terms of global cooperation, the total amount of YTD China's innovative drug license-out in 2026 reached US$94.3 billion, +80.8% YoY, and the down payment reached US$5.50 billion, +124.2% YoY. MNC's recognition of China's innovative drug pipeline continues to grow. According to the report, some innovative drug companies have turned losses into profits in 2025. Looking ahead to the second half of the year and the future, conferences such as WCLC, ESMO, ACR, and ASH will be held one after another. Multiple registered studies have entered the readout window, global Phase III/registered research continues to advance, and overseas commercialization is expected to jointly drive the performance of the innovative drug sector.