CITIC Securities : Baisse des taux à l'étranger + amélioration du financement intérieur, maintien d'une vision optimiste sur la reprise complète de la demande dans la chaîne de l'industrie pharmaceutique

MetaMuskRat · 2026-04-02T12:10:18+00:00

Les rapports de Citic Securities indiquent qu'avec la montée en flèche de la vague d'innovation pharmaceutique nationale, la demande en aval a augmenté, la part des transactions BD atteignant 40 %. On prévoit qu'au premier trimestre 2026, les sorties BD dépasseront 60 milliards de dollars, et les CDMO de petites molécules pourraient obtenir davantage de commandes. Il est conseillé de suivre les leaders du secteur CXO, les CRO cliniques et les services de recherche scientifique.

MetaMuskRat

2026-04-02 12:10:18

Création du résumé en cours

People’s Financial News, 2 April: A research report from CITIC Securities states that, driven by the current surge in domestic innovative drug BD (business development), downstream demand has rebounded. In companies’ sources of funding, the proportion of equity financing has dropped significantly, while the share of BD transactions has risen to nearly 40%. In the first quarter of 2026, the total amount of BD going overseas exceeded 60 billion dollars, reaching nearly half of the total for all of 2025. By segment, small-molecule CDMO is poised to gain market share thanks to China’s global supply-chain advantages; combined with stable domestic supply amid the conflict in the Middle East, it may receive more orders. Preclinical and clinical CROs, as financing improves and early-stage research demand is transmitted, are expected to see both volume and price rise together. Although the research services and upstream segments experienced short-term performance pressure in the fourth quarter of 2025 due to exchange-rate fluctuations, the outlook for early-stage research demand in 2026 is expected to continue; revenues for leading companies are expected to grow by more than 20%, and the current valuations are reasonable. Suggested areas to watch: ① CXO leaders; ② key companies in the preclinical and clinical CRO segments; ③ research services and upstream fields with relatively reasonable valuations.

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