Northeast Securities: Pharmaceutical and Biotech Industry — Chinese Pharmaceutical Companies Accelerate Integration into the Global New Drug Market, with Promising Pipeline Progress Across Multiple Fields by 2026

China's innovative drug sector is upgrading from a "global participant" to an "innovation hub," with policy, capital, and technology resonating in triple harmony; 2026 is expected to be the year of concentrated fruition across multiple tracks.

Global Environment: Regulatory Recovery + Global Demand Resonance, Genuine Innovation Enters a Window of Opportunity. After the FDA undergoes personnel and process adjustments, the review pace will stabilize by 2026, encouraging a focus on unmet clinical needs and differentiated innovation. The quality of clinical research in China has aligned with international standards, laying the foundation for the global registration and commercialization of high-quality assets, significantly enhancing the certainty of genuine innovation going global.

Global Recognition: License-out "Volume Increase, Amount Rise, Rational Upfront Payment", Valuation Logic Upgrade. 1) China's innovative drug License-out transactions continue to increase in volume, with the total amount accelerating upward, and MNCs' overall valuation premium for Chinese assets continues to rise; 2) The transaction structure shows that upfront payments are stabilizing, milestone amounts are increasing, and MNCs are matching clinical certainty with long-term value pricing.