CITIC Securities released a research report stating that China's CXO sector, after an adjustment phase from 2022 to 2024, has benefited from the early recovery of overseas investment and financing, with overseas orders at leading domestic CXO companies showing signs of rebound in 2024. With large-scale out-licensing of domestic innovative drug assets in the second half of 2025, domestic investment and financing are expected to continue recovering, and domestic demand is stabilizing. Since 2026, long-term structural opportunities in China's innovative pharmaceutical industry have continued to materialize, driving sustained improvement in domestic investment and financing. In 2026, new contract awards and financial performance in China's CRO/CDMO sectors are set to accelerate. In the first half of 2026, global financing for innovative drugs totaled $20.177 billion, with domestic funding reaching $4.233 billion—already 82% of the full-year total for 2025. Multinational corporations maintain robust R&D investment, and since the second half of 2025, domestic deal-making, IPO activity, and primary-market fundraising have improved. Valuations remain at historically low levels. Global outsourcing penetration is expected to increase from 52% in 2024 to 57% by 2026. By 2025, major license-out deals from China are projected to account for approximately 44% and 49% of the global total in number and value, with upfront payments from biotech-drug