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<Research>CMBI Expects Limited Impact on CXO from Upcoming US Tariffs on Innovative Drugs
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CMBI has released a report predicting that Sino-US innovation cooperation will continue, with a revival in domestic demand for innovative R&D in China.

The MSCI China Health Care Index has risen by 74.0% YTD, outpacing the MSCI China Index by 37.3%. Due to the recovery of capital market financing and the increase in the scale of overseas transactions of innovative drugs, there has been a warming demand for domestic innovative drug R&D. Coupled with US interest rate cuts, the CXO industry is estimated to experience performance recovery in 2H25.

Related NewsUBS Downgrades CSPC PHARMA/ KELUN PHARM to Neutral, Changes Sector Top Pick to HANSOH PHARMA
In the broker's opinion, China's abundant talent pool of engineers and scientists, along with its efficient and cost-effective clinical trials and drug production capabilities, are the core competitive advantages of its pharmaceutical innovation. It is expected that China's drug innovation R&D and manufacturing capabilities will continue to empower global pharmaceutical companies, and the US tariffs on innovative drugs will only have a limited impact on the CXO sector.

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