金吾财讯 | CXO板块上扬，昭衍新药（06127）涨5.64%，金斯瑞生物科技（01548）涨4.78%，维亚生物（01873）涨2.15%，泰格医药（03347）涨1.93%，药明生物（02269）涨1.80%，凯莱英（06821）涨1.79%，药明康德（02359）涨1.01%，百济神州（06160）涨0.95%。
中信建投近日研报指，CXO是创新药产业链专业化分工的重要载体，也是连接药物研发与商业化生产的关键基础设施。CRO/CDMO覆盖创新药研发生产全流程，通过专业技术、平台资源与规模效应，帮助药企提高研发生产效率、降低开发成本和自建产能投入，加快创新成果转化。行业发展主要受三方面因素驱动：一是全球药企研发投入维持高位，国内创新药投融资回暖与对外授权增长，为外包需求提供资金支撑；二是创新药管线扩容及ADC、多肽、小核酸等复杂药物发展，提高对专业研发与生产平台的依赖，推动外包渗透率提升；三是中国企业凭借人才、产业链配套及成本效率优势，叠加技术能力升级与海外产能布局，持续承接全球需求。随着内外需改善逐步传导至订单与业绩，CXO有望进入新一轮增长阶段。
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