CITIC Securities: Continuously optimistic about the growth space of the CXO sector.

CITIC Securities pointed out that the overall environment for overseas investment and financing has entered a period of volatility, and the demand for CXO services in different stages and disease fields has further differentiated. The vitality of domestic investment and financing activities continues to rise, with greater flexibility, and the growth space of the CXO sector remains promising. The short-term impact of AI on the pharmaceutical and pharmaceutical outsourcing industry is limited, but the market has reached a preliminary consensus on the long-term impact of new technologies on industry development. The impact in the early stages of research and development is showing a trend of differentiation, with overall benefits in the production stage.