Huatai Securities: Innovative drug BD exceeding expectations boosts resonance in the pharmaceutical sector.

According to the research report of Huatai Securities, since entering 2026, the trading of Hong Kong stocks in innovative drugs has been less than two weeks, but has already had a strong start as expected. The liquidity in the Hong Kong stock innovative drug sector has been significantly restored, and with the opening of the JPM Pharmaceutical Summit this week, Chinese BD trading continues to exceed expectations, showing a significant increase compared to the same period last year. Huatai Securities believes that the liquidity recovery since the beginning of the year will bring about a clear wave of beta market for innovative drugs, and is optimistic about breaking through previous highs. Export-oriented CXOs, driven by the demand for new molecules, have continued to exceed expectations, and are expected to resonate with innovative drugs.