Guosen Securities' June pharmaceutical industry investment strategy: The fundamentals of innovative drugs and the industrial chain are promising.

Guosen Securities released a research report stating that Chinese innovative drugs not only continuously present excellent clinical data at international academic conferences, but also make progress in overseas clinical development, and are about to enter the commercialization stage globally. Chinese CXO enterprises have comprehensive advantages in talent dividends, chemical capabilities, compliance capacity, and intellectual property protection. The firm believes that Chinese enterprises will have strong irreplaceability in the core industry of chemical CDMO within the next 5 years. In addition, the firm is focusing on the pharmacy sector with reasonable valuations and improved logic.