[Profit restoration plus overseas expansion accelerates, innovative drugs and CXO investment opportunities attract attention] September 30th, recently, the innovative drug sector has been repeatedly active, and clinical progress and overseas cooperation continue to attract market attention. Interim report data shows that the profit growth rate of the pharmaceutical industry is faster than the revenue growth rate. The commercialization of innovative drug companies and the recovery of CXO orders have become important supports for profit improvement. Analysts believe that China's innovative drugs are transforming from R&D-driven to commercialization-driven. Overseas clinical advancement and product approval are expected to open up subsequent profit space; the recovery of domestic and foreign R&D demand will also be transmitted to the CXO industry chain. In the future, we can pay attention to innovative pharmaceutical companies with the ability to increase product volume, differentiated research and development, and continue to go global, as well as leading CXOs with good performance and order performance.