[Two-way acceleration of innovation overseas, semi-annual reports of pharmaceutical companies release signs of recovery] On August 31, Wind data showed that as of 22:50 on August 30, a total of 508 A-share listed pharmaceutical companies disclosed their 2026 semi-annual reports, and 191 companies achieved a year-on-year increase in net profit attributable to their parent companies, of which 40 companies’ net profit attributable to their parent companies increased by more than 100% year-on-year. Analysts believe that under the background of the new cycle of the pharmaceutical boom, the domestic innovative drug industry chain has accelerated its rise. In recent years, the state has taken multiple measures to support the development of innovative drugs across the entire chain. By adding multi-dimensional advantages such as talent reserves and R&D efficiency, Chinese innovative pharmaceutical companies have gradually become globally competitive. At the same time, some multinational pharmaceutical companies are facing the dilemma of "patent cliff" one after another, and the demand for external procurement and expansion of innovation pipelines is increasing day by day. Domestic innovative pharmaceutical companies are following the trend and realizing overseas innovation in the form of business development (BD) such as overseas licensing. This field is expected to start a new round of high prosperity cycle. (China Securities Journal)