[CITIC Construction Investment: The pharmaceutical industry has entered an improvement cycle in the first three quarters and is expected to start high-quality development] On November 8, CITIC Construction Investment released a research report stating that in the first three quarters of 2026, the pharmaceutical industry's overall revenue and net profit after non-attributable to the parent company will achieve double growth. Chemical pharmaceutical revenue decreased by 0.76% year-on-year and gradually stabilized. The profit side was repaired first, and net profit after non-attributed profits increased by 0.15%. In Q3 of 2026, the revenue of innovative drug companies will see substantial growth. CXO revenue increased by 26.5% year-on-year, non-net profit increased by 59.8% year-on-year, orders on hand were strong, AIDD demand was gradually reflected, and the upward cycle was established. API revenue fell by 1.26% year-on-year, and net profit after non-profit fell by 10.7%. The decline narrowed in the first three quarters, and improvement was beginning to show.