2026年10月16日，中国商务部与科技部就修订后的《中国禁止出口限制出口技术目录》公开征求意见，拟在人工智能、生物医药、太阳能等领域新增技术条目；其中生物医药部分主要涉及细胞与基因治疗（CGT）、siRNA以及病原微生物等技术，重点在于专有工艺平台的权属转让和专有靶点的发现与验证。野村认为，本次出口管制对当前主流的跨境分子对外授权交易影响有限：限制仅针对基础性平台权属转让和未披露的新靶点（此前的对外授权交易中较少出现），而单分子／多分子对外授权、联合开发、CRO服务等主流合作模式并未被纳入限制。此外，不涉及权属转让的对外授权、CRO/CDMO服务，以及针对特定候选药物的常规研发与合规技术，均被明确排除在管制范围之外。由于边界清晰、且对正常商业拓展设有明确豁免，野村判断中国药企与生物科技公司长期的全球化路径基本保持完好，无需过度担忧。
On 16 October, China's Ministry of Commerce (MOFCOM) and Ministry of Science and Technology (MOST) issued Announcement No. 48 of 2026, soliciting public opinion on the revised Catalogue of Technologies Prohibited or Restricted from Export from China. The revision adds 40 technologies across AI, biomedicine and solar, including 14 prohibited and 26 restricted items. In biomedicine, five technologies are added, covering cell and gene therapy (CGT), siRNA, and pathogen microorganism technologies; the focus is on ownership transfer of proprietary process platforms and proprietary target discovery/validation. Nomura sees limited impact on current cross-border molecules out-licensing from China: the restrictions specifically target only the transfer of foundational platform ownership and undisclosed novel targets (which was rare in previous out-licensing deals), rather than mainstream collaboration such as single/multi molecules out-licensing, joint development, and CRO services. Further, ou