中泰证券表示，2024年以来，海外CPI月度数据虽有波动，但海外有望逐步进入降息节奏，投融资改善预期有望边际向好，且部分公司前三季度订单已然看到恢复，该行预计海外收入为主的一体化CRO/CDMO及国内临床前CRO有望迎来估值修复机会；源于CRO板块受国内外投融资环境、不利因素影响较大，但随着国内政策逐步发力，预计板块有望逐步恢复，持续关注临床CRO投资机会。Most CRO concept stocks were higher. As of press release, Pharmaceutical Biotech (02269) rose 4.77% to HK$12.64; Pharmaceutical Kangde (02359) rose 3.47% to HK$50.75; and Kingsley Biotech (01548) rose 2.8% to HK$11.
The Zhitong Finance App learned that most CRO concept stocks were higher. As of press release, Yao Ming Biotech (02269) rose 4.77% to HK$12.64; Pharmaceutical Kangde (02359) rose 3.47% to HK$50.75; Kingsley Biotech (01548) rose 2.8% to HK$11; Kanglong Chemical (03759) rose 1.18% to HK$13.72.
The Southwest Securities Research Report pointed out that with the Federal Reserve cutting interest rates twice this year, the biomedical first-level investment and financing environment may improve, market liquidity is expected to recover, and the innovative drug industry chain will have opportunities for valuation repair; leading CXO COVID-19 commercial orders have been completely digested, and the geographical game has yet to be implemented; sector valuations have fallen back to the bottom of history, and individual stock valuations are still divergent.
Zhongtai Securities said that although monthly data on overseas CPI has fluctuated since 2024, overseas CPI is expected to gradually enter a rhythm of interest rate cuts, investment and financing improvements are expected to improve marginally, and some companies' orders have already recovered in the first three quarters. The bank expects integrated CRO/CDMO and domestic pre-clinical CRO, which mainly focuses on overseas revenue, to usher in valuation repair opportunities; due to the gradual strengthening of domestic policies, the sector is expected to gradually recover and continue to pay attention to clinical CRO investment opportunities.
