大摩：美国最新生物安全法案对中资CDMO更为有利

Core Viewpoint - The U.S. Senate has passed a motion to include the Biosecurity Act in the National Defense Authorization Act, which allows named companies to appeal and defend themselves, and does not specifically name WuXi AppTec under the biotech section [1] Group 1: Legislative Developments - The revised version of the Biosecurity Act is more moderate compared to previous proposals, allowing for appeals by named companies [1] - The act still requires approval from both the House and Senate, as well as the President's signature to become law [1] Group 2: Market Implications - Morgan Stanley anticipates that shares of Chinese Contract Development and Manufacturing Organizations (CDMOs) will experience initial volatility due to the perception that the U.S. government has new tools to limit local companies' collaboration with Chinese suppliers [1] - Compared to the previous version of the act that was blocked by House Democrats in December, the current outcome is seen as more favorable [1] - Chinese CDMO stocks have risen 84% year-to-date, reflecting investor expectations of reduced geopolitical and decoupling risks [1]