Group 1 - CRO concept stocks collectively declined, with Kingsray Biotechnology down 6.05% at HKD 14.92, Kanglong Chemical down 4.67% at HKD 20.8, Viatris down 4.57% at HKD 1.88, and Tigermed down 3.71% at HKD 36.9 [1] - The U.S. non-farm payroll data for September exceeded expectations, leading to a reduced likelihood of a Federal Reserve rate cut in December [1] - Zhongtai Securities anticipates that while there may be fluctuations in overseas CPI data, there is a gradual shift towards a rate cut cycle in 2024, which could improve investment and financing expectations [1] Group 2 - Some companies have already seen a recovery in orders, indicating potential valuation recovery opportunities for overseas CRO/CDMO and domestic preclinical CRO sectors [1] - The CRO sector has been significantly impacted by domestic and international investment and financing environments, but with the gradual implementation of domestic policies, a recovery in the sector is expected [1] - Continuous focus on clinical CRO investment opportunities is recommended as the sector shows signs of gradual recovery [1]