沪指跌0.46%，深成指跌0.18%，创业板指涨0.3%。近端次新股活跃，超导、核聚变、特高压、风电、 CRO概念股走强；两岸融合、首发经济、免税店、AI应用、房地产板块调整。 MACD金叉信号形成，这些股涨势不错！ 沪指跌0.46%，深成指跌0.18%，创业板指涨0.3%。近端次新股活跃，超导、核聚变、特高压、风电、 CRO概念股走强；两岸融合、首发经济、免税店、AI应用、房地产板块调整。 MACD金叉信号形成，这些股涨势不错！ ...

摩根士丹利发布研报称，医疗股自9月中旬起被持续抛售，投资者正在获利了结，并等待明年业绩发展 的讯号。该行指出，当中药明系在基本面持续稳健的背景下，估值水平更具吸引力。大摩最看好药明康 德，该公司不仅上调业绩指引，更进行大规模产能扩张，且在下一代GLP-1领域参与度高。综合而言， 药明康德、药明生物及药明合联2024至27年的盈利复合年增长率分别为24%、23%及37%。 招银国际认为，资本市场融资活动恢复，创新药出海交易规模扩张，国内创新药研发需求回暖，加上美 国进入降息周期，CXO企业下半年业绩表现有望复苏，招银国际预期已授权的创新药管线在海外的临 床发展可成为创新药板块最重要催化剂。 智通财经APP获悉，CRO概念股集体回暖。截至发稿，泰格医药(03347)涨9.19%，报39.92港元；药明康 德(02359)涨4.43%，报106港元；康龙化成(03759)涨4.15%，报21.58港元；药明生物(02269)涨3.27%，报 31.56港元。 ...

Core Viewpoint - The CRO sector has experienced a collective decline in stock prices, influenced by recent economic data and expectations regarding interest rate changes in the U.S. [1] Group 1: Stock Performance - King’s Ray Biotechnology (01548) fell by 6.05%, trading at 14.92 HKD - Kanglong Chemical (03759) decreased by 4.67%, trading at 20.8 HKD - Via Biotechnology (01873) dropped by 4.57%, trading at 1.88 HKD - Tigermed (03347) declined by 3.71%, trading at 36.9 HKD [1] Group 2: Economic Context - The U.S. non-farm payroll data for September exceeded expectations, leading to a reduced likelihood of interest rate cuts by the Federal Reserve in December - Despite fluctuations in overseas CPI data, there is an expectation for a gradual shift towards interest rate cuts starting in 2024, which may improve investment and financing conditions [1] Group 3: Future Outlook - Zhongtai Securities anticipates that the CRO/CDMO sector may see a valuation recovery due to improving external demand and some companies already observing order recovery - The CRO sector has been significantly affected by domestic and international investment environments, but with the gradual implementation of domestic policies, a recovery in the sector is expected, particularly in clinical CRO investment opportunities [1]

Core Viewpoint - The CRO sector experienced a collective decline in stock prices, influenced by recent economic data and expectations regarding interest rate changes in the U.S. [1] Group 1: Stock Performance - King’s Ray Biotechnology (01548) fell by 6.05%, trading at 14.92 HKD [1] - Kanglong Chemical (300759) decreased by 4.67%, trading at 20.8 HKD [1] - Via Biotechnology (01873) dropped by 4.57%, trading at 1.88 HKD [1] - Tigermed (300347) declined by 3.71%, trading at 36.9 HKD [1] Group 2: Economic Context - The U.S. non-farm payroll data for September exceeded expectations, leading to a reduced likelihood of interest rate cuts by the Federal Reserve in December [1] - Despite fluctuations in overseas CPI data, there is an expectation for a gradual shift towards interest rate cuts starting in 2024, which may improve investment and financing conditions [1] Group 3: Industry Outlook - Zhongtai Securities (600918) anticipates a recovery in external demand for CRO/CDMO services and domestic preclinical CROs, suggesting potential valuation recovery opportunities [1] - The CRO sector has been significantly impacted by domestic and international financing environments, but with the gradual implementation of domestic policies, a recovery in the sector is expected [1] - Continuous focus on investment opportunities in clinical CROs is recommended as the sector shows signs of recovery [1]

Group 1 - The CRO concept stocks experienced a surge in early trading, with Canaan Technology rising over 10% [1] - Other companies such as Zhaoyan New Drug and WuXi AppTec saw increases of over 5% [1] - MediXis and Haoyuan Pharmaceutical also followed the upward trend [1]

Group 1 - The CRO concept stocks experienced significant fluctuations, with JiuZhou Pharmaceutical hitting the daily limit up [1] - ProLogis Pharmaceutical rose over 5%, indicating strong market interest [1] - Other companies such as Zhaoyan New Drug, Kangpeng Technology, Aopu Mai, and Haoyuan Pharmaceutical also saw increases in their stock prices [1]

Group 1 - CRO concept stocks have shown significant gains, with WuXi AppTec (02359) up 6.3% to HKD 114.7, WuXi Biologics (02269) up 6.02% to HKD 35.2, and others also experiencing notable increases [1] - Dongwu Securities reports that 22 CXO listed companies are expected to see revenue, net profit attributable to parent, and net profit excluding non-recurring gains and losses grow by 14.16%, 64.03%, and 24.82% year-on-year for the first half of 2025, respectively [1] - The second quarter of 2025 is projected to show further improvement in revenue and profit growth rates, with expected increases of 15.15% in revenue and 53.58% in net profit attributable to parent [1] Group 2 - Xiangcai Securities highlights the active performance of the innovative drug industry chain under the backdrop of national encouragement for innovation, despite ongoing pressures from medical insurance cost control [2] - The establishment of a multi-tiered payment system and the rigid demand for medical services are expected to stabilize and rebound the industry [2] - Companies such as WuXi AppTec, Haoyuan Pharmaceutical, and WuXi Biologics are recommended for attention in the ADC CDMO and peptide CDMO sectors [2]

Group 1 - CRO concept stocks have shown significant gains, with notable increases in share prices for companies such as Viatris Bio (+12.83%), Zhaoyan New Drug (+9.23%), and others [1] - WuXi AppTec has raised its full-year sales forecast after reporting a 141.6% year-on-year increase in TIDES business revenue, reaching RMB 5.03 billion in the first half of the year, driven by high demand in the GLP-1 sector [1] - CICC believes that the valuation center for innovative drug sectors has been adjusted upwards, which will enhance domestic new drug R&D demand and increase financing activity for primary innovative drug projects [1] Group 2 - The U.S. Bureau of Labor Statistics reported stable inflation in July, reducing barriers for potential interest rate cuts by the Federal Reserve in September [2] - Overall investment and financing trends are showing signs of recovery, with prices for preclinical CRO, clinical CRO, and CDMO services stabilizing [2] - The international CDMO business maintains a reasonable pricing structure, with the impact of high pandemic baselines now absorbed [2]

Group 1 - The CRO concept stocks experienced a partial surge, with Lingkang Pharmaceutical (603669) hitting the daily limit up [1] - Baicheng Pharmaceutical (301096), Kangpeng Technology, Zhaoyan New Drug (603127), and Kailaiying (002821) also saw increases [1]

Group 1 - The A-share market opened with the Shanghai Composite Index down by 0.04% [1] - The Shenzhen Component Index opened down by 0.09% [1] - The ChiNext Index opened down by 0.16% [1] - CRO concept stocks led the decline in the market [1]