Changes in Hong Kong stocks | Strong performance of CRO concept stocks, recovery in external demand has clearly been realized, and domestic demand recovery has spawned from front-end to back-end

The Zhitong Finance App learned that CRO concept stocks were strong. As of press release, Zhaoyan Pharmaceutical (06127) rose 11.52% to HK$22.26; Tiger Pharmaceuticals (03347) rose 5.98% to HK$44.98; Pharmaceuticals (02359) rose 4.65% to HK$105.7; Kanglong Chemical (03759) rose 4.59% to HK$20.74.

Huafu Securities released a research report saying that external demand CXO companies have improved significantly since 24, and their performance has resumed year-on-year growth in 24Q4 and continued to 25Q3. We believe that external demand CXO is expected to continue the upward trend of 25 years in 26; domestic demand CXO performance has been weak compared to external demand since the beginning of 25, and the overall recovery of the industry is lagging behind, but the certainty of external demand is strong from the front end to the back end, and the chances are currently on the left.

Yongxing Securities said that in the context of improving the investment and financing environment for innovative drugs at home and abroad, the domestic CXO industry is booming. As the market size of emerging fields such as peptides, CGT, ADC, and nucleic acid drugs continues to expand, technical complexity spawns strong demand for specialized CDMO services, and Chinese CDMO companies are not only building barriers in segmented fields, but also taking on global orders through large-scale production capacity, which is expected to open up a growth ceiling.