Changes in Hong Kong stocks | CRO concept stocks are collectively rising, domestic and foreign demand resonates, and 2026 performance is expected to enter an improvement cycle

The Zhitong Finance App learned that CRO concept stocks rose collectively. As of press release, Gloria Ying (06821) rose 6.27% to HK$82.2; Tiger Pharmaceuticals (03347) rose 5.48% to HK$48.92; Zhaoyuan Pharmaceutical (06127) rose 5.19% to HK$23.52; Kanglong Chemical (03759) rose 3.37% to HK$22.68; Pharmaceuticals (02359) rose 3.12% to HK$109.1.

Zhongtai Securities believes that internal and external demand in the CRO and CDMO industries resonate, and the supply side is gradually clearing up. Since the beginning of the 2024Q4 overseas interest rate cut cycle, the CRO and CDMO sectors have shown a gradual recovery trend under multiple impetus, such as the gradual recovery of investment and financing, the 2025Q2 geo-negotiations brought about an improvement in pessimistic expectations, and the gradual recovery trend on the demand side under multiple impetus such as the implementation of large-scale domestic innovative drugs and the release of major policies. Combined with the continuous clearance of the supply side in the past three years, the sector is expected to usher in a “Davis double attack” where profits and valuations have increased at the same time. It is recommended to focus on laying out related investment opportunities.

Societe Generale Securities pointed out that benefiting from the innovative drug BD going overseas and the steady recovery in financing, new orders from many CRO companies have accelerated quarterly, and the number of projects has achieved double-digit growth. Since Q4, there has been an upward trend from experimental monkeys and safety assessment quotes to clinical project prices. Customer demand has remained strong, and CRO performance is expected to enter an improvement cycle in 2026. In terms of overseas demand, the position of China's CDMO in the global supply chain is difficult to replace, and the Fed's interest rate cut is conducive to a recovery in early global R&D demand; global CDMO orders are strong, and there is strong certainty about high performance growth.