HK Stock Market Move | Most CRO concept stocks rose, order backlogs of innovative drug companies in a booming market increased in both volume and price, and the global AI4S collaboration boom is expected to bring dividends.

CRO concept stocks mostly advanced. As of press time, Joinn Laboratories (06127) rose 6.64% to HK$28.28; Pharmaron Beijing (03759) gained 3.30% to HK$31.26; GENSCRIPT BIO (01548) added 3.02% to HK$41.68; Hangzhou Tigermed Consulting (03347) climbed 1.59% to HK$47.32. On the news front, the total value of outbound licensing deals for innovative drugs exceeded US$120 billion this year, up 36% year-on-year. Market participants noted that as BD transactions for innovative drugs remain active, pharmaceutical companies' R&D funding has become more ample. To seize the R&D window for innovative drugs and ensure project progress, drugmakers' willingness to pay for external R&D services has increased, and CRO companies' order backlogs are showing a "rising volume and price" trend. In addition, the current global AI4S collaboration boom is expected to benefit domestic CXO players substantially. On September 16, Eli Lilly's TuneLab added three new experimental service suppliers on the same dayGenScript, Twist and Ginkgointensifying the race to accelerate wet-lab validation. Bohai Securities believes that the domestic investment and financing environment is gradually recovering. Since 2025, frequent large innovative drug BD deals have injected abundant capital into R&D, driving demand steadily upward. Meanwhile, after earlier capacity clearance on the supply side, experimental monkey prices have stabilized and rebounded, enhancing leading companies' bargaining power, and new orders are expected to achieve both higher volume and higher prices. On the external demand side, global primary-market financing for innovative drugs has grown, and leading domestic companies have established differentiated advantages in related fields, with ample order backlogs. Some companies have raised their full-year 2026 performance guidance, further validating the industry's continued high prosperity.