According to the Zhitong Finance APP, CRO concept stocks saw a broad increase in early trading. As of the time of publication, FRONTAGE (01521) rose by 5.88% to HKD 1.8; WuXi AppTec (02359) increased by 4.97% to HKD 57; WuXi Biologics (02269) climbed by 3.64% to HKD 18.2; and Pharmaron (03759) went up by 3.21% to HKD 14.14. In terms of news, the 43rd JP Morgan Healthcare Conference successfully concluded earlier. Galaxy Securities pointed out that this JPM conference attracted nearly 30 Chinese innovative drug companies, including BeiGene, Innovent Biologics, CanSino Biologics, and Shunyi Pharmaceutical, as well as CXO pharmaceutical innovation industry chains like WuXi Biologics and WuXi AppTec, reflecting the continuous improvement of China's pharmaceutical innovation and R&D capabilities. It is expected that the pharmaceutical industry will see numerous innovative drug pipelines materialize and CXO project collaborations take shape by 2025. Additionally, U.S. President Trump stated on Thursday at the World Economic Forum in Davos that he would demand Saudi Arabia and other OPEC member countries to lower oil prices while urging the Federal Reserve to cut interest rates immediately. Huayuan Securities noted that with the onset of overseas interest rate cuts, it is expected that investment and financing in the biopharmaceutical sector will warm up, and CXO overseas business will show signs of quarter-on-quarter improvement in the future. Furthermore, the Chinese CXO industry has experienced capacity clearance on the supply side over the past few years, and future capacity utilization rates are expected to improve, potentially driving the industry into an upward cycle from the bottom