According to Zhitong Finance APP, CRO concept stocks are leading the gains. As of press time, WUXI BIO (02269) is up 4.06% at HK$57.65; PHARMARON (03759) is up 3.86% at HK$32.84; TIGERMED (03347) is up 3.13% at HK$46.74; and WUXI APPTEC (02359) is up 2.26% at HK$217.2.

On the news front, the U.S. 10-year Treasury yield climbed as high as 5.351% at one point on Monday, hitting a 24-year high. JPMorgan released a research report stating that it is not too worried about rising interest rates affecting China's healthcare sector. Interest rates are more relevant to long-cycle biotech assets, while the direct link between CXO valuations and interest rate changes is relatively weak, with performance driven more by earnings. The bank expects this rate hike cycle to end after one more hike in December rather than continuing into a prolonged tightening phase next year, so it is not too concerned about the impact of rising rates on China's healthcare valuations, and it continues to favor the biotech and CXO sub-sectors.

It is worth noting that the 2026 European Society for Medical Oncology Annual Meeting will be held from October 23 to 27 in Madrid, Spain. This year's conference is expected to feature a total of 29 Chinese new drug studies selected as LBA, accounting for about one-third of all LBAs at the conference, of which 5 will enter the Presidential Symposium and the remaining 24 will be reported as preferred oral or rapid oral presentations. The number and proportion of selected studies both hit a record high again after 2025.

Guosheng Securities pointed out that order growth, combined with emerging areas such as ADC, GLP-1, and nucleic acid drugs entering a capacity harvest period, will provide support for subsequent CXO revenue growth, and order conversion and profit realization are worth continued tracking.