According to the Wise Finance APP, CRO concept stocks led the gains in the morning session. As of the time of publication, WuXi AppTec (02359) rose by 7.32% to HKD 64.55; Tigermed (03347) rose by 7.02% to HKD 51.05; WuXi Biologics (02269) rose by 6.72% to HKD 20; Pharmaron (03759) rose by 6.67% to HKD 16.96.
On the news front, on September 19th, the U.S. Senate Armed Services Committee publicly released the Senate version of the National Defense Authorization Act for Fiscal Year 2025 (NDAA), which does not include proposals related to the &#34;Biological Security Act.&#34; CICC International believes that the exclusion of the U.S. Biological Security Act from the NDAA implies a further delay in the legislation of the Biological Security Act, reducing the possibility of standalone legislation within the year. At the same time, the latest version of Bill S.3558 does not include WuXi Biologics. According to the U.S. legislative process, the bank believes that other mentioned companies also have the possibility of being excluded.
In addition, in the early hours of September 19th, the Federal Reserve announced a 50 basis point cut in the federal funds rate target range. Federal Reserve Chairman Powell recently stated that if the economy develops as expected, two more 25 basis point rate cuts this year are a &#34;reasonable path.&#34; CITIC Securities pointed out that with the Federal Reserve's first rate cut since March 2020, global liquidity has marginally improved, and the investment and financing prosperity of the pharmaceutical industry is expected to recover rapidly, with valuation advantages. With the start of the rate cut cycle, pharmaceutical investment and financing are expected to gradually recover, and the increase in research and development demand will benefit globally competitive CXO leaders and segmented industry leaders

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Concept stocks related to CRO performed strongly in the morning session, with WuXi AppTec up 7.32%, Tigermed up 7.02%, WuXi Biologics up 6.72%, and Pharmaron up 6.67%. The U.S. Biosecurity Act was not included in the 2025 National Defense Authorization Act, delaying the legislative process. The Federal Reserve cut interest rates, expecting rapid recovery in the pharmaceutical industry's investment and financing, benefiting leading companies like CXO

- CRO concept stocks saw significant gains in early trading, with WuXi AppTec rising 7.32% to HKD 64.55.  
- The U.S. Senate's NDAA for fiscal year 2025 did not include the bioterrorism bill, indicating a delay in its legislation and potential exclusion of mentioned companies.  
- The Federal Reserve's recent rate cut is expected to improve global liquidity, benefiting the pharmaceutical sector's investment and financing activities.

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Understanding the Market | CRO Concept Stocks Lead the Way, US Biosecurity Bill Unlikely to Pass This Year, Pharmaceutical Investment and Financing Expected to Recover Rapidly During Rate Cut Cycle