$JOINN(06127.HK) rose over 7%, leading the gains. CROs are moving in line with expectations of a recovery in biotech investment and financing. $WUXI BIO(02269.HK), $INNOVENT BIO(01801.HK), and $AKESO(09926.HK) all saw slight gains, while $CSPC PHARMA(01093.HK) and $SBP GROUP(01177.HK) edged lower. Hong Kong's biotech and CXO sectors were generally strong today, with Zhaoyan showing more resilience than the others. The recovery in CXO has always been expectations first, orders later. Is this wave a real confirmation of an inflection point, or just another bout of sentiment running ahead? For now, I'm treating it as a sentiment recovery—until investment and financing data show continuous improvement, earnings realization will have to wait another two quarters.