智通财经APP获悉，CRO概念股早盘普涨。截至发稿，凯莱英(06821)涨4.16%，报52.6港元；药明康德(02359)涨3.53%，报55.8港元；康龙化成(03759)涨3.06%，报14.14港元；泰格医药(03347)涨2.72%，报32.15港元；药明生物(02269)涨1.73%，报17.64港元。
消息面上，华安证券指出，单季度看，多数公司业绩、新签订单已在Q2、Q3呈现环比改善趋势。具体分地区看，多数CXO公司的出海业务已实现环比改善，如药明康德Q3美国地区收入69亿元，环比增长19%；欧洲地区收入13.1亿元，环比增长14%。新签订单方面呈现相似趋势，如康龙化成2024年Q1-3新签订单同比增长18%+，连续三个季度实现复苏。国内市场随着创新药支持政策的陆续出台，创新药全产业链公司有望回暖。
该行认为， CXO板块估值仍处于相对低位，基本面已步入拐点期，板块较具性价比。1）需求端，随着全球降息周期的开启，流动性增加，全球生物医药投融资已逐步恢复。多数CXO海外业务已初现环比改善趋势；2）价格端，目前价格竞争已趋缓，叠加众多企业提质增效的推行，利润率水平有望逐步回升。3）业绩端，2025年大订单高基数已基本消化出清，CXO行业有望进入稳增长阶段。
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