The current rebound in Hong Kong-listed pharmaceutical stocks is expanding from innovative drug companies to upstream CXO providers.$WUXI APPTEC (02359.HK)$ H-shares hit a record high last week. Following the preliminary injunction issued by a U.S. court, short-term policy-related turbulence has eased, and market focus has shifted back to orders, production capacity, and global delivery capabilities. Demand for new molecular entities such as GLP-1s, peptides, and ADCs, combined with the acceleration of business development (BD) and overseas expansion for Chinese innovative drugs, is driving a recovery in R&D and commercialization orders from CROs to CDMOs/CRDMOs. Sector valuation is also expected to transition from "valuation repair" to "earnings verification": Is the pipeline value of innovative drugs more noteworthy, or are the scale and order elasticity of CXO companies? WuXi AppTec group, $PHARMARON (03759.HK)$ 、 $TIGERMED (03347.HK)$ Which one are you more bullish on?