CXO concept stocks led the decline in the Hong Kong market. As of the time of writing, JOINN (06127) fell 5.82% to HKD 21.7; PHARMARON (03759) dropped 3.65% to HKD 21.1; and TIGERMED (03347) decreased 3.02% to HKD 42.46. On the news front, the IMF Managing Director Kristalina Georgieva stated that if the energy price shock triggered by the Middle East conflict persists long-term, central banks must be prepared to tighten monetary policy to prevent a spiral of inflation. However, at the same time, central banks also need to closely monitor whether signs of weakness in economic demand emerge to avoid unnecessary interest rate hikes. A research report from China Securities Co., Ltd. indicated that the overseas investment and financing environment has entered a phase of quarterly volatility. Demand for CXO services is further diverging across different stages and disease areas. Domestic investment and financing activity continues to show an upward trend with greater resilience, and the growth potential of the CXO sector remains promising. The impact of AI on the pharmaceutical and outsourcing industry is limited in the short term, but market consensus is forming regarding the long-term transformative effects of new technologies. The influence on the early research and development stage (CRO) shows a divergent trend, while the production stage (D, M) is generally favorable.