Nomura reported that shares in the CRO industry in China had been oversold and expected some progress in the industry. The bank also noted that the US administrative order and the detailed measures to be implemented cover a wide range of areas, including biological supply chain, biological manufacturing, biological products, from APIs, fuels, polymers, fertilizer waste and climate change. The bank believes that the relevant orders are not specifically targeted at the biotechnology or CRO industry in a particular country, and the impact is limited. According to the bank, the US government will invest about $2 billion in promoting biotechnology and biological manufacturing, aimed at reducing prices, creating good jobs and strengthening the supply chain.