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Market Overview - Major indices experienced a significant decline, with the Shanghai Composite Index falling by 0.94% to 3348.37 points, and the Shenzhen Component Index down by 0.85% [1] - A total of 4200 stocks declined, with an increasing number of stocks hitting the daily limit down [1] - The total trading volume in A-shares reached 1.18 trillion yuan, slightly up from 1.14 trillion yuan the previous day [1] Pharmaceutical Sector Performance - The pharmaceutical sector showed resilience, with AI medical and innovative drugs performing well [2] - The ETF for innovative drugs on the ChiNext (国泰159377) rose by 1.27%, while the innovative drug ETF (沪深港ETF 517110) increased by 0.50% [1] - Chinese innovative drug companies demonstrated significant technological breakthroughs in ADC and bispecific antibodies, as highlighted by the 2025 ASCO summary data [1] - Notable performances included Zai Lab's ZG005 in cervical cancer and Huahai Pharmaceutical's HB0025 in endometrial cancer, both exceeding expectations [1] AI Medical Development - The year 2025 is anticipated to be a pivotal year for the rapid development of AI in healthcare, supported by a government plan aiming for full digital transformation in the pharmaceutical industry by 2030 [2] - Factors such as AI empowerment across the pharmaceutical supply chain, optimization of domestic procurement policies, and recovery in medical equipment tenders are expected to boost sentiment and valuation in the pharmaceutical sector [2] Gold Market Insights - Gold stocks rebounded in the afternoon, with the gold stock ETF (517400) rising by 0.8% and the gold ETF (518800) increasing by 0.05% [2] - The global rise in uncertainty has reignited safe-haven demand for gold, leading to price recovery [2] - The trend of "de-dollarization" globally is expected to enhance gold's role as a pricing anchor, with central banks continuing to increase gold reserves [4] Investment Opportunities - Investors are encouraged to consider the innovative drug ETFs (517110 and 159377) due to the high research highlights and accelerating commercialization trends in innovative drugs [2] - For gold investments, the gold fund ETF (518800) and its linked funds are recommended for gradual accumulation during price corrections, as gold stocks are currently valued at historical lows [5]