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Group 1 - The innovation drug sector in Hong Kong has seen a significant surge, with the Hang Seng Innovation Drug Index rising over 65% year-to-date, outperforming other industry indices and even the A-share innovation drug index by more than double [4][10] - The performance of Hong Kong innovation drug-themed ETFs has been remarkable, with 17 out of 20 top-performing stock ETFs being related to the pharmaceutical sector, all yielding over 46% year-to-date [6][10] - Notably, the highest net value increase among these ETFs is 63.79% for the Huatai-PineBridge Hong Kong Innovation Drug ETF, with several ETFs achieving turnover rates exceeding 100% [6][8] Group 2 - Despite the overall positive outlook for the innovation drug sector, some experts caution that certain stocks may have reached bubble valuations, indicating a need for careful analysis [2][11] - The sector has experienced a net outflow of over 4 billion yuan from Hong Kong pharmaceutical-themed ETFs this year, suggesting some investors are taking profits amid rising valuations [10][9] - Institutional views remain optimistic about the long-term trends in the innovation drug sector, driven by policy support, technological advancements, and international expansion, although caution is advised regarding individual stock valuations [11][10]