券商中期策略会密集举办，AI、创新药分会场上演“冰火两重天”

Core Insights - The recent mid-year strategy meetings held by various brokerages have shown a stark contrast in attendance, with the pharmaceutical and biotechnology sectors experiencing a surge in interest, while AI forums have seen significantly lower participation [1][2][5] - The "DeepSeek moment" in the pharmaceutical sector has led to a revival in the market, with record-high overseas licensing amounts and a flourishing of innovative drugs [1][12] - The overall market sentiment appears to be more optimistic this year, as evidenced by increased attendance at strategy meetings and a focus on sectors like pharmaceuticals and new consumption [1][13] Group 1: Market Trends - The attendance at the innovation drug sub-forum was overwhelming, indicating strong investor enthusiasm for the pharmaceutical sector [2][5] - In contrast, the AI sub-forum had very few attendees, reflecting a decline in interest compared to earlier in the year when AI-related forums were highly sought after [1][12] - The current market is characterized by a clear division, with the pharmaceutical sector gaining traction while AI and technology sectors are experiencing a downturn [1][13] Group 2: Sector Analysis - The pharmaceutical industry is witnessing a "DeepSeek moment," with various innovative drugs emerging and significant overseas licensing deals being made [1][12] - Recent reports indicate that the growth expectations for the Hong Kong stock market in 2025 are positive, particularly for sectors like medical devices, internet healthcare, and biotechnology [13] - The ongoing strength in innovative drugs and new consumption sectors is believed to be diverting funds away from AI and technology sectors [13]