持续调整数日后，创新药ETF还能上车吗

Core Viewpoint - The recent volatility in the Hong Kong innovative drug market has raised concerns about a potential "bubble," despite the long-term investment logic remaining solid for the innovative drug industry [1][4][6] Group 1: Market Performance - Several innovative drug ETFs in the Hong Kong market have seen declines of over 10% in the past week, following a strong performance earlier in the year where some ETFs rose by more than 50% [1][3] - The Hang Seng Biotechnology Index reached a two-year high on June 13, 2023, but subsequently experienced a drop of over 9% from June 13 to June 20, with some stocks falling more than 20% [2][3] - As of June 20, 2023, the Hang Seng Biotechnology Index had an annual increase of 48.69%, significantly outperforming the Hang Seng Technology Index, which only rose by 14.88% [2] Group 2: Investment Sentiment - Despite the recent adjustments, the innovative drug sector is still viewed as a recognized investment opportunity, with ongoing support from various factors [4][6] - The recent pullback is attributed to market sentiment fluctuations and capital rotation rather than a fundamental shift in the industry [6] - Investors are still optimistic about the innovative drug sector, citing recent favorable policies and the potential for continued growth [4][5] Group 3: Regulatory Environment - The National Medical Products Administration's announcement to expedite the review process for innovative drug clinical trials is seen as a positive development, potentially reducing approval times from 60 to 30 working days [4][5] - This regulatory change is expected to save time and costs in drug development, further supporting the innovative drug sector [5] Group 4: Long-term Outlook - The innovative drug sector is characterized as a unique investment opportunity within the pharmaceutical field, combining essential demand with technological attributes [5][6] - Future investments in the pharmaceutical sector are anticipated to increasingly focus on innovative drugs, supported by upcoming policy measures and new experimental data releases [5][6]