创新药暴跌，恒生医药ETF跌超3%，后市怎么看？

Group 1 - The core viewpoint of the articles indicates that the Hong Kong stock market, particularly key indices like the Hang Seng Index, experienced a collective adjustment due to disappointing U.S. non-farm payroll data, which has heightened expectations for a more accommodative monetary policy from the Federal Reserve [1] - The innovative drug sector faced significant declines, with the Hang Seng Pharmaceutical ETF (159892) dropping over 3%, while companies like Kangfang Biotech, Boan Biotech, and Tigermed saw notable losses; however, the Hang Seng Biotechnology Index tracked by the ETF still recorded a remarkable increase of over 100% in the past year as of last Friday's close [1] - Looking ahead, two potential directions for investment are highlighted: 1. The overseas expansion of innovative drugs, with ongoing significant business development (BD) and merger and acquisition transactions expected to further catalyze the innovative drug market [1] 2. The recovery of upstream CXO (Contract Research Organization) sector, as leading CXO companies are reporting strong performance during the semi-annual earnings disclosure period, suggesting that they may continue to benefit from the gradual recovery of global innovative drug demand [1] Group 2 - The articles mention the existence of the Hang Seng Pharmaceutical ETF Connect (Class A: 016970, Class C: 016971) [2]