Group 1 - Pharmaceutical stocks experienced a significant decline, with notable drops in companies such as Clover Biopharmaceuticals-B (down 14.43%), Rongchang Biopharmaceutical (down 11.54%), and others [1] - Zhongtai Securities indicated that the pharmaceutical sector has been in a state of adjustment since September, primarily due to the substantial outperformance since March, leading to profit-taking by investors [1] - The report suggests that the current adjustment phase is relatively healthy, with no fundamental changes in the innovation logic of the sector, and that the pharmaceutical sector remains at a valuation bottom with strong upside potential [1] Group 2 - Guosheng Securities noted that during the holiday period, Pfizer and Trump reached an agreement that alleviated policy concerns for overseas MNCs, positively impacting the sentiment in the Hong Kong pharmaceutical market [2] - The CXO sector has shown relative strength due to performance advantages during earnings periods, expectations of interest rate cuts, and an anticipated upward trend in the industry [2] - There are signs of stabilization in the innovative drug sector, which has been lacking catalysts recently, with expectations for improved performance in Q4 following the National Day holiday [2]