Group 1 - The pharmaceutical sector experienced a significant decline, with notable drops in stock prices for companies such as Clover Biopharmaceuticals (-14.43%), Rongchang Biopharmaceuticals (-11.54%), and Innovent Biologics (-11.48%) [1] - According to Zhongtai Securities, the sector has been in a state of adjustment since September, primarily due to the substantial outperformance of the pharmaceutical sector since March, leading to a lack of strong upward momentum in the short term [1] - The report suggests that the current phase of adjustment is relatively healthy, with the fundamental innovation logic remaining unchanged, and the pharmaceutical sector is still at a valuation bottom with strong safety margins and upside potential in the long term [1] Group 2 - Guosheng Securities noted that during the holiday period, Pfizer and Trump reached an agreement that alleviated policy concerns for overseas multinational corporations (MNCs), positively impacting the sentiment in the Hong Kong pharmaceutical market [2] - The CXO sector has shown relative strength, benefiting from performance advantages during earnings periods, expectations of interest rate cuts, and an upward trend in the industry, indicating a positive outlook for the medium to long term [2] - Recent lack of catalysts for innovative drugs has led to a digestion of positions, but there are signs of stabilization, with optimism for performance improvement in Q4, especially after the National Day holiday [2]