最火主题“哑火”！相关翻倍基仅剩“独苗”，后市还有机会吗？

Core Viewpoint - The innovative drug sector is experiencing a divergence in performance, with recent declines attributed to profit-taking after significant gains, while the long-term positive fundamentals remain intact [1][2][3]. Summary by Sections Market Performance - After the National Day holiday, both the Hong Kong and A-share innovative drug indices have shown poor performance, with the Hong Kong index down 9.49% and the A-share index down 3.68% since early October, marking a retreat of over 10% from last month's peak [2]. - Despite the downturn, retail investors continue to show enthusiasm, with significant net inflows into thematic ETFs, such as the GF CSI Innovative Drug Industry ETF, which saw an increase of over 860 million shares in October [4]. Fund Manager Insights - Fund managers attribute the recent downturn to a combination of factors, including profit-taking after a strong rally, specific events affecting individual stocks, and external macroeconomic influences [2][3]. - The expectation of business development (BD) transactions has been a key driver of the market, but the timing of these transactions is uncertain, leading to volatility [3]. Future Outlook - The market is expected to become more selective in stock picking, focusing on companies that can successfully translate scientific innovations into commercial success [6][7]. - The upcoming academic conferences are anticipated to provide further catalysts for the industry, with many quality companies set to present their latest data [4][5]. - Despite recent declines, the fundamentals of the innovative drug sector remain strong, with ongoing advancements in research and clinical trials [4][7]. Investment Strategy - The focus will shift from broad valuation reassessments to a more rigorous evaluation of individual companies based on their clinical data and commercial capabilities [7][8]. - Companies that can consistently produce valuable innovations and effectively convert these into revenue will be the future winners in the market [7][8].