创新药连续调整，机构看好Q4机会

Group 1 - The core viewpoint is that the innovative drug sector has recently experienced a continuous adjustment due to profit-taking and overseas news disturbances, with the Hang Seng Biotechnology Index reflecting a decline to levels seen in late July [1] - The Hang Seng Pharmaceutical ETF (159892) fell over 1% during the trading session, while Innovent Biologics saw a counter-trend increase due to significant BD transactions [1] - Long-term prospects for the Hong Kong pharmaceutical sector indicate a substantial correction since the peak in 2021, with recovery expected by 2025, despite short-term concerns about market bubbles [1] Group 2 - The recent adjustments have helped to digest some of the previous gains, and there is potential for opportunities in Q4 as the industry fundamentals continue to improve, such as the initial signs of profit turning and accelerated BD overseas [1]