Group 1 - The pharmaceutical sector is under pressure, with notable declines in stock prices for companies such as Rongchang Biopharma (-11.2%), CStone Pharmaceuticals (-8.2%), Junshi Biosciences (-5.16%), and Kintor Pharmaceutical (-4.63%) [1] - Haitong International's recent report indicates that the pharmaceutical index has underperformed the broader market post the October Golden Week, primarily due to fluctuating tariffs and underwhelming external licensing expectations [1] - Guosen Securities believes that China's innovative drug industry shows a long-term positive development trend, particularly highlighted by explosive growth in BD transactions in recent years [1] Group 2 - The ESMO 2025 conference in Berlin featured 112 results, including 21 related to domestic new drug research [2] - Innovent Biologics announced a global strategic collaboration with Takeda Pharmaceutical to advance the development of next-generation immuno-oncology and antibody-drug conjugate therapies, with an upfront payment of $1.2 billion and potential milestone payments totaling up to $10.2 billion, bringing the total deal value to a maximum of $11.4 billion [2]