创新药怎么了？近期为何回调？

Group 1 - Multiple domestic pharmaceutical companies, including Innovent Biologics and Hengrui Medicine, announced business development (BD) deals within two days, indicating a trend of increased collaboration in the industry [1] - Innovent Biologics entered a global strategic partnership with Takeda Pharmaceutical, receiving an upfront payment of $1.2 billion, including a $100 million strategic equity investment, with potential milestone payments up to $10.2 billion [1] - Despite these positive developments, the Hong Kong innovation drug index fell over 1%, with a decline of more than 15% since October 8, contrasting sharply with previous market reactions to BD announcements [1] Group 2 - Analysts suggest that liquidity issues and valuation pressures from previous gains are causing a slowdown in the innovation drug sector, with the market showing less enthusiasm for BD transaction amounts [2][3] - The total amount of external licensing for Chinese innovative drugs surpassed $100 billion for the year, marking a historical milestone [2] - The sentiment in the pharmaceutical sector has returned to a more comfortable trading range, awaiting capital inflows [3] Group 3 - The focus remains on the international competitiveness of domestic innovative drugs and the trend of BD transactions abroad [5] - The U.S. pharmaceutical market has experienced volatility due to various pressures from the Trump administration, including threats of high tariffs on drugs [6] - Despite these pressures, the potential negative impacts on the industry are expected to be limited, with the narrative logic of BD transactions remaining intact [7] Group 4 - The upcoming quarterly reports are anticipated to show performance improvements, alongside the continued rollout of BD transactions [4] - The sentiment in the A-share pharmaceutical and biotechnology sector has dropped below the historical median, indicating a potential for recovery as market conditions stabilize [8]