Core Viewpoint - The Hong Kong stock market's innovative pharmaceutical sector is showing resilience, with the China Securities Hong Kong Stock Connect Pharmaceutical and Health Comprehensive Index rising by 1.40% as of November 3, 2025, driven by positive developments in the industry [1]. Group 1: Market Performance - The index's performance is highlighted by significant gains in constituent stocks, including 康诺亚-B (02162) up 5.73%, 先声药业 (02096) up 5.66%, and 康方生物 (09926) up 5.29% [1]. - Other stocks such as 一脉阳光 (02522) and 平安好医生 (01833) also experienced upward movement, indicating a broader positive trend in the sector [1]. Group 2: Industry Developments - The introduction of the "Commercial Insurance Innovative Drug Directory" marks a significant policy shift, as it is the first time this mechanism has been officially included in the national discussions on medical insurance [1]. - Pfizer has initiated two global Phase III clinical trials for its PD-1/VEGF bispecific antibody SSGJ-707 (PF-08634404), targeting first-line treatment for non-small cell lung cancer and colorectal cancer, which is expected to enhance the sector's growth prospects [1]. Group 3: Future Outlook - Research indicates that the pharmaceutical and biotechnology industry is entering a new upward cycle, with accelerated overseas orders and strong upward momentum, particularly benefiting biopharmaceutical companies with robust international capabilities [1].