创新药行情结束了吗？中金基金丁天宇：未来仍值得关注

Group 1 - The core viewpoint is that the recent pullback in the innovative drug sector is due to previously high expectations and a decrease in catalytic events since Q3, leading to a reassessment of valuations [1] - The innovative drug sector had inflated market valuations for early-stage clinical projects, with several business development (BD) projects expected to exceed $5 billion, which have now been delayed or underperformed [1] - Despite the current pullback, the innovative drug sector remains a key area of interest, but companies need to be selected carefully, and valuations are expected to become more rational [1] Group 2 - Outside of innovative drugs and their supply chain, other sectors within the pharmaceutical industry have relatively low valuations, indicating potential investment opportunities as fundamentals improve [1]