机构积极看多创新药，慢牛行情或呈现

Core Viewpoint - The current adjustment in the innovative drug sector, particularly in Hong Kong stocks, has led to skepticism about the core logic of innovative drugs, but the underlying business development (BD) logic remains unchanged [1] Group 1: Market Dynamics - The adjustment in certain stocks is attributed to overly high expectations rather than a fundamental change in market logic, as evidenced by the stable performance of leading companies [1] - The third-quarter report from BeiGene serves as a stabilizing factor for the innovative drug market, indicating that Chinese original research drugs can yield substantial returns and profits in international markets [1] Group 2: Future Outlook - The current market phase should be viewed positively, with a new round of market activity expected to differ from the previous valuation recovery, leading to a slow bull market characterized by core leaders moving upward [1] - The Hang Seng Medical ETF (159892) focuses on innovation and pharmaceuticals, covering various segments such as innovative drugs, CXO, and online pharmacies, aligning with the themes of innovation and international expansion [1]