长城基金：创新药行情逐渐升温，新一轮布局窗口已开启?

Group 1 - The innovative drug sector is experiencing a strong rebound, with potential catalysts including industry conferences, overseas clinical advancements, business development (BD) transactions abroad, and national negotiations on innovative drugs [1] - The National Medical Insurance Directory negotiations have met market expectations, and the domestic innovative drug market still holds significant potential [1] - In the first half of this year, the National Medical Products Administration approved 43 innovative drugs, a 59% year-on-year increase, positioning China as the second globally in drug approvals for 2024, just behind the United States [1] Group 2 - The current adjustment phase of the innovative drug sector began in late August, with some stocks, particularly in Hong Kong, experiencing significant corrections [2] - Despite market skepticism regarding the core logic of innovative drugs, the BD logic remains unchanged, suggesting a positive outlook for the sector [2] - Future trends in the innovative drug market are expected to differ from the previous valuation recovery, with core leaders likely to experience steady upward movement and new opportunities emerging [2]