创新药板块：资金涌入，后市怎么看

Group 1 - The innovation drug sector is experiencing a volatile trend in the fourth quarter, with positive signals in the funding landscape as significant capital flows into innovation drug-themed ETFs, totaling over 19 billion yuan in net subscriptions as of November 28 [1] - Despite a strong performance earlier in the year, the innovation drug sector faced a correction in the fourth quarter, with an average decline of approximately 10% in themed funds as of November 28, yet funds continued to increase their positions, leading to substantial growth in several innovation drug-themed ETFs [3] - The growth of specific ETFs is notable, with the scale of the GF Hong Kong Innovation Drug ETF increasing from 7.875 billion yuan at the end of last year to 25.276 billion yuan, and the Huatai-PineBridge Hong Kong Innovation Drug ETF rising from less than 700 million yuan to over 24 billion yuan [3] Group 2 - Industry experts believe that the long-term investment value of the innovation drug sector is becoming more apparent, although the phase of broad market gains may be over, necessitating a focus on stock selection for future investments [4] - The report from Industrial Securities indicates that the trend of "innovation + internationalization" in the innovation drug industry remains unchanged, with increased elasticity in the sector following the recent adjustments, and a positive outlook on the fundamentals of the innovation drug industry chain [4]