国信证券陈益凌：创新药板块调整有其内外成因 未来可能呈现分化行情

Core Viewpoint - The innovative drug sector has experienced adjustments over the past two months due to both internal factors, such as previous significant gains and high market expectations, and external factors like the performance of other sectors and capital diversion [1] Summary by Relevant Categories Market Performance - The innovative drug sector's strong performance this year has been driven by stable domestic product sales and the opening of valuation ceilings for innovative drugs going overseas [1] Future Outlook - The innovative drug sector is likely to exhibit a differentiated market trend in the future, with the core variable being the clinical advancement following BD transaction authorizations [1] - Companies with rapid clinical progress are expected to perform better, while those struggling with external authorization cooperation or slow clinical advancement may find it challenging to achieve significant valuation increases at current levels [1] Investment Focus - Attention should be given to companies with rich R&D pipelines, systematic domestic commercialization capabilities, and global clinical value for potential blockbuster products [1]