华泰证券：看好创新药流动性修复叠加多重催化

Core Viewpoint - The Hong Kong stock market for innovative drugs is expected to start the new year positively, with valuations remaining attractive compared to global peers [1] Group 1: Market Analysis - Huatai Securities believes that the decline in innovative drug stocks during November and December was primarily due to liquidity discounts [1] - The recovery of liquidity and ongoing business development (BD) activities, along with the upcoming JPM conference and annual report season, are anticipated to boost the innovative drug sector [1] Group 2: Future Outlook - The recent liquidity recovery is expected to support an upward trend in the innovative drug sector, indicating a sustained increase in stock prices [1]