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Core Viewpoint - The innovative drug sector has become a significant market focus in 2023, with a year-to-date increase of 17.67%, ranking fourth among large sectors in terms of individual stock performance [1][2]. Group 1: Performance Metrics - The innovative drug sector's year-to-date performance places it as the fourth best-performing sector, following micro-cap stocks, humanoid robots, and ST stocks [1][2]. - In the first half of 2023, innovative drug-themed mutual funds have shown exceptional performance, with the top fund achieving a return of 89.15% [4]. Group 2: Business Development and Transactions - The surge in the innovative drug sector is significantly driven by the increasing number of overseas business development (BD) transactions, with notable deals announced recently [6]. - For instance, Maiwei Biotech secured an upfront payment of $25 million and potential milestone payments totaling up to $571 million in a deal with CALICO [6]. - Additionally, Shiyao Group is in discussions for potential transactions that could yield up to $5 billion, while Sanofi's agreement with Pfizer includes an upfront payment of $1.25 billion and potential milestone payments of up to $4.8 billion [6]. Group 3: Market Conditions and Valuations - The pharmaceutical sector has experienced a prolonged adjustment period, resulting in relatively low valuations, which has contributed to the recent rally in pharmaceutical stocks [10]. - As of Q1 2025, public fund holdings in the pharmaceutical and biotechnology sector amounted to 291.5 billion yuan, representing 8.88% of total holdings, which is still low compared to historical levels [10][11]. Group 4: Future Outlook - The innovative drug sector is expected to maintain a high level of activity, supported by a robust pipeline of research and development, as evidenced by the record number of presentations from Chinese companies at the recent American Society of Clinical Oncology meeting [12]. - Analysts predict that the innovative drug industry is entering a new growth cycle driven by fundamental improvements and ongoing innovation, with a positive outlook for the next 5 to 10 years [12].