创新药，大消息！

Core Viewpoint - China's new drug research and development capabilities have risen to the second position globally, with multiple domestic innovative drugs receiving approval for market entry, filling gaps in relevant fields [4][5]. Industry Developments - The National Health Commission announced that the number of new drugs under research in China accounts for over 20% of the global total, marking a significant achievement in the country's pharmaceutical sector [4]. - Several innovative drugs, including Sugliatin, Ensartinib, and Gilteritinib, have been approved and are now available in the market, addressing unmet medical needs [4]. - The self-developed anti-tumor drug, Zebutinib, has also received approval in multiple countries, indicating a successful international expansion [5]. Market Performance - The A-share and Hong Kong stock markets saw a collective downturn in the innovative drug sector, with significant declines in leading stocks [6][7]. - The Hong Kong CRO index dropped by 4.11%, with notable stocks like Gilead Sciences experiencing a decline of over 16% [8]. - By midday, several stocks, including Tigermed and BeiGene, reported declines of over 10% and 6%, respectively, reflecting a broader market weakness [9][11]. Investment Outlook - Despite the current market adjustments, institutions maintain a medium to long-term optimistic outlook for the innovative drug sector [12]. - Reports from Guotai Junan Securities suggest that the quality of financial reports in the innovative drug sector will improve by 2025, with more products entering the national medical insurance system [12]. - Analysts recommend focusing on sectors with strong domestic demand and performance certainty, particularly in innovative-driven and internationalization strategies [12].