最火主题“哑火”！相关翻倍基仅剩“独苗”，后市还有机会吗？

Core Viewpoint - The recent decline in the innovative drug sector is attributed to a correction after a significant rise, but the long-term positive fundamentals remain intact [2][3][4]. Market Performance - After the National Day holiday, both A-share and Hong Kong innovative drug indices have shown poor performance, with the Hong Kong index down 9.49% and the A-share index down 3.68% since early October, marking a retreat of over 10% from last month's peak [3]. - The number of "doubling funds" in the innovative drug sector has decreased, with only one remaining, while most other products have seen returns drop to the 80%-90% range [3]. Fund Manager Insights - Fund managers attribute the recent downturn to a combination of factors, including profit-taking after a strong rally, specific events affecting certain stocks, and external macroeconomic influences [3][4]. - The expectation of business development (BD) transactions has not materialized as anticipated, leading to a correction in stock prices [4]. ETF Fund Flows - Despite the downturn, retail investor enthusiasm remains, with significant net inflows into thematic ETFs focused on innovative drugs, indicating continued interest in the sector [5][6]. Long-term Outlook - The innovative drug sector is expected to continue its long-term positive trend, supported by ongoing research and development efforts [6]. - Upcoming academic conferences are anticipated to provide catalysts for the sector, with high-quality data releases expected to enhance valuations [6]. Stock Selection Criteria - Future stock selection will become more stringent, focusing on companies that can successfully translate scientific innovations into commercial success [7][8]. - The market will increasingly scrutinize clinical data, sales reports, and the quality of BD transactions to determine company value [7][8].