Group 1 - The core viewpoint indicates that Hong Kong's innovative pharmaceutical stocks have declined, with notable drops in companies such as Kelun-Botai Biopharmaceuticals falling over 6%, and others like 3SBio and Zai Lab dropping over 5% [1] - Multiple Hong Kong innovative pharmaceutical-related ETFs have also experienced a decline of approximately 3% [2] - Analysts suggest that after a decade of transformation, China's innovative pharmaceutical industry is entering a phase of realization, with a steady increase in the number of domestic innovative drugs approved for market and significant overseas transactions [3]

Group 1 - The Hong Kong stock market is experiencing fluctuations, with the innovative drug sector following the market's downward trend, as evidenced by the Hong Kong innovative drug ETF (159567) dropping over 3% [1] - Despite the market adjustments, the innovative drug sector has attracted attention, with the Hong Kong innovative drug ETF (159567) seeing an increase of 102 million shares, indicating a net inflow of funds for nine consecutive months, reaching a record high of 8.2 billion shares as of October 22 [1] - Recently, Innovent Biologics announced a global strategic partnership with Takeda Pharmaceutical to accelerate the development of its next-generation IO and ADC therapies, which includes an upfront payment of $1.2 billion and potential milestone payments totaling up to $10.2 billion, bringing the total deal value to a maximum of $11.4 billion [1] Group 2 - The Hong Kong innovative drug ETF (159567) tracks the Guozheng Hong Kong Stock Connect Innovative Drug Index, reflecting the performance characteristics of listed companies in the innovative drug sector within the Hong Kong Stock Connect [2] - Investors can also access the Hong Kong innovative drug sector through the Hong Kong innovative drug ETF linked funds (Class A: 023929, Class C: 023930) for potential upward opportunities in the sector [2]