Core Viewpoint - The Hong Kong stock market opened slightly lower today, with the innovative drug sector experiencing a pullback, particularly affecting the Hong Kong Innovative Drug ETF (159567), which fell over 1% during trading [1] Group 1: Market Performance - The innovative drug sector in Hong Kong has shown impressive performance this year, with the Hong Kong Innovative Drug ETF (159567) achieving a cumulative increase of over 90% year-to-date [1] - The ETF has seen continuous net inflows for eight consecutive months, with its share surpassing 8.2 billion, setting a new record [1] Group 2: Industry Dynamics - Analysts indicate that the Chinese innovative drug industry has established a pyramid structure led by top-tier companies, supported by a large number of quality enterprises, demonstrating strong sustainability [1] - The underlying logic of this cycle is that China's innovative drugs under development possess global competitiveness, with the commercialization model shifting from domestic sales to international data and transaction realization (license out BD) [1] - The commercial space for the industry is expanding, leading to a healthier and more mature ecosystem, gradually transitioning into a dual-driven phase of products and business models [1] Group 3: Investment Opportunities - The Hong Kong Innovative Drug ETF (159567) tracks the Guozheng Hong Kong Stock Connect Innovative Drug Index, aiming to reflect the operational characteristics of listed companies in the innovative drug sector within the Hong Kong Stock Connect [1] - Investors can also access the Hong Kong Innovative Drug ETF feeder funds (Class A: 023929, Class C: 023930) for a streamlined investment approach in the upward opportunities of the innovative drug sector [1]