近一周多以来，国内创新药板块结束此前单边上涨行情，转而进入震荡。然而，中国证券报记者发 现，场内资金却呈现出"越跌越买"的迹象。6月16日至6月25日，医药主题ETF合计净流入超64亿元，多 只龙头创新药主题ETF净流入超15亿元。 6月26日，部分创新药公司披露的BD（商务拓展）落地情况或与市场乐观预期存在差距，创新药板 块本周初反弹后再度下跌。业内人士认为，创新药研发本身具有高度不确定性，尤其在当前部分个股估 值已较高的情况下，任何瑕疵都可能被放大并导致股价回调。具有更高置信度、更优竞争格局、更完备 商业逻辑的创新药企业才是具备更好投资逻辑的标的。 "吸金"力度加大 今年以来，在创新药行情的持续催化下，医药板块迎来久违的上涨行情。在累积较多涨幅后，港股 创新药板块开始带头回调，进入了高位震荡阶段，然而场内资金却呈现出"越跌越买"的迹象。 Wind数据显示，6月16日至6月20日，港股创新药指数大跌8.51%。在此期间，广发中证香港创新药 ETF、汇添富国证港股通创新药ETF分别净流入8.89亿元、7.10亿元。 本周初，创新药板块行情有所回暖，而上述两只创新药主题ETF继续加大"吸金"力度，6月23日至6 ...

Investment Rating - The report maintains an "Accumulate" rating for the pharmaceutical and biotechnology sector [8] Core Insights - The report highlights that the pharmaceutical sector, particularly the innovative drug segment, is experiencing a significant bull market, with the innovation drug index outperforming other indices [2][13] - The report emphasizes the strong liquidity in the market, which has led to increased investment in innovative drugs, particularly those related to PD1 and weight loss drugs [2][15] - Future outlook remains optimistic for 2025, focusing on innovative drugs, new technologies, and restructuring of the supply chain [3][16] Summary by Sections 1. Pharmaceutical Core Insights - The pharmaceutical index increased by 1.40% during the week of June 9-13, outperforming both the ChiNext and CSI 300 indices [13] - The innovative drug index rose by 3.07%, indicating strong market performance [50] 2. MNC Cash and Potential Layouts - MNCs have substantial cash reserves, with major companies like Johnson & Johnson and Merck holding over $10 billion in cash, indicating strong purchasing power for potential business development (BD) opportunities [27][25] - The report analyzes MNC revenue sources, highlighting a focus on oncology, metabolism, and mental health, which are areas of high market potential [25][27] 3. Investment Strategies and Thoughts 3.1 Broad Pharmaceuticals - Innovative drugs are a key focus, with a recommendation to explore opportunities in core stocks and those with BD expectations [3][16] - The report identifies specific companies for investment, including major players in the innovative drug space and smaller market cap stocks with promising pipelines [17][18] 3.2 Generic Drugs - The generic drug sector showed a weekly increase of 5.24%, outperforming the broader pharmaceutical index [59] - Top-performing stocks in the generic sector include Yiming Pharmaceutical and Sai Sheng Pharmaceutical, indicating strong market activity [62] 4. Market Review and Hotspot Tracking - The report notes that innovative drugs are becoming the most attractive sector, with significant price increases observed in several companies due to market catalysts [2][15] - Key events, such as the NMPA's inclusion of a new treatment for cardiovascular disease, are highlighted as important developments in the sector [57]