展望后市，创新药板块仍以交易BD预期为主，BD重新落地预计仍是刺激板块重新修复的关键。根据数 据统计每年四季度BD占比约占全年40%，此外大单品等仍具有预期。 科创创新药ETF国泰（589720）聚焦科创板创新药企业，跟踪汇聚30家代表性优质公司的上证科创板创 新药指数，以高成长biotech为主，产品20%涨跌幅限制使其更贴合板块波动。 （文章来源：每日经济新闻） 创新药指数盘中震荡下行，科创创新药ETF（589720）跌超3%，资金逢低买入，近10日净流入额超1.1 亿元，盘中溢价交易。 近两个月，创新药板块接连调整，经历大幅调整后，创新药板块的布局性价比逐渐显现。招银国际表 示，近期，医药板块略有回调，这将带来抄底机会：由于资本市场融资复苏、创新药出海交易规模上 涨，国内创新药研发需求出现回暖。叠加美国降息，CXO行业有望迎来业绩修复。 ...

Core Viewpoint - The innovative drug sector has rebounded strongly after a two-month lull, with the Guotai Innovation Drug ETF (589720) rising over 4%, leading the market [1] Group 1: Market Performance - The innovative drug sector experienced a significant adjustment, with the Guotai Innovation Drug ETF (589720) declining nearly 18% from September 4 to October 30 [1] - Recent volatility in the innovative drug sector is attributed to market style shifts and short-term capital flow factors [1] Group 2: Future Outlook - The innovative drug sector is expected to remain driven by BD (business development) expectations, with the re-establishment of BD anticipated to be key for the sector's recovery [1] - Historically, BD accounts for approximately 40% of annual transactions in the fourth quarter, indicating potential for growth [1] - After substantial adjustments, the cost-effectiveness of investments in the innovative drug sector is becoming more apparent [1] Group 3: Investment Opportunities - Recent pullbacks in the pharmaceutical sector may present bottom-fishing opportunities, as capital market financing is recovering and the demand for domestic innovative drug R&D is rebounding [1] - The CXO industry is expected to see performance recovery, aided by the recent interest rate cuts in the U.S. [1] - Investors are encouraged to focus on the clinical progress of authorized innovative drug pipelines overseas [1] Group 4: ETF Focus - The Guotai Innovation Drug ETF (589720) targets innovative drug companies on the Sci-Tech Innovation Board, tracking a representative index of 30 high-quality companies [1] - The ETF primarily focuses on high-growth biotech firms, with a 20% limit on daily price fluctuations, making it more aligned with sector volatility [1]