Group 1 - The core viewpoint is that the innovative drug sector remains sustainable, driven by "innovation + internationalization," supported by policies, enhanced global competitiveness, and commercial profitability realization [1][2] - The innovative drug industry chain is showing signs of fundamental improvement, with overseas orders and performance beginning to recover, while domestic operations have a self-controllable logic [1] - By 2025, domestic demand is expected to rebound, particularly in the consumption medical field, including medical services, traditional Chinese medicine OTC, and chain pharmacies [1] Group 2 - The ETF Guotai (589720) focuses on innovative drug companies in the Sci-Tech Innovation Board, tracking 30 representative high-quality companies, primarily in high-growth biotech [1] - Since the "924 market," the Sci-Tech innovative drug index has outperformed major Hong Kong innovative drug indices, with returns of 75% compared to 70% for both Hong Kong innovative drug indices during the market rebound from September 24, 2024, to June 30, 2025 [1] - The innovative drug industry is experiencing broad development space and good investment opportunities due to continuous breakthroughs in international markets, policy benefits, and steady improvement in the R&D capabilities of Chinese innovative drug companies [2]