Group 1 - The core viewpoint is that the pharmaceutical sector is experiencing a phase of revaluation, particularly in innovative drugs, which is expected to continue in the long term [2][3][4] - The market has fully recognized the pessimistic expectations for the pharmaceutical sector, influenced by economic downturns and regulatory pressures, but it overlooks the innovation and technological aspects of the industry [3][4] - The Hang Seng Medical ETF (513060) tracks the Hang Seng Healthcare Index, which consists of 70% innovative drugs and their supply chain, indicating a focus on the recovery of innovative drug valuations and cyclical recovery [4] Group 2 - In the short term (1-3 months), the pharmaceutical index is expected to enter a phase of volatility, with a consensus on the revaluation of innovative drugs [2] - In the medium term (3-12 months), the outlook for the pharmaceutical index remains optimistic, as it is currently at a low valuation compared to historical levels [2][3] - The recovery potential for cyclical aspects of the pharmaceutical sector, such as medical devices and consumer healthcare, is significant as the economy stabilizes [3][4]