Core Viewpoint - The market is shifting its focus from short-term BD to the long-term pipeline value of innovative domestic drugs, particularly those with source innovation capabilities and FIC/BIC product matrices, following data releases from the ESMO conference [1] Group 1: Market Trends - The upcoming National Medical Insurance negotiation in November will determine the speed of new drug hospital adoption, while the December commercial insurance innovation drug catalog may address the issue of high-priced drugs entering hospitals, complementing the medical insurance system [1] - The JP Morgan Healthcare Conference in January is expected to attract global attention, further highlighting the innovative drug sector [1] Group 2: Investment Opportunities - The Guotai Innovation Drug ETF (589720) focuses on innovative drug companies listed on the Sci-Tech Innovation Board, tracking a representative index of 30 high-quality companies, primarily in high-growth biotech [1] - Since the "924 market" last year, the Sci-Tech Innovation Drug Index has outperformed the Hang Seng Hong Kong Stock Connect Innovation Drug Index, with respective gains of 117.04% and 109.62% during the market rebound period from September 24, 2024, to September 30, 2025 [1] - The Sci-Tech Innovation Drug Index may provide better exposure to the resilience of the Sci-Tech Innovation Board when market risk appetite increases [1]