Group 1 - The innovative drug sector remains active, with rapid advancements in GLP-1 dual-target new drug development, including multiple approved indications for Eli Lilly's tirzepatide in China [1] - Domestic innovative drugs such as Innovent Biologics' mazdutide have entered the commercialization stage, while Hengrui Medicine's HRS9531 has achieved positive results in Phase III clinical trials [1] - The industry is experiencing a surge in business development (BD) transactions, exemplified by a $2.075 billion licensing agreement between Shijiazhuang Pharmaceutical Group and Madrigal for an oral small molecule GLP-1 receptor agonist, and a potential $12 billion collaboration between Hengrui Medicine and GSK for a PDE3/4 inhibitor [1] Group 2 - The current PE valuation for the pharmaceutical and biotechnology sector stands at 30.88 times, which is at the historical median level, indicating that innovative drugs remain a core investment theme for the second half of the year [1] - The Guotai ETF (517110) tracks the SHS Innovative Drug (RMB) Index (931409), which selects listed companies involved in innovative drug research and production from the Hong Kong Stock Connect range, focusing on growth companies with high R&D investment ratios and technological innovation capabilities [1] - Investors without stock accounts can consider the Guotai Zhongzheng Shanghai-Hong Kong-Shenzhen Innovative Drug Industry ETF Initiation Link A (014117) and Link C (014118) [1]