Core Viewpoint - The Hong Kong stock market experienced a collective decline in key indices, influenced by hawkish signals from the Federal Reserve, with the Hang Seng Biotechnology Index dropping over 2% at one point [1] Group 1: Market Performance - The largest ETF tracking the Hang Seng Biotechnology Index, the Hang Seng Medicine ETF (159892), saw active trading, with a transaction value exceeding 500 million as of 10:48 AM, ranking first among its peers [1] Group 2: Policy Developments - The 11th batch of centralized drug procurement is progressing steadily, with the National Medical Insurance Administration releasing procurement documents on September 20. The new procurement strategy will not simply use the lowest bid as a benchmark; instead, if the lowest price is below 50% of the average winning price, the latter will serve as the price control anchor [1] - This approach aims to prevent vicious low-price competition among companies, protect reasonable profits, and ensure better drug quality [1] Group 3: Industry Insights - According to Huaxin Securities, under the current domestic innovative payment system, some innovative products have achieved a positive cycle of R&D investment returns, with sales reaching new highs. Additionally, overseas clinical data is being released, and the peak of external licensing is approaching, accelerating the realization of innovative value [1]