Core Viewpoint - The Hong Kong stock market opened lower on June 12, with the Hang Seng Index down 0.59% and the Hang Seng Tech Index down 1.13%, while the innovative drug concept opened higher against the trend [1] Group 1: Market Performance - The Hong Kong innovative drug ETF (159567) rose by 2.06% with a trading volume exceeding 200 million and a turnover rate over 11% [1] - On June 11, the innovative drug ETF (159567) experienced a significant net inflow of over 160 million [2] Group 2: Sector Insights - Pacific Securities suggests focusing on the pharmaceutical sector due to the impact of market pricing power and capital changes, particularly in innovative drugs, as liquidity and risk appetite have improved [2] - The upcoming AACR and ASCO conferences are expected to enhance the attention on innovative biotech catalysts, with domestic companies leading in dual-antibody ADCs, TYK2 inhibitors, GKA agonists, and pan-KRAS inhibitors [2] - Everbright Securities highlights the active participation and competitiveness of Chinese pharmaceutical companies in new drug development, especially following the ASCO annual meeting, which showcased impressive results and data [2]

Group 1 - The core viewpoint of the articles highlights the strong performance and positive outlook for the innovative drug sector in the Hong Kong stock market, with significant trading activity and growth in related ETFs [1][2] - The Hong Kong innovative drug ETF (159567) has seen a year-to-date increase of over 62% as of June 10, indicating robust investor interest and market momentum [1] - Major stocks within the innovative drug sector, such as Green Leaf Pharmaceutical, have experienced notable gains, contributing to the overall positive sentiment in the market [1] Group 2 - Multiple institutions express optimism regarding the future of the innovative drug industry, emphasizing its alignment with global trends and the ongoing value reconstruction of Chinese innovative drugs [2] - Financial institutions like Galaxy Securities and Shenwan Hongyuan highlight the potential for sustained recovery in the pharmaceutical market, with structural opportunities remaining available [2] - The innovative drug sector has shown consistent revenue growth and increased external licensing deals over the past three years, with expectations for significant product launches and business development activities in the near future [2]