Core Viewpoint - The pharmaceutical sector has experienced a slowdown in its upward momentum after a strong rally earlier in the year, with a noticeable reduction in the number of "doubling funds" [1] Group 1: Market Performance - As of November 28, only two pharmaceutical-themed funds maintained a doubling return for the year, indicating a significant decrease from the previous peak in the third quarter [1] - Over the past three months, the leading pharmaceutical ETFs have seen a decline in scale, reflecting a shift in investor sentiment from aggressive accumulation to a more cautious outlook [1] Group 2: Industry Outlook - The pharmaceutical sector is currently in a transitional phase characterized by a clear policy bottom and emerging valuation bottom, but with intensified capital competition [1] - From a long-term perspective, the growth logic of the pharmaceutical industry remains intact, supported by ongoing policy reinforcement, improved industry cash flow, and a rebound in new drug research and development investments [1] - The fundamental resilience and cost-effectiveness of the sector continue to provide support for investment [1]