Market Overview - The Asia-Pacific stock markets opened lower, with the Hang Seng Index dropping over 1%, affected by declines in sectors such as innovative drugs, real estate, and finance [1] - The Nikkei 225 index also experienced a decline of over 1%, while the Korean Composite Index initially rose but later adjusted, narrowing its gains [2] - FTSE China A50 futures opened down 0.6%, with a current decline of 2% [3] Innovative Drug Sector - The innovative drug stocks in Hong Kong collectively weakened, with notable declines including Kangfang Biotech down nearly 10% and several others like CSPC Pharmaceutical and Fosun Pharma dropping over 5% [5][6] - Analysts suggest that the recent downturn in innovative drugs has turned them into "contrarian assets," with concerns over short-term trading pullback risks [8] - Guosheng Securities remains optimistic about the innovative drug sector, citing solid underlying industry logic and trends, predicting continued bullish potential [8] - Recent overseas licensing deals and the ASCO conference have catalyzed strength in domestic and Hang Seng innovative drug stocks, with an increasing number of projects being secured by pharmaceutical companies [9] Real Estate Sector - The real estate stocks broadly declined, with New World Development falling over 10% and other major players like R&F Properties and Sunac China also experiencing significant drops [11] - CITIC Securities forecasts a transformative period for the Chinese real estate industry in the second half of 2025, emphasizing the need for innovative business models to succeed [11] New Consumption Sector - Despite declines in various sectors, new consumption stocks attracted investor interest, with Pop Mart rising over 2% and nearing previous historical highs [15] - Pop Mart's recent initiatives, including a partnership with the One Foundation to promote children's mental health and art education, have contributed to its positive market perception [16][17] Health Sector - Health Road experienced a significant surge, with its stock price increasing by over 50% during trading [18][19]