$Unitedhealth(UNH.US) rose by three or four points, and the 3x leveraged long on biotech $Direxion S&P Biotech Bull 3X(LABU.US) gained over six points; sentiment in insurance and biotech is warming up in the US stock market. On the Hong Kong side, $3SBIO(01530.HK) saw a slight rise, while $WUXI BIO(02269.HK) remained basically unchanged, with innovative drugs and CXO stocks moving sluggishly. For the same pharmaceutical sector, the US market is repairing valuations, whereas Hong Kong is still waiting for fundamental improvements. Is this temperature difference between Hong Kong and the US due to short-term capital flows or long-term pricing stratification? It seems more like the latter—different environments regarding medical insurance, approval processes, and cost of capital mean that the revaluation of Hong Kong's innovative drugs must wait for clearer commercialization data🤔