财通资管：医药板块结构性触底，创新药+AI医疗有望成为新主线

Core Viewpoint - The pharmaceutical industry is experiencing a rebound driven by technological advancements, particularly in innovative drugs and AI healthcare, marking the best start to the year in nearly four years [1][2]. Group 1: Industry Recovery and Investment Opportunities - The pharmaceutical sector is believed to be in a structural bottoming phase, with many companies emerging from a prolonged downturn, indicating a potential recovery [1][2]. - The AI healthcare and innovative drug sectors are identified as the two core investment tracks for the future, supported by their dual attributes of innovation and technology [6][7]. - The recent strong performance of the pharmaceutical sector, with Hong Kong and A-share innovative drug indices rising over 36% and 15% respectively since January 13, highlights the sector's recovery potential [1]. Group 2: Driving Factors for the Pharmaceutical Sector - Four key factors are driving the anticipated turning point in the pharmaceutical industry: technological advancements, policy effects, internationalization of innovative drugs, and increasing institutional interest [3][4][5]. - Technological advancements, particularly in AI applications for drug development and healthcare, are significantly enhancing market sentiment and investment opportunities [3][4]. - Policy reforms aimed at improving the efficiency of medical insurance funds and promoting high-quality development in the pharmaceutical sector are beginning to yield positive results [4][5]. Group 3: Market Dynamics and Valuation - The internationalization of innovative drugs is accelerating, with over $12.6 billion in License-out transactions reported this year, indicating strong growth potential [5]. - The valuation of innovative drugs is supported by their increasing international presence and ongoing research and development efforts, which are expected to yield new market opportunities [5][6]. - The focus on innovative drugs and AI healthcare is expected to continue, with the potential for significant revenue growth as these sectors mature [6][7]. Group 4: Investment Strategy and Research Approach - The company emphasizes a systematic investment approach, focusing on deep research, long-term perspectives, and broad coverage of the pharmaceutical sector to identify value [9][10]. - The investment team consists of experienced professionals dedicated to thorough analysis and understanding of industry trends, company governance, and business models [9][10]. - The current market conditions present a favorable opportunity for investment in the pharmaceutical sector, particularly in innovative drugs and AI healthcare, despite the inherent challenges [8][11].