Core Insights - The performance of actively managed equity funds focused on humanoid robots is currently lagging behind, while funds heavily invested in innovative pharmaceuticals have emerged as top performers, with the Huatai-PineBridge Hong Kong Advantage Selected Mixed Fund (QDII) A achieving a year-to-date return of 64.44% as of April 27 [1][2] Fund Performance - As of April 27, the Huatai-PineBridge Hong Kong Advantage Selected Mixed Fund (QDII) A has a year-to-date return of 64.44%, making it the best-performing public fund this year [1] - The top ten holdings of this fund include Rongchang Biologics, Kelun-Botai Biologics-B, Innovent Biologics, and others, indicating a strong focus on leading pharmaceutical companies [1] - Several other pharmaceutical-themed funds have also shown significant returns, with funds like Changcheng Pharmaceutical Industry Selected Mixed Fund and Yongying Pharmaceutical Innovation Selected Mixed Fund exceeding 40% year-to-date returns [1] Market Trends - The pharmaceutical sector has seen a notable increase in stock prices, particularly in the innovative drug segment, with stocks like Rongchang Biologics and Innovent Biologics showing year-to-date increases of over 200% and nearly 50%, respectively [2] - Key breakthroughs in research and development have acted as catalysts for the pharmaceutical market, with recent approvals for innovative drugs such as the PD-1/VEGF bispecific antibody by Kangfang Biologics [2] Market Dynamics - The performance of Hong Kong-listed pharmaceutical stocks has shown greater elasticity compared to A-shares, attributed to the overall higher quality of Hong Kong's innovative drug companies and recent liquidity improvements in the market [3] - The current pharmaceutical market is characterized by a positive cycle of technological breakthroughs, policy support, and globalization, with significant growth in the number and value of overseas transactions by Chinese innovative drug companies [3][4] Future Outlook - The current innovative drug market is at a stage of heightened global competitiveness, with core stocks expected to maintain reasonable valuations without forming bubbles, allowing for potential earnings based on fundamental performance [4] - Key catalysts to watch for in 2025 include critical clinical data disclosures, overseas market authorizations for major products, performance realization of listed products, and new product negotiations with insurance [4]