卷土重来的医药基金何时“长大”

Group 1 - The pharmaceutical sector has recently experienced a rebound, with over 100 medical-themed funds achieving a return rate exceeding 10% year-to-date as of May 9, with some funds exceeding 40% [1][2] - Despite the overall positive performance of many medical-themed funds, there is significant performance divergence, with the worst-performing fund down over 13%, creating a gap of more than 50 percentage points between the best and worst performers [1][2] - Some investors are opting to sell their holdings despite the market recovery, driven by a "break-even" mentality after previous losses, leading to a noticeable shrinkage in fund sizes [1][3] Group 2 - Innovative drugs have emerged as the standout segment within the pharmaceutical market, with funds heavily invested in this area seeing substantial gains, such as the Zhongyin Hong Kong Stock Connect Medical Fund, which reported a return rate exceeding 38% [2] - Fund managers are adjusting their portfolios, reducing exposure to previously high-performing innovative drug stocks while increasing allocations to AI-related medical stocks, indicating a shift in investment strategy [2][3] - The overall investment logic in the pharmaceutical sector appears to be changing, with a growing recognition of China's innovative drug industry gaining a leading position globally, supported by favorable government policies [3][4] Group 3 - Despite the strong performance of the pharmaceutical market, some funds are still facing the risk of liquidation, with several funds showing a decline in size even after positive returns [3] - The industry has seen a significant increase in the number of new medical-themed funds being launched by various public fund institutions, indicating a growing interest in this sector [3] - The pharmaceutical industry is characterized by high uncertainty and policy risks, necessitating a cautious approach to investment, including diversification to mitigate potential risks [4]