融通基金万民远： 坚持逆向投资 医药行业有望筑底回升

Group 1 - The pharmaceutical sector has experienced a nearly five-year correction since a strong rally from 2019 to 2020, but investment is gradually warming up this year driven by innovative drug concepts [1] - Wan Minyuan, a fund manager with a medical background, believes that the most difficult times for the pharmaceutical industry may have passed, with a relatively optimistic outlook on the sector's performance [1][4] - The investment strategy of Wan Minyuan emphasizes safety and a contrarian approach, focusing on buying when the market is less interested and selling when it is more enthusiastic [2][3] Group 2 - Wan Minyuan's investment philosophy is rooted in maintaining a high win rate by ensuring correct decisions outweigh incorrect ones, which is crucial for sustainable and predictable returns [2][3] - The pharmaceutical sector is expected to see improvements in 2025 due to the gradual resolution of multiple factors that have constrained its performance, including favorable policy changes [4][5] - Key drivers for long-term growth in the pharmaceutical industry remain unchanged, such as population aging, changes in disease patterns, and the supply of innovative technologies [5] Group 3 - Wan Minyuan focuses on companies with stable operations and emphasizes the importance of prudent financial management, avoiding overly aggressive accounting practices [3][5] - The investment strategy includes a long holding period for core positions, with a disciplined approach to selling based on specific criteria such as valuation bubbles and significant deviations from expected company performance [5][6] - Wan Minyuan identifies three main investment opportunities in the pharmaceutical sector: innovative drugs and medical devices, recovery in pharmaceutical consumption, and low price-to-book ratio assets [6][7] Group 4 - The interest in innovative drugs is growing, with an increase in upfront payments for licensing deals, although A-share market valuations for innovative drugs are currently high [7] - Wan Minyuan is also expanding investment horizons beyond the pharmaceutical sector, looking at domestic demand and technology sectors, particularly in undervalued assets in the Hong Kong market [7]