医药主题产品霸榜！对话知名基金经理万民远：为什么他说当下创新药“大部分都是纯炒”？

Group 1 - The core viewpoint of the articles indicates that the innovative drug sector is experiencing a significant surge, with A-share innovative drug index rising over 20% and Hong Kong's index nearly 50% in 2025 [1][2] - Leading companies such as BeiGene and CanSino Biologics have shown remarkable performance, and several innovative drug ETFs have increased by over 40% in the secondary market [1][2] - However, there are concerns about a potential bubble in the innovative drug market, as many stocks are being driven by speculation rather than solid fundamentals [1][3] Group 2 - Fund manager Wan Minyuan has expressed skepticism about the sustainability of the current innovative drug market, suggesting that many companies are overvalued and that the hype is largely speculative [3][4] - Wan noted that the current wave of innovation in the drug sector is supported by favorable policies, technological advancements, and international expansion, which are expected to drive long-term growth [3][4] - The approval of over 20 first-class innovative drugs by the National Medical Products Administration in the first five months of 2025 marks a record high for the past five years, indicating a robust regulatory environment [4] Group 3 - The recent American Society of Clinical Oncology (ASCO) annual meeting showcased a record number of Chinese innovative drugs, highlighting the country's progress in international research and development [4] - Despite the positive outlook, Wan cautioned that the influx of capital into innovative drug companies may overlook the high risks and long development cycles associated with drug research [4][5] - Wan's investment strategy focuses on identifying undervalued assets and maintaining a long-term holding approach, rather than fully committing to the currently popular innovative drug sector [7] Group 4 - There is a divergence of opinions among fund managers regarding the valuation of innovative drug companies, with some acknowledging the presence of a bubble while others remain optimistic about future growth [8] - Factors such as the successful launch of innovative drugs, improved domestic market conditions, and increasing international collaborations are expected to drive the sector's growth [9][10] - The total value of licensing transactions for Chinese innovative drug companies reached $45.5 billion in the first five months of 2025, surpassing the total for the first half of 2024, indicating a surge in international commercialization efforts [10]