融通基金万民远：看好创新药产业趋势，只是个别公司股价偏高，不太符合自身投资框架

Group 1 - The core viewpoint is that the Chinese innovative pharmaceutical industry is on a long-term upward trend due to policy support, technological breakthroughs, and international collaboration, although some listed companies may have inflated valuations [1] - The number of Chinese innovative drugs selected for the 2025 American Society of Clinical Oncology (ASCO) annual meeting has reached a new high, indicating that Chinese pharmaceutical companies are rapidly advancing in international innovative research and development [1] - Increased funding has flowed into innovative pharmaceutical companies this year, but there is a risk of overlooking the high investment, high risk, long cycle, and intense competition characteristics of R&D in this sector [1] Group 2 - The fund manager prefers a left-side investment style, focusing on undervalued assets and long-term holding, rather than chasing short-term gains [2] - The investment strategy emphasizes safety and rational, value-based, long-term investment principles, aligning with the best interests of investors [2] - The fund manager has demonstrated commitment to the fund's performance by purchasing a total of 3 million yuan worth of shares over three consecutive years from 2021 to 2023, creating a shared interest with investors [2]