创新药ETF暴涨后市场分歧加大，有基金经理称透支“未来三五年”

Group 1 - The core viewpoint of the article highlights the skepticism surrounding the high valuations in the innovative drug sector, with concerns that many companies may have reached their peak performance for the next three to five years [1][2] - The innovative drug market has seen significant growth, with the Hong Kong innovative drug ETF rising over 53% year-to-date as of June 6, 2023, and several innovative drug ETFs exceeding 30% gains [1][3] - There is a structural increase in the pharmaceutical sector, particularly in innovative drugs, but the sustainability of earnings for some companies remains uncertain [1][2] Group 2 - Fund manager Wan Minyuan expresses concerns about the high-risk nature of innovative drug R&D, suggesting that some companies may have inflated stock prices and potential valuation bubbles [2] - Wan Minyuan's management scale has drastically decreased from over 15 billion to approximately 4.063 billion, reflecting a 73% reduction over two years, with significant losses in his funds [2] - Despite the current skepticism, there is a long-term positive outlook for the innovative drug industry, as domestic companies are expected to enhance their global competitiveness through international commercialization [2][4] Group 3 - The innovative drug indices in both A-shares and Hong Kong have shown substantial increases, with A-share innovative drug index up over 20% and Hong Kong's close to 50% year-to-date [3] - There is a noticeable divergence among various pharmaceutical ETFs, with some experiencing significant inflows while others face substantial outflows, indicating mixed investor sentiment [3] - The approval of multiple innovative drugs by the National Medical Products Administration in May 2023 is expected to lead to significant sales growth for related companies, enhancing their performance [4]