创新药主线飙升，有人在减持和清仓

Group 1 - The core viewpoint of the article highlights the significant rebound of innovative drug funds in 2023, with many top-performing funds heavily invested in innovative drugs, despite ongoing discussions about potential "bubbles" in the sector [1][4][10] - As of June 6, 2023, eight out of the top ten performing public funds had their largest holdings in innovative drug stocks, indicating a strong market trend towards this sector [6][9] - The WanDe Innovative Drug Index has increased by 24.87% this year, while the Hong Kong Innovative Drug Index has surged by 69.30%, reflecting robust market performance [5][4] Group 2 - Fund managers express optimism about the innovative drug sector, citing supportive policy environments, accelerated overseas licensing, and leading companies entering profitable cycles as key drivers of growth [7][8] - Concerns about a potential bubble in the innovative drug market have been raised, with some fund managers noting that many companies may never achieve profitability, leading to inflated valuations [11][12] - The recent trend of large redemptions from Hong Kong innovative drug ETFs suggests a shift in investor sentiment, with significant declines in fund sizes observed [13][14] Group 3 - The article discusses the contrasting views among fund managers regarding the sustainability of the innovative drug rally, with some advocating for caution due to high valuations and potential market corrections [16][17] - A comparison is made between the current innovative drug market and the previous CXO bubble, with some managers suggesting that the current situation may present even greater risks [11][16] - The article concludes with insights on the relative valuation of A-share and Hong Kong innovative drug stocks, indicating that A-shares may offer better value and safety margins compared to their Hong Kong counterparts [16][17]