长城基金梁福睿：“三周期共振”把握创新药投资机遇，看好板块长期价值

Core Insights - The innovative drug sector has shown strong performance, with the Wind Innovative Drug Index rising over 31% since the beginning of the year, significantly outperforming the broader market [1] - The market anticipates that innovative drugs will continue to be the main focus of the pharmaceutical sector this year, driven by policy support, performance realization, and valuation recovery [1] Group 1: Investment Strategy - Liang Furui, the manager of the Great Wall Pharmaceutical Industry Selected Fund, emphasizes a unique "three-cycle resonance" investment strategy, focusing on the resonance of industry cycles, company growth cycles, and capital market cycles [2] - The industry cycle analysis involves identifying structural changes and competitive dynamics to find companies with pricing power, particularly in the context of strong demand and relatively weak supply in innovative drugs [2] - The company growth cycle focuses on financial performance, seeking companies with potential for profit improvement, particularly in innovative drug data performance and global market presence [2] Group 2: Market Outlook - The innovative drug sector remains attractive compared to other pharmaceutical segments, with expectations of continued strong performance due to favorable policies and significant revenue and profit growth among many innovative drug companies [4] - Key observation points for the sector include the impact of the recent American Society of Clinical Oncology (ASCO) meeting on market sentiment and the performance of innovative drug biotech companies in the upcoming mid-year reports [4] - Liang Furui identifies two types of pharmaceutical companies with high investment value: those with rapid financial improvement and growth potential, and those with strong single-product logic [5][6]