创新药带动基金业绩霸榜背后，有人减仓有人喊“黄金三年”

Group 1 - The core viewpoint of the articles highlights the strong performance of the pharmaceutical-themed ETFs, particularly in the context of the ongoing market enthusiasm for innovative drugs, with some fund managers optimistic about long-term investment opportunities while others express caution and have reduced their positions [1][2][5]. - On June 10, the top 20 performing ETFs in the non-currency market were dominated by pharmaceutical-themed products, with several funds showing daily gains exceeding 3%, indicating a robust interest in the innovative drug sector [2][3]. - The trading activity in these ETFs has significantly increased, with the E Fund Hang Seng Hong Kong Stock Connect Innovative Drug ETF achieving a daily turnover of 5.76 billion yuan on June 10, marking a new high since its inception [2][3]. Group 2 - The innovative drug sector has seen a substantial rise, with the Hong Kong Stock Connect Innovative Drug Index up 64.94% year-to-date, contrasting with the modest 1.59% increase in the broader medical index, suggesting a divergence in performance within the pharmaceutical industry [5][6]. - Despite the strong performance of innovative drug ETFs, there has been a notable outflow of funds, with some products experiencing net redemptions exceeding 2.6 billion yuan in the past month, indicating a cautious sentiment among investors [3][4]. - Institutional interest remains high, with 233 pharmaceutical and biotechnology stocks receiving institutional research attention in the past month, reflecting ongoing efforts to identify opportunities within the sector [4]. Group 3 - There is a growing concern about potential overvaluation and risks associated with the innovative drug sector, as some analysts warn of a bubble driven by speculative trading, while others maintain a long-term positive outlook on the industry [7][8]. - The market is witnessing a shift in sentiment, with some fund managers reducing their exposure to innovative drugs while reallocating to AI healthcare, indicating a cautious approach amidst high market enthusiasm [7][8]. - The innovative drug sector is expected to continue attracting attention, with projections of improved revenue for companies starting from mid-year earnings reports, which could lead to renewed interest from investors [6][7].