创新药板块迎来热潮，中欧基金葛兰的时代来了

Group 1 - The Hang Seng Medical Index has increased by over 50% year-to-date, with public funds performing well, particularly the China Europe Medical Health fund managed by Guo Lan, which has significantly outperformed its benchmark, achieving over 60% returns this year [1][3] - The current reversal in the innovative drug market is supported by strong fundamentals, with the number of innovative drug pipelines in China increasing from 124 in 2015 to 704 in 2024, surpassing Europe, the US, and Japan [3] - The total amount of License-out transactions has seen explosive growth, rising from $8.4 billion in 2020 to $51.9 billion in 2024, indicating a robust market for licensing agreements [3] Group 2 - Liquidity improvements have also played a crucial role in driving the innovative drug market, with average daily trading volume on the Hong Kong Stock Exchange increasing to over HKD 220 billion in Q1, compared to less than HKD 100 billion previously [4] - The market for innovative drugs is expected to grow counter-cyclically, with demand being more stable than traditional consumer sectors, although challenges remain regarding the sustainability of this growth [4] - Future performance of the innovative drug sector will depend on various factors, including company earnings, policy changes, and the global macroeconomic environment [4]