追踪创新药行情：谁在加仓，谁在减仓？

Core Viewpoint - The innovative drug sector is experiencing fluctuations, with a recent adjustment phase following significant gains earlier in the year. Despite this, many fund managers remain optimistic about the sector's future potential, although they caution about the differentiation between high-quality companies and those with inflated valuations [2][3][11]. Market Performance - As of June 25, the Hong Kong innovative drug index has risen by 65.50% this year, while the Wind innovative drug index has increased by 24.83%. During a recent adjustment period, there has been a notable increase in investments in Hong Kong innovative drug ETFs, with shares rising from 9.148 billion to 11.482 billion, marking a 26% increase [2][3]. - In the first half of the year, funds heavily invested in innovative drugs have performed exceptionally well, with 31 out of 36 funds that gained over 50% being focused on innovative drugs. The top-performing fund, Huatai-PineBridge Hong Kong Advantage Selection A, achieved an 88.98% return [4][5]. Fund Manager Sentiment - Many fund managers express optimism about the innovative drug market, believing it has not yet reached its peak. However, they note a divergence in performance among companies, with some still undervalued while others may be overhyped [3][11]. - Recent fund performance indicates that some managers may have bought into innovative drugs at high points, leading to significant corrections in their net values [9][10]. Investment Trends - Recent trends show that funds are beginning to accumulate shares in Hong Kong innovative drug ETFs during the recent market pullback. This follows a period where funds primarily sold off their holdings, resulting in a redemption of approximately 2.3 billion shares [8][9]. - A number of funds that increased their positions in innovative drugs during the second quarter include Huafu Health Entertainment, Yongying Medical Health, and others, indicating a strategic shift towards this sector [10]. Valuation Concerns - Discussions around potential valuation bubbles in the innovative drug sector are ongoing, with some analysts suggesting that the current market may be overvalued compared to historical performance. Concerns include high expectations for future earnings and the sustainability of current valuations [11][12]. - Despite these concerns, some fund managers argue that the current valuation levels for innovative drug companies remain reasonable, especially in light of the sector's growth potential and supportive policies [14][16]. Future Outlook - The innovative drug sector is expected to continue its growth trajectory, driven by increasing revenues and profits among many companies, as well as favorable government policies. However, the pace of growth may moderate compared to the first half of the year [17].