长城基金梁福睿：从“跟跑”迈向“领跑”，创新药重估或进入长周期

Core Viewpoint - The innovative drug sector is experiencing significant growth, with various funds, particularly the Changcheng Pharmaceutical Industry Select Fund, capitalizing on this trend, showcasing impressive returns and a focused investment strategy in innovative drugs [1][2]. Group 1: Market Performance - As of June 20, the Wind Pharmaceutical Index has risen by 23.52% year-to-date, with the innovative drug sector showing a remarkable increase of 20.98%, while the Hong Kong Stock Connect Innovative Drug Index surged by 54.78% [1]. - The Changcheng Pharmaceutical Industry Select Fund A has achieved a return of 71.19% since its inception, significantly outperforming its benchmark (2.31%) and the average return of equity mixed funds (-3.02%) [2]. Group 2: Fund Strategy and Holdings - The fund's top ten holdings account for 67.70% of its assets, focusing on key areas such as chemical preparations, biological products, and medical devices within the innovative drug sector [2]. - The fund has increased its allocation to Hong Kong stocks from 12.42% at the end of 2024 to 35.20% by the first quarter of 2025, capitalizing on the rising valuations in the Hong Kong innovative drug market [4]. Group 3: Industry Dynamics - The innovative drug sector is undergoing a value reassessment, transitioning from a phase of high investment to one of revenue realization, with significant growth in revenue and net profit for A-share and Hong Kong innovative drug companies [5][6]. - The Chinese innovative drug industry is becoming increasingly competitive globally, with a record $51.9 billion in foreign licensing transactions in 2024 and $36.9 billion in the first quarter of 2025 [6]. Group 4: Future Outlook - The supportive policy environment, improving industry fundamentals, and ongoing internationalization are expected to sustain the momentum of the innovative drug sector, with potential for continued growth in both revenue and R&D [9]. - The current valuation of the innovative drug sector remains reasonable, providing opportunities for investment, particularly in the Hong Kong market, where the price-to-earnings ratio is at 31.95, indicating significant room for recovery [8].