上银基金杨建楠：看好创新药长期投资机会

Group 1 - The core viewpoint is that the innovative drug sector is experiencing a significant upward trend, which is expected to continue for the next 5 to 10 years, despite some market fluctuations [1][2] - The innovative drug index increased by over 18% in the first half of the year, while the Hang Seng innovative drug index surged by 60% [2] - There is a growing opportunity for domestic innovative drug companies to enter the global market through product licensing, which is expected to lead to substantial clinical milestone payments and sales revenue sharing [2][3] Group 2 - The revenue from innovative drugs in China currently accounts for less than 10% of total pharmaceutical revenue, compared to over 70% in Europe and the US, indicating significant growth potential [2] - Innovative drug companies are transitioning from ME-TOO to BEST-IN-CLASS products, leveraging advantages such as engineering talent and abundant clinical resources [3] - Valuation methods for innovative drug companies include DCF (Discounted Cash Flow) and PS (Price-to-Sales) due to the long R&D cycles and high failure rates, with current valuations in the Hong Kong market averaging 2x PS and A-share innovative drugs around 3x PS [3]