广发基金吴兴武：基本面与市场偏好共振 创新药仍具韧性和吸引力

Core Viewpoint - The innovation drug sector is experiencing increased short-term volatility, yet there remains a strong expectation for its performance due to the growing number and value of overseas market authorizations each quarter, indicating resilience and attractiveness in the market [1][2]. Industry Analysis - The Chinese innovation drug industry has entered a phase of significant development after ten years of progress, with a high proportion of quality enterprises despite existing disparities [2]. - The internationalization of Chinese innovation drug companies is steadily advancing, with increasing quarterly authorizations in overseas markets, showcasing the industry's growth potential [2]. Investment Opportunities - Investment in innovation drugs should be based on a clear understanding of the current industry development status and trends, with several characteristics influencing future investment logic and frameworks [2]. - The R&D supply chain in China's innovation drug sector is well-established and vibrant, supported by a robust talent pool from scientists to industrial engineers [2]. - There is a large and cost-effective clinical trial population in China, providing valuable translational medical resources that enhance understanding of specific treatment areas and can positively influence early-stage R&D processes [2]. Market Perspective - A project-based view is essential for assessing the market value of companies, as many firms are still exploring global commercialization without clear paths, relying primarily on long-term revenue from drug launches [3]. - The investment strategy involves a bottom-up approach to identify companies with strong competitive advantages and high value, while also adjusting holdings according to industry cycles and market conditions [3]. Performance Metrics - As of July 4, the performance of the Guangfa Hong Kong-Shenzhen Medical A fund has exceeded 50% this year, with an excess return rate of 33.90% compared to its benchmark [3].