创新药基金拿下好业绩，却有六成遭遇“净赎回”

Core Viewpoint - The innovative drug sector has become the main market theme in the first half of the year, with significant excess returns observed in the second quarter [1][2]. Performance and Scale Paradox - In the second quarter, 107 funds achieved returns exceeding 20%, with 59 of these heavily invested in innovative drugs, accounting for 55% of the total [2]. - The top three performing innovative drug funds in Q2 were: Changcheng Pharmaceutical Industry Select A (35.86%), Huitianfu Hong Kong Advantage Select A (34.09%), and Huashan Pharmaceutical Biology A (31.20%) [2]. Fund Flows - Despite strong performance, many innovative drug funds did not experience net inflows; approximately 60% of the funds with over 20% returns faced net redemptions [4][5]. - Among the 43 actively managed innovative drug funds with returns over 20%, only 18 saw net subscriptions, while 25 experienced net redemptions [4]. Scale Changes - Only three innovative drug funds saw their scale increase by over 1 billion yuan in Q2, while others either remained stable or faced net redemptions [5]. - Specific funds like Huitianfu Innovation Medicine and Yongying Medicine Innovation Select saw significant scale growth, while others like Huitianfu Daxin and Huitianfu Medical Services faced substantial scale reductions [6]. Market Sentiment - Fund managers remain optimistic about the innovative drug sector for the second half of the year but caution about potential adjustments and volatility due to prior gains [8][9]. - The outlook for Q3 includes a focus on overseas licensing and domestic sales expansion, with expectations for continued activity in the innovative drug sector [8][11]. Investment Strategy - Fund managers suggest diversifying investments to mitigate risks associated with policy changes and technological iterations, advocating for a rational and long-term asset allocation approach [9]. - The current market is viewed as a structural bull market, with innovative drugs being the primary focus for investment opportunities [10].