罕见大爆发！狂飙100%

Core Viewpoint - The innovation drug sector has seen a significant surge, with 16 funds achieving a net value growth rate exceeding 100% this year, driven by strong performance in the A-share market and the innovation drug index [1][3]. Fund Performance - As of July 29, 2023, 16 funds have surpassed a 100% net value growth rate, with a notable increase from only 4 such funds by July 28 [1]. - Several funds have also reported net value increases of over 90%, indicating potential for further growth [2]. - The innovation drug sector index rose by 3.23% on July 29, with nearly 20 related stocks hitting the daily limit or increasing by over 10% [3]. Fund Types - The "doubling funds" primarily consist of innovation drug-themed funds, including both active equity funds and ETFs, which have all benefited from the strong performance of the innovation drug sector [3]. - Specific funds such as Huaxin Pharmaceutical Bio A, Nuoan Selected Value A, and others have achieved over 100% growth [3]. Market Dynamics - The current market for innovation drugs is characterized by a high level of activity, with many companies entering a product launch phase after years of research and development [4]. - Factors contributing to the growth include the expiration of patents for multinational corporations, the emergence of Chinese pharmaceutical companies in the innovation drug 2.0 era, and comprehensive policy support [4]. Valuation Insights - As of July 29, the Hong Kong innovation drug index and the Hong Kong Stock Connect innovation drug index have both seen over 111% growth this year, with TTM P/E ratios of 42.63 and 42.02, respectively, indicating reasonable valuation levels compared to historical data [5][6]. - The overall valuation of the innovation drug sector is considered reasonable, with some individual stocks potentially overvalued, but leading companies are still seen as fairly valued [6]. Investment Recommendations - Investment managers suggest a cautious yet optimistic approach to the innovation drug sector, emphasizing the importance of risk and return matching in portfolio allocation [7]. - Recommendations include diversifying investments to mitigate risks, utilizing systematic investment plans to smooth costs, and maintaining a balanced exposure to high-risk sectors [7].