中银基金郑宁：未来几年创新药基本面不会错 看好港股创新药未来的表现

Group 1 - The current performance of innovative drug stocks is driven by molecular-level profitability, with expectations for a strong continuation of this market trend [1] - The research and development (R&D) investment in innovative drugs has entered a stable phase, moving past the most impactful stage on profits, leading to a harvest period where products are starting to contribute to performance [1][2] - Hong Kong's innovative drug sector is viewed as having better quality and cheaper valuations compared to A-shares, with a higher risk-reward ratio despite the former's stronger performance in the first half of the year [1][2] Group 2 - Traditional pharmaceutical companies are experiencing reduced pressure from centralized procurement, providing a safety margin for their main businesses [2] - The investment strategy involves dynamically comparing risk-reward ratios across different sub-sectors and stocks within the pharmaceutical industry to identify optimal high-risk, high-reward targets [2] - The catalysts for the innovative drug market include strong sales performance, clinical data disclosures from upcoming conferences, and ongoing business development (BD) activities that are expected to exceed expectations [3] Group 3 - The innovative drug sector has seen rapid growth in the first half of the year, yet valuations remain at a reasonable low level, suggesting good expected returns supported by fundamentals [3] - The volatility of leading Chinese innovative drug companies is anticipated to decrease as they begin to report earnings [3] - Investors are advised to adopt a systematic investment approach, such as dollar-cost averaging, to manage short-term volatility while holding onto investments for long-term gains [3]