创新药基金“王者归来”，火爆行情还能持续吗

Core Viewpoint - After four years of adjustment, the innovative drug fund is experiencing a significant resurgence in 2025, with substantial excess returns observed in the first half of the year [1][3]. Group 1: Performance of Innovative Drug Funds - In the first half of the year, the Hang Seng Innovative Drug Index rose by 60.27%, while the Innovative Drug Index increased by 23.93% [1][4]. - Among funds with returns exceeding 40%, over 70% were heavily invested in innovative drugs, and over 50% of funds with returns above 20% also had significant holdings in this sector [3][4]. - The Guozheng Hong Kong Stock Connect Innovative Drug Index achieved a remarkable 105.13% increase year-to-date, ranking first among similar indices [4]. Group 2: Fund Manager Insights - Fund managers remain optimistic about the structural market for innovative drugs, citing potential significant business development (BD) transactions and favorable domestic policies supporting innovation [2][8]. - The performance of innovative drug funds is attributed to a structural bull market, driven by successful BD transactions and positive outcomes presented at major academic conferences [7][9]. - Fund managers believe that the current rise in innovative drug prices is well-supported by fundamentals, indicating that the market is not yet in a bubble [9]. Group 3: Specific Fund Performance - The Industrial Bank Health Industry Fund, managed by Tan Donghan and Ding Yang, reported a return of over 43% in the first half of the year, significantly outperforming its benchmark [5][11]. - The Industrial Bank New Economy RMB Fund, which shifted focus to innovative drugs in 2023, achieved a return of 52.92% in the first half of the year, with nearly 60% of its holdings in innovative drugs [6][7]. - Both funds experienced net inflows, with the Industrial Bank Health Industry Fund growing by 22.45% in size despite a general trend of net redemptions in the sector [5][11]. Group 4: Future Outlook - The domestic innovative drug market is estimated to be around 200 billion RMB, with significant growth potential anticipated [9]. - The trend of "license-out" collaborations indicates that domestic innovative drug companies are gaining recognition and establishing a competitive edge globally [9][10]. - Fund managers are focusing on advanced production capabilities, promising innovative drug companies, and traditional pharmaceutical companies transitioning to innovative drug development [10].