全市场“翻倍基”从4只增至13只！5只港股创新药ETF跻身其中，还能追涨吗

Core Viewpoint - The article highlights the significant growth in the pharmaceutical sector, particularly in innovative drug funds, with the number of "doubling funds" increasing from 4 to 13 in a short period, indicating strong investor interest and market momentum [1][2]. Group 1: Fund Performance - As of July 31, 2023, 13 public funds have achieved a net value growth rate exceeding 100% this year, with the top performer, 汇添富香港优势精选A, showing a remarkable increase of 143.24% [1]. - Five Hong Kong innovative drug ETFs have also joined the "doubling fund" ranks, reflecting a strong focus on the innovative drug sector by investors [2]. Group 2: Market Trends - The "doubling fund" list indicates that the innovative drug sector is the biggest winner in the capital market this year, with 11 out of 13 funds directly related to "medicine" or "innovative drugs" [3]. - The innovative drug sector has shown high growth in product revenue and licensing deals, with a 23.9% year-on-year increase in licensing transactions and a staggering 383% increase in upfront payments for these deals [3]. Group 3: Investment Insights - Fund managers express optimism about the innovative drug sector's fundamentals, suggesting that the valuation remains reasonable and that returns are expected to be favorable [4]. - The rise of passive index products, particularly ETFs, indicates a shift in market dynamics, with investors increasingly favoring low-cost, transparent investment vehicles during bullish market conditions [5][6]. Group 4: Cautionary Notes - Despite the strong performance of innovative drug funds, there are warnings about potential volatility and risks associated with high returns, as past performance has shown significant drawdowns [7]. - Investment strategies are suggested to focus on sectors with lagging performance, such as A-share innovative drugs and medical devices, to capitalize on potential valuation improvements [8].