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创新药基金“王者归来”火爆行情还能持续吗?
2 1 Shi Ji Jing Ji Bao Dao·2025-08-01 08:13

Core Insights - After four years of adjustment, the innovative drug fund is expected to "return to glory" in 2025, with significant excess returns observed in the first half of this year [1][3][4] - The Hang Seng Innovative Drug Index rose by 60.27% and the Wind Innovative Drug Index increased by 23.93% in the first half of the year, indicating strong performance in the innovative drug sector [1][5] - A majority of high-performing funds in the first half of the year were heavily invested in innovative drugs, with over 75% of funds yielding over 40% being focused on this sector [3][4] Fund Performance - In the first half of the year, 88 funds achieved returns exceeding 40%, with 66 of them (75%) heavily invested in innovative drugs [3] - The performance of passive and active funds focused on innovative drugs has been outstanding, with the Guozhen Hong Kong Stock Connect Innovative Drug Index showing a year-to-date increase of 105.13% [5] - The Industrial Bank's 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 [6] Market Outlook - Fund managers remain optimistic about the structural market for innovative drugs, citing potential high-impact business development transactions and favorable domestic policies supporting innovation [2][9] - The innovative drug market in China is estimated to be around 200 billion RMB, with significant growth potential anticipated [10] - The current rise in innovative drug prices is supported by strong fundamentals, and there is no indication of a bubble forming in the market [10] Investment Strategies - Investment strategies in the innovative drug sector include identifying leading companies in production, focusing on companies with significant single product sales, and recognizing emerging innovative drug leaders [11]