“组合、周期、成长” 东方红江琦的医药投资核心关键词

Core Viewpoint - The pharmaceutical sector is experiencing a significant rebound after three years of stagnation, driven by overseas licensing deals, advancements in R&D capabilities, and supportive policies, presenting multiple opportunities for investors [1] Group 1: Industry Outlook - The long-term excess returns in the pharmaceutical industry are fundamentally driven by technological growth and value creation, with innovative drugs expected to be the fastest-growing sub-sector [1][6] - The industry is transitioning from a phase of investment (2015-2024) to a harvest phase (2025-2029), with innovative drugs moving from the initial stage to a more advanced stage of development [6][7] - The next phase for innovative drugs is anticipated to be a "1-10" growth stage, with more products entering the market and global competitiveness being validated through partnerships with major overseas pharmaceutical companies [6][8] Group 2: Fund Performance - Since its inception, the Oriental Red Medical Upgrade Fund has achieved a return of 36.12% against a benchmark decline of 16.94%, resulting in an excess return of 53.06% [2][3] - Over the past year, the fund has increased by 47.54%, significantly outperforming the benchmark's 14.37% return, leading to an excess return of 33.17% [2][3] - The fund ranks third among 40 similar funds in terms of net value growth over the past three years [2][3] Group 3: Investment Strategy - The core investment strategy focuses on "combination, cycle, and growth," emphasizing a diversified portfolio to navigate industry complexities while adjusting allocations based on sub-sector cycles [3][4] - The approach includes dynamic allocation between low-risk and high-growth investments, prioritizing companies with growth potential while avoiding purely undervalued but stagnant firms [4][8] - Continuous learning and forward-looking research are essential for identifying investment opportunities in the rapidly evolving innovative drug sector [9][8]