几家欢喜几家愁 卷土重来的医药基金何时“长大”

Core Insights - The pharmaceutical sector has recently experienced a rebound, with over 100 medical-themed funds achieving a return rate exceeding 10% year-to-date as of May 9 [1][2] - Despite the overall positive performance of many medical-themed funds, there is significant performance disparity, with some funds experiencing declines over 13% [2][4] - Investor sentiment appears cautious, with many holders adopting a "sell once back to break-even" mentality, leading to a reduction in fund sizes despite some funds performing well [1][5] Fund Performance - More than 100 out of over 280 medical-themed funds have reported year-to-date returns exceeding 10%, with 6 funds achieving returns over 40% [2] - The innovative drug sector has been highlighted as a standout performer, with specific funds like the Zhongyin Hong Kong Stock Medical Fund showing returns over 38% [2] - There is a stark contrast in performance among funds, with the worst-performing fund down over 13%, indicating a performance gap of more than 50 percentage points compared to the best [2][4] Investment Trends - Fund managers have adjusted their portfolios, reducing exposure to previously high-performing innovative drug stocks while increasing allocations to AI-related medical stocks [3] - Despite some volatility in AI medical stocks, there is a strong belief in the long-term investment potential within the pharmaceutical industry, particularly with AI integration [3][5] Market Dynamics - Several public fund institutions are increasing their investments in medical-themed funds, as evidenced by multiple new fund applications [4] - However, the growth in fund performance has not translated into increased fund sizes, with some funds nearing liquidation despite positive returns [4][5] - The pharmaceutical industry is undergoing a transformation, with Chinese innovative drug companies gaining a competitive edge globally, supported by favorable government policies [5]