华富基金廖庆阳：把握“黑马”标的应对创新药第二波主升浪

Core Insights - The innovative drug sector has transitioned from being a marginal focus to a central theme in the market this year, driven by policy support and clinical breakthroughs [1][2] - The second wave of market momentum for innovative drugs is characterized by a shift towards identifying "dark horse" stocks, particularly smaller market cap companies with high growth potential [2][3] Group 1: Market Dynamics - The innovative drug sector experienced two main waves of market momentum this year, with the first wave driven by policy changes that clarified the commercialization path for innovative drugs [2] - Starting in February, increased government support for innovative drug payments and improvements in commercial insurance have disrupted the previous single payment model dominated by medical insurance negotiations [2] - The second wave of momentum began in May, marked by clinical breakthroughs and a surge in business development (BD) activities, leading to global recognition of Chinese innovative drug assets [2][4] Group 2: Investment Strategy - The investment strategy has shifted from focusing on mainstream leading stocks to uncovering alpha opportunities in smaller, lesser-known innovative drug companies with high growth potential [3][4] - The current approach emphasizes the valuation reappraisal of mid-cap stocks, which are expected to provide higher elasticity compared to larger, well-known companies [2][3] - The investment portfolio has shown a trend of more gains than losses, achieved by continuously identifying and switching to promising "dark horse" stocks to maintain a dynamic balance [3] Group 3: Industry Outlook - The explosive growth of the innovative drug sector is attributed to a combination of policy reforms, industry upgrades, and global demand [4] - The reform of medical policies has fundamentally reshaped the research and development ecosystem for innovative drugs, enhancing approval efficiency and aligning clinical standards with product quality [4] - Chinese innovative drug companies are positioned as crucial supplements to the global supply chain, with superior R&D output efficiency compared to their international counterparts [4][5]