Group 1 - The Hong Kong stock market is currently experiencing a favorable environment due to scarcity and liquidity easing, leading to a significant increase in market risk appetite [1] - The recent pullback in the Hong Kong stock market is viewed as a short-term situation, with a focus on corporate earnings, operational status, and asset quality during the half-year reporting period [1] - The Chinese innovative drug sector is expected to enter a "sweet period" over the next three to four years, driven by continuous policy optimization and strong support for innovative drug products [1] Group 2 - The global pharmaceutical industry is facing a "patent cliff" from 2024 to 2028, prompting a need for companies to replenish their pipelines, which aligns with the favorable conditions for Chinese innovative drugs [2] - The competitive landscape in the pharmaceutical industry is shifting from price competition to differentiation and precise positioning, with an emphasis on "true innovation" [2] - Short-term performance of innovative drugs has not yet scaled, and key catalysts are expected to occur in the fourth quarter, indicating a current information vacuum [2]
南方基金叶震南：港股回调是短期情况 未来三到四年将是中国创新药的甜蜜期
Zhi Tong Cai Jing·2025-09-02 23:21