梁杏：如何把握创新药投资机会？

Group 1 - The current hot topics in innovative drugs are bispecific antibodies (双抗) and antibody-drug conjugates (ADC), which are favored by overseas investors [1] - AI development, AI healthcare, and gene therapy are expected to gain popularity in the future, although they are still in early stages compared to ADC and bispecific antibodies [1] - The current leading companies in innovative drug licensing are primarily those focused on bispecific antibodies and ADCs [1] Group 2 - The performance of innovative drugs varies across different markets, with Hong Kong stocks performing well initially, followed by the STAR Market, while A-shares lagged behind [2] - A-shares' slower performance is attributed to many companies transitioning from traditional chemical drugs to innovative drug businesses, resulting in less elasticity compared to pure innovative drug companies [2] - Investors seeking stability can consider pure A-share innovative drugs or a combination of Shanghai, Shenzhen, and Hong Kong innovative drug ETFs [2] Group 3 - There is significant differentiation within the pharmaceutical sector, including biological drugs, chemical drugs, traditional Chinese medicine, medical devices, and medical services [3] - The innovative drug sector can be further divided into chemical innovative drugs and biological innovative drugs, with many investors lacking clarity on these distinctions [3] - For investors who recognize the trend in innovative drugs, it is recommended to invest through funds or ETFs to capture the development of this trend [3] Group 4 - Various indices related to innovative drugs have corresponding products, such as the STAR Market innovative drug ETF and the Shanghai-Shenzhen-Hong Kong innovative drug ETF [4] - Investors can choose based on their preferences, whether they prefer pure A-share innovative drugs or Hong Kong and STAR Market options [4] - It is important for investors to manage their risk tolerance and prepare psychologically for market fluctuations [4]