创新药投资进入alpha阶段，重点关注精选龙头公司

Core Viewpoint - The biopharmaceutical sector is currently underperforming due to multiple factors, including a lack of significant business development catalysts and external regulatory concerns, yet it remains crucial to maintain close attention to this sector as favorable macroeconomic conditions are emerging [1][2]. Group 1: Current Market Conditions - The biopharmaceutical sector is facing challenges such as the absence of major business development catalysts and the impact of potential regulatory measures from the Trump administration regarding Chinese innovative drugs [1]. - Recent volatility in stock prices, particularly in Hong Kong and A-shares, indicates a market correction that may lead to a focus on companies with genuine clinical value and performance [2]. Group 2: Investment Opportunities - The current environment presents a unique buying opportunity for high-quality innovative drug companies, as the market is expected to gradually shift towards those with proven clinical efficacy [2]. - The investment landscape for innovative drugs has entered an alpha phase, where stock selection factors are becoming more significant than market trends [2]. Group 3: Asset Rebalancing - The pharmaceutical sector may experience asset rebalancing across three dimensions: U.S.-China asset dynamics, a shift towards large-cap blue-chip companies, and internal balance within the sector, including medical devices and services [3].