张韡：创新药行情是2到3年大潮流 无论涨跌、位置高低都坚定看好

Core Viewpoint - The company maintains a strong belief in the innovation drug market, viewing it as a significant trend that will last for two to three years, regardless of market fluctuations [1][16][17]. Group 1: Market Outlook - The current innovation drug market is considered to be in the first half of its cycle, supported by a three to five-year industry cycle and the global value of quality companies' mid-term product pipelines [2][32]. - The innovation drug sector is characterized by high alpha attributes, requiring selective stock picking rather than blind holding [35]. Group 2: Investment Strategy - The company emphasizes the importance of long-term holding in the innovation drug sector, suggesting that frequent tracking of short-term information may lead to losses [33][34]. - As the number of listed companies in the sector increases, the significance of stock selection ability and professional expertise will become more pronounced [36][37]. Group 3: Company Performance - The fund managed by the company has shown strong performance, with a return rate of 85.64% in the first half of the year, ranking first among equity funds [3]. - The fund's assets currently total 16.764 billion yuan, with a focus on the pharmaceutical innovation sector in the Hong Kong market [4][6]. Group 4: Competitive Landscape - The company highlights the increasing global interest in Chinese innovation drugs, driven by high efficiency, output, and cost-effectiveness in drug development [9][19]. - The trend of multinational companies increasing their investments in China is expected to continue, with a significant rise in licensing deals from Chinese firms projected for the coming years [21][22][28].