Shang Hai Zheng Quan Bao·2025-10-12 15:08Core Insights - The Chinese innovative pharmaceutical industry is experiencing a "double hit" in performance and valuation due to policy support, R&D breakthroughs, and value reassessment [1] - Many innovative drug stocks have doubled in price this year, with pharmaceutical-themed funds averaging a nearly 40% increase in net value over the past year [1] - The industry is entering a long-term growth trajectory, with current valuations still considered attractive by both domestic and foreign institutions [1] Group 1: Stock Performance - Several innovative drug companies have seen significant stock price increases, with companies like Shuyou Shen, Rongchang Bio, and Anglikang all experiencing over 100% growth year-to-date as of October 9 [1] - Pharmaceutical-themed funds have also shown strong performance, with the average net value increasing nearly 40% over the past year, and some funds, such as Penghua Innovation Upgrade Mixed A, seeing gains exceeding 100% [1] Group 2: Institutional Interest - There has been a surge in institutional research on Chinese innovative drug companies, with companies like Baiji Shenzhou and Baili Tianheng receiving attention from 213 and 186 institutions respectively [2] - Notable foreign institutions, including State Street Bank and BlackRock, have participated in the research of these companies, indicating growing international interest [2] Group 3: Industry Trends - The innovative drug sector is transitioning from "burning cash on R&D" to "product volume expansion," marking the beginning of a profit harvest period [3] - Chinese innovative drug companies have significantly improved their R&D capabilities and gained international recognition, positioning themselves in the global first tier in terms of pipeline quantity [3] - The industry is expected to achieve a systematic value reassessment, driven by comprehensive policy support and high levels of R&D and clinical efficiency [2][3]