平安基金周思聪：创新药调整还会继续 但三年大行情趋势未改

Core Viewpoint - The recent adjustment in the innovative drug sector has lasted about three months, and the market is expected to shift from sentiment-driven BD expectations to fundamental-driven growth [1][2][3] Group 1: Market Trends - The innovative drug sector has experienced significant adjustments due to previous high gains, with the first half of the year being particularly strong [1][2] - The adjustment period is seen as normal, and the long-term trend for innovative drugs remains unchanged, with a belief in continued capital inflow [2][3] - The innovative drug market in China is expected to continue its upward trajectory, with a potential long-term trend lasting over three years [3] Group 2: Investment Opportunities - The current valuation of innovative drugs is at a moderate level, with Hong Kong stocks potentially being undervalued [2][3] - The cash flow improvement in innovative drug companies is anticipated to change their valuation logic significantly [3] - The focus should be on companies that successfully translate scientific achievements into commercial success, as the market becomes more rational [3] Group 3: Regional Insights - Hong Kong's stock market is positioned as a global hub for biopharmaceutical financing, benefiting from favorable listing rules and a predominantly institutional investor base [4] - The differences between Hong Kong and A-share markets are highlighted, with Hong Kong offering a more focused investment in innovative drugs [4] - Regardless of the market, the product cycle remains crucial for investment in innovative drug companies [4]