今年多只产品实现超60%回报，工银瑞信医药团队的“四象限”投资法

Core Insights - Active equity funds have made a significant comeback in 2023, with notable performance metrics indicating a strong recovery in the market [1] - ICBC Credit Suisse Asset Management has several standout funds, particularly in the healthcare and new economy sectors, achieving returns exceeding 60% [2][3] Performance Metrics - The performance of various indices shows that the Wind Ordinary Stock Fund Index, Wind Equity Mixed Fund Index, and Wind Flexible Allocation Fund Index have growth rates of 35.15%, 35.37%, and 26.07% respectively, all outperforming the CSI 300 Index's growth of 17.94% [1] - The ICBC New Economy Mixed Fund achieved an impressive annual return of 104.57%, significantly surpassing its benchmark return of 24.74% [3] Fund Management - Key funds such as ICBC Medical Health Stock, ICBC Health Life Mixed, and ICBC Health Industry Mixed are managed by experienced fund managers, including Tan Donghan and Zhao Bei, who are integral to the ICBC Credit Suisse medical team [4] - The investment strategy of these funds is characterized by a systematic approach termed "short-term breakthroughs + long-term layouts," focusing on both immediate market opportunities and sustainable growth [6][8] Investment Strategy - The investment logic employed by ICBC Credit Suisse is not solely focused on short-term trends but aims for a comprehensive coverage of the pharmaceutical industry, enhancing risk diversification while ensuring consistent returns [7][8] - The funds utilize a "four-quadrant" allocation strategy, balancing investments in innovative companies with strong global competitiveness and traditional pharmaceutical leaders undergoing successful transformations [17] Market Trends - The Chinese innovative drug sector has entered a critical phase, with significant growth in research and development, positioning China as a major player in the global pharmaceutical market [20] - The market for innovative drugs has seen substantial gains, with the Hong Kong Stock Connect Innovative Drug Index rising by 107.68% and the CSI Innovative Drug Index increasing by 38.75% year-to-date [20] Future Outlook - Despite recent market adjustments, the outlook for innovative drugs remains positive, supported by potential high-value business development transactions and favorable domestic policies [23][31] - The ongoing advancements in domestic innovative drug capabilities are expected to align closely with global standards, presenting long-term investment opportunities in the pharmaceutical sector [25][33]