Core Viewpoint - The pharmaceutical theme funds are showing signs of recovery after a two-month adjustment period, driven by the introduction of the "Commercial Insurance Innovative Drug Directory" mechanism in the national medical insurance negotiations, which has significantly boosted market enthusiasm [1][2][3] Group 1: Pharmaceutical Fund Performance - Several pharmaceutical theme funds have demonstrated strong upward momentum, with some products doubling in net value this year due to favorable factors such as the expansion of innovative drug business development (BD) transactions [1] - As of late August, the Yongying Pharmaceutical Innovation A fund had a return rate of 113.05% for the year, but experienced a pullback starting in early September. Recently, it has stabilized, with a near one-month return rate of -0.66% as of November 18 [2] - The Fuguo Pharmaceutical Innovation A fund also saw a net value pullback from early September, but has begun to recover, with a near one-month return rate of 2.19% as of November 18 [2] Group 2: New Catalysts - The introduction of the "Commercial Insurance Innovative Drug Directory" during the 2025 national medical insurance negotiations is reigniting investment enthusiasm in innovative drugs, leading to a significant increase in trading volume for related ETFs, such as the Hang Seng Innovative Drug ETF, which saw daily trading volumes exceeding 1.2 billion yuan from November 12 to 14 [2][3] - The "Commercial Insurance Innovative Drug Directory" includes innovative drugs that exceed basic medical insurance coverage but have high clinical value and significant patient benefits, suggesting a shift towards a multi-layered medical insurance system [2] Group 3: Future Outlook for Innovative Drugs - Institutions remain optimistic about the investment prospects in the pharmaceutical industry and innovative drugs, viewing recent adjustments as a new opportunity for positioning [3] - The Chinese innovative drug industry is still in its early stages of international development, with significant growth potential as domestic innovative drug sales currently account for only about 10% of the overall pharmaceutical market [3][4] - The shift from relying on "story expectations" to focusing on "value realization" is expected to lead to a qualitative leap in the innovative drug sector, supported by continuous performance realization and payment system reforms [3]
“商保目录”注入新动能 医药基金吹响反攻号角
Zhong Guo Zheng Quan Bao·2025-11-19 20:13