年内医药“翻倍基”清零，机构称调整近尾声

Group 1 - The pharmaceutical sector is experiencing a significant adjustment, with the number of funds doubling in value sharply decreasing within the month [1][2] - As of November 23, all pharmaceutical funds with over 100% annual returns have dropped to zero, compared to six funds achieving this milestone as of September 1 [1][2] - The adjustment is particularly pronounced in innovative drug funds, with all 48 innovative drug-themed funds recording declines since September, and 30 of them falling over 10% [2][3] Group 2 - Analysts suggest that the recent downturn in the pharmaceutical sector may be nearing its end, with potential for a rebound as funds may return to the innovative drug sector [4][6] - The domestic innovative drug and medical device industry is transitioning from a "research and development investment phase" to a "value realization phase," with significant growth in approved innovative drugs and medical devices [4][5] - The Chinese biopharmaceutical market is now the second largest globally, with approximately 30% of the world's innovative drugs under development, indicating a growing international recognition of Chinese innovative drugs [4][5] Group 3 - Companies like Heng Rui Pharmaceutical and Fosun Pharmaceutical are showing promising sales growth in innovative drugs, with Heng Rui's innovative drug sales reaching 9.561 billion yuan in the first half of 2025, accounting for 60.66% of its revenue [4][5] - The penetration rate of domestic medical devices has increased significantly, from less than 3% in 2017 to 20%-30% currently, indicating a strong commercialization trend [5] - The development of advanced technologies, such as AI in medical devices, is opening up new commercial opportunities in international markets [5]