创金合信基金毛丁丁：美股生物科技板块正迎来“冰火转换”，中长期行情值得期待

Core Viewpoint - The U.S. biotech sector is at a significant investment turning point, with the recovery of excess returns in the innovative drug sector not yet complete, presenting both beta and alpha opportunities in the near future [2][10]. Group 1: Market Conditions - The biotech sector has underperformed the market in recent years due to high interest rates, policy uncertainties, and industry competition, leading to valuations dropping to nearly 30-year lows [2][6]. - From 2023 to mid-2025, the biotech index lagged the Nasdaq index by over 100 percentage points, with IPO activity at historical lows [7]. - Since Q3 2025, factors suppressing the biotech sector have begun to improve, including the Federal Reserve's interest rate cuts and better-than-expected policy agreements between multinational pharmaceutical companies and the U.S. government [8][9]. Group 2: Investment Opportunities - The recent interest rate cuts by the Federal Reserve have significantly improved the financing environment for the biotech sector, stimulating innovation and enhancing the valuation of biotech companies [8][9]. - The ongoing technological advancements in the biotech industry, particularly in areas like CAR-T and gene therapy, are expected to drive long-term growth and create new investment opportunities [9][10]. - The biotech sector has started to outperform the market, with the biotech index surpassing the Nasdaq index by over 15 percentage points since August [9].