Core Viewpoint - The innovation drug sector is experiencing a significant adjustment in market trends, but the overall industry momentum and trends are far from over. The current favorable technological background, policy environment, and interest rate conditions suggest that 2023 may mark the beginning of the first phase of the innovation drug market cycle in China, potentially leading to a long-term market trend lasting up to 10 years [1] Group 1: Market Trends - The innovation drug sector has shown a strong rebound this year, indicating the start of a long-term market cycle characterized by valuation reassessment [1] - The rapid growth of business development (BD) transactions validates the domestic innovation drug research and development capabilities, opening new channels for value creation [1] Group 2: Future Outlook - By 2026, the narrative of the innovation drug market may shift from valuation reassessment to the realization of fundamental performance [1] - The ability to continuously produce valuable innovative results and efficiently convert these results into commercial revenue will be crucial in determining future company valuations [1] - Recent quarterly reports indicate that the innovation drug industry is quickly crossing the breakeven point, with expectations for more significant profit improvements in the future [1]
平安基金周思聪：创新药大的产业趋势和行情远未结束 后续或将进入基本面演绎阶段
Zhong Zheng Wang·2025-11-27 13:44