机构动向 | 资金涌入创新药板块 机构专注优质个股挖掘

Core Viewpoint - The innovative drug sector has experienced fluctuations in the past two months, but significant capital inflows continue through innovative drug-themed ETFs, indicating ongoing investment value in the sector despite recent adjustments [1][2]. Group 1: Market Performance - The innovative drug sector has shown impressive performance this year, with several innovative drug-themed funds doubling in value. However, as of November 27, the average decline in these funds is approximately 10% [2]. - In the fourth quarter, innovative drug-themed ETFs have seen a net subscription amounting to 193.26 billion yuan, with notable contributions from various ETFs, including 36.17 billion yuan from Huatai-PineBridge and 33.2 billion yuan from GF [2]. - The total scale of several innovative drug-themed ETFs has significantly increased this year, with GF's ETF growing from 7.875 billion yuan to 25.505 billion yuan, and Huatai-PineBridge's ETF from 650 million yuan to 24.209 billion yuan [2]. Group 2: Fund Company Movements - Recent movements from fund companies indicate an increased focus on innovative drug-themed products, with multiple ETFs being reported since November 21, including those from GF and Yongan [3]. Group 3: Investment Focus - The innovative drug sector's adjustment is attributed to a mismatch between high-frequency market expectations and the actual pace of industry developments, leading to a need for selective stock picking in the future [4]. - Industry experts suggest that the phase of broad increases in the innovative drug sector may be over, and the next two years will likely see significant differentiation among companies, emphasizing those that have reached breakeven and are expected to sustain high growth in revenue and profits [4]. - The rise of the innovative drug industry in China reflects the country's advantages in talent, cost, and efficiency, with substantial growth potential for quality companies in the international market over the next three years [4][5].