66只基金涨超20%！基金经理：医药开始赚钱了！

Core Viewpoint - The most challenging times for the pharmaceutical industry may have passed, with a significant recovery in the Hong Kong innovative drug sector leading to positive returns for many investors who had previously faced losses [1][2]. Market Performance - The Hang Seng Healthcare Index has risen by 31.89% since the beginning of the year, outperforming other major indices [2]. - In the A-share market, the Wind Innovative Drug Index and the Shenwan Pharmaceutical and Biological Industry Index have increased by over 24% and 10%, respectively, also surpassing the performance of major indices like the Shanghai Composite Index [2]. - Among 282 pharmaceutical-themed funds, over 251 have achieved positive returns this year, with 66 funds seeing gains exceeding 20% [2]. Investment Dynamics - The recent rally in the Hong Kong innovative drug sector is attributed to long-term factors such as policy support, industry upgrades, and global breakthroughs rather than short-term sentiment [1][4]. - The policy environment has shifted positively since 2024, with comprehensive support across payment, approval, and pricing, leading to improved market expectations [4]. - The valuation of the sector has dropped by 51.2% since 2021, creating a favorable environment for valuation recovery [4]. Key Opportunities - Fund managers emphasize the importance of focusing on innovative drug exports and technological integration as key investment themes [6]. - Specific areas of interest include companies with significant licensing agreements, those with leading clinical data, and sectors like AI in medicine and medical devices [6][7]. - The potential for growth in the innovative drug sector is highlighted, with expectations for increased collaboration and market penetration by Chinese companies in the global market [5][6]. Future Outlook - The pharmaceutical sector is expected to benefit from ongoing innovations and the easing of regulatory pressures, with a focus on high-potential areas such as next-generation PD-1 therapies and gene therapies [6][7]. - The overall sentiment is optimistic, with expectations for a recovery in the pharmaceutical market driven by improved fundamentals and policy support [8].