久违大涨！创新药再度“起舞”，“出海”或成关键词

Core Viewpoint - The A-share market has shown strength in early 2026, with significant gains in the semiconductor and non-ferrous sectors, while the previously quiet innovative drug sector has also regained attention, particularly in the Hong Kong market [1][8]. Group 1: Innovative Drug Sector Recovery - Several ETFs related to innovative drugs have seen substantial gains, with five funds increasing over 7% in just three days, and others tracking A-shares also showing over 5% growth [2][9]. - After a downturn in the fourth quarter of 2025, many fund managers believe that the current valuation of the innovative drug sector is attractive, suggesting that 2026 may be a good time to invest in pharmaceuticals [2][10]. - The innovative drug sector is expected to remain a key investment theme in 2026, with positive catalysts emerging from industry events and improved overseas liquidity conditions [10][11]. Group 2: Market Trends and Individual Stock Selection - The consensus among fund managers indicates that a broad market rally is unlikely to repeat, with a focus on high-quality assets that can sustain independent performance [3][10]. - The "outbound" capability of companies is becoming a critical factor in stock selection, with a focus on those that can effectively commercialize their products internationally [6][12]. - Fund managers emphasize the importance of companies with strong execution capabilities in the innovative drug sector, particularly those that can leverage partnerships for international clinical trials and market entry [12][13]. Group 3: Brain-Computer Interface and Medical Devices - The brain-computer interface (BCI) concept has gained traction, with expectations for commercialization in 2026, driven by advancements from companies like Neuralink [4][11]. - The medical device sector is seen as a primary application area for BCI technology, with potential benefits for patients with disabilities [4][11]. - The industry is expected to experience growth due to innovation and government support, with domestic leaders in high-end equipment continuing to gain market share [4][11].