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. The "brain-computer interface" trend is emerging, suggesting potential investment opportunities in the medical device sector [1][5]. Innovative Drug Sector Recovery - The innovative drug sector has seen a resurgence, with several ETFs, including the Jiashi China Securities Hong Kong Innovative Drug ETF and the Fuguo Hang Seng Hong Kong Innovative Drug and Healthcare ETF, rising over 7% within three days. Other related products have also shown gains of over 5% [3]. - After a period of decline in Q4 2025, many fund managers believe that current valuations in the innovative drug sector are attractive, indicating that 2026 may be a good time to invest in pharmaceuticals. The sector is expected to remain a key investment theme in 2026, with positive catalysts expected to drive stock prices [3][4]. Brain-Computer Interface Potential - The "brain-computer interface" concept has gained traction, with Elon Musk's Neuralink expected to begin mass production in 2026, signaling a potential commercialization milestone. This technology could significantly impact the medical device sector, offering solutions for patients with disabilities [6][7]. - The medical device sector is seen as a direct beneficiary of brain-computer interface advancements, with opportunities for innovation and market growth driven by supportive policies and domestic companies increasing their market share [6][7]. Focus on Overseas Expansion - Fund managers are emphasizing the importance of "overseas expansion" as a key factor in selecting companies. The innovative drug sector is expected to see significant differentiation, with a focus on companies that can effectively execute overseas collaborations and clinical trials [8][9]. - The two main pathways for Chinese pharmaceutical companies to expand internationally include the popular BD licensing model and the less common approach of establishing overseas channels. Companies with strong execution capabilities in these areas are likely to succeed in international markets [9].