长城基金梁福睿：2026年创新药板块仍有望延续良好表现

Core Viewpoint - The innovative drug sector has shown a strong recovery since the beginning of 2026, with increased attention and investment opportunities due to a surge in small nucleic acid listings and ongoing international business development transactions, reflecting global recognition of Chinese innovative drugs [1][7]. Group 1: Investment Timing and Strategy - The Longcheng Pharmaceutical Industry Selected Fund was established in October 2024, shortly after a strong market rebound, which initially affected performance due to market volatility [1][4]. - The fund manager identified the innovative drug sector as having long-term growth potential and value realization opportunities, especially following significant policy shifts that improved the industry environment [1][4]. Group 2: Factors for Sector Layout and Stock Selection - Key considerations for sector layout include the growth potential and development space of the industry, as well as identifying listed companies that can benefit from industry opportunities [1][4]. - The stock selection process involves a "three-cycle framework" focusing on supply-demand cycles, company fundamentals, and capital market cycles to determine stock positions [1][4]. Group 3: Investment Strategy - The investment strategy employs a "three-cycle resonance" approach, seeking companies that align with industry, company growth, and capital market cycles [2][5]. - The focus is on capturing profits from rapid company earnings growth and recognizing valuation expansion potential in companies with "explosive product" logic [2][5]. Group 4: Market Outlook for 2026 - The innovative drug sector is expected to continue performing well in 2026, particularly in the first half, although the difficulty of market timing and stock selection will increase compared to 2025 [3][6]. - The fund manager remains highly focused on innovative drugs, anticipating that certain stocks will gradually realize returns as they reach target market values over the next 1-2 years [3][6].