长城基金梁福睿：当前时点，诸多创新药企已具性价比

Core Insights - The 2025 Q4 report from Changcheng Pharmaceutical Industry Selected Fund indicates a "high-low-tail" oscillating upward pattern in A-shares, while H-shares are experiencing a consolidation phase, with December showing a significant underperformance compared to A-shares, driven by policy, liquidity, and profit expectations [1][3] Summary by Category Market Performance - A-shares exhibited a "high-low-tail" oscillating upward pattern in Q4 2025, while H-shares faced a consolidation phase, with December showing a notable underperformance against A-shares [1][3] - The performance of both markets is influenced by policy, liquidity, and profit expectations, with H-shares additionally pressured by overseas liquidity and funding preferences [1][3] Investment Strategy - The fund manager suggests that many innovative pharmaceutical stocks currently offer good value for money [1][3] - The investment strategy has been adjusted to form two allocation lines: "already BD" and "not yet BD" [1][3] - "Already BD" stocks focus on the importance of MNC internal pipelines and the global core clinical advancement rhythm, while "not yet BD" stocks are based on the global competitiveness and scarcity of core pipelines [1][3] - The strategy also considers the nearing end of the impact of centralized procurement on financial statements and the overall verification phase of innovative transformation for generic-to-innovative companies, leading to increased attention on these companies [1][3]