“大家一起找不同”之医药基金经理篇

Investment Rating - The report does not explicitly state an investment rating for the pharmaceutical industry Core Insights - The pharmaceutical sector has experienced three major market trends since 2018: 1) The CXO sector led the market from 2019 to 2021 2) The traditional Chinese medicine sector was boosted by policy support and increased demand from 2021 to 2023 3) The innovative drug sector has been driving the market since 2024 [2][5] - The current policies supporting the innovative drug sector are clear and defined, with commercial insurance directories expected to enhance accessibility for patients [2][25] - The valuation of pharmaceutical stocks and the proportion of public funds heavily invested in the pharmaceutical sector are at historical lows, indicating potential investment opportunities [2][29] Summary by Sections Pharmaceutical Market Review - The pharmaceutical and biotechnology industry has undergone three significant market phases since 2018: 1) The CXO sector from 2019 to 2021 2) The traditional Chinese medicine sector from 2021 to 2023 3) The innovative drug sector from 2024 to present [5][22] Pharmaceutical Fund Holdings - Pharmaceutical theme funds and overall market funds have shifted their investment focus in line with market trends, moving from generic drugs to the CXO sector, and now heavily investing in innovative drugs while reducing exposure to traditional Chinese medicine [2][38] - As of the first quarter of 2025, 24 pharmaceutical theme funds have over 30% of their holdings in innovative drugs, indicating a strong focus on this sector [50] Pharmaceutical Fund Manager Case Studies - Fund managers such as Zhou Sicong and Jiang Qi adopt different investment styles, focusing on growth potential and market cycles, with a significant emphasis on high-concentration holdings in promising sectors [2][58]