创新药ETF暴涨后市场分歧加大！“透支未来三五年”

Core Viewpoint - The article discusses the current state of the innovative drug sector, highlighting a significant rise in stock prices and ETFs, while also expressing concerns about potential overvaluation and the sustainability of this growth [1][3][5]. Group 1: Market Performance - The innovative drug sector has seen substantial growth, with the Hang Seng Hong Kong Innovative Drug Select Index rising over 53% year-to-date as of June 6, 2023, and several innovative drug ETFs exceeding 30% gains [1][6]. - A structural increase in the pharmaceutical sector is noted, particularly in innovative drugs, although some analysts caution that the ability of certain companies to deliver profits remains uncertain [1][6]. Group 2: Investment Concerns - Fund manager Wan Minyuan warns that many innovative drug companies may never achieve significant earnings, suggesting that the current market may be experiencing a valuation bubble [3][4]. - Wan's funds have seen a dramatic decline in assets under management, dropping from over 15 billion yuan to approximately 4.063 billion yuan, reflecting a 73% decrease over two years [4]. Group 3: Future Outlook - Despite current concerns, there is optimism regarding the long-term potential of the innovative drug sector, with expectations that domestic companies will enhance their global competitiveness through international commercialization [4]. - The article notes that the innovative drug sector is entering a harvest period, with anticipated performance improvements in the second half of 2023 due to favorable policies and advancements in AI technology [7].