加仓100%！全球巨头出手

Core Viewpoint - Invesco Developing Markets Fund, a prominent emerging market fund under Invesco, has increased its holdings in Jiangsu Hengrui Pharmaceuticals by 100%, indicating a strong foreign capital inflow into Chinese companies [4][6]. Fund Activity Summary - The Invesco Developing Markets Fund's latest size is approximately $14.1 billion, equivalent to about 101.24 billion RMB. After the increase, the fund's holdings in Hengrui Pharmaceuticals amount to 18.6 million HKD [4]. - As of the end of May, the fund's top five holdings include TSMC, Tencent, Huazhu Group, Kotak Mahindra Bank, and Meituan. During the same period, the fund reduced its stakes in Tencent and Meituan by 5.31% and 24.77%, respectively, while increasing its positions in CATL by 22.16% and Alibaba by 14.79% [5]. - Morgan Asset Management's JPM China A-Share Opportunities Fund also increased its stake in Hengrui Pharmaceuticals by 18.49% in May, with the fund's latest size being $2.8 billion [8]. - Allianz Investment's China A Shares Fund, with a size of $2.3 billion, raised its holdings in Hengrui Pharmaceuticals by 8.47% as of the end of May [9]. Industry Outlook - Justin Leverenz, the fund manager of Invesco, expressed optimism about the Chinese pharmaceutical industry, noting that China has transitioned from a follower to a leader in drug development over the past five years. The country has moved directly into advanced treatment models, skipping traditional drug development stages [6]. - The article highlights that China has established a leading position in clinical and commercial aspects of blood cancer treatment globally. The share of China in biotechnology licensing transactions has increased from 4% in 2019-2020 to 12% in 2023-2024 [6]. - Despite being a significant source of biopharmaceutical innovation, the Chinese biotechnology industry is still in its early stages, with limited value capture in critical areas such as late-stage global clinical development and commercialization [6].