从蛰伏到攀峰，投身创新药浪潮

Core Viewpoint - The article discusses the evolution of China's innovative drug development from imitation to independent innovation, highlighting the industry's significant growth and potential on the global stage [3][4][8]. Industry Challenges - The drug development process is lengthy and costly, typically taking 8-10 years and exceeding billions of dollars, with a high failure rate due to uncertainties in targets and pharmacology, long cycles, and stringent regulatory approvals [2][5]. - The industry faces five core challenges: uncertainty in drug targets, high investment leading to potential funding issues, strict regulatory scrutiny, profit distribution based on industry position, and competition from superior new drugs post-launch [2]. Historical Development - China's pharmaceutical industry began with a weak foundation, relying heavily on imports, particularly for antibiotics and vaccines, and transitioned to a focus on generic drugs after the establishment of the new government [4]. - Post-reform, the industry began to marketize and integrate with international standards, leading to a combination of imitation and innovation strategies [5]. - The approval reforms initiated in 2015 marked a turning point, allowing for faster market entry of essential drugs and aligning clinical trial data with international standards [5][6]. Recent Achievements - In 2025, China saw a record number of innovative drug approvals, with over 20 first-class innovative drugs approved in the first five months, surpassing previous years [7]. - Chinese scholars made significant contributions at international conferences, and the country is making strides in areas like ADC and CAR-T therapies [7]. Investment Landscape - The innovative drug sector is characterized as a "battlefield for smart capital," with significant investment opportunities emerging as the market shifts from speculative narratives to actual performance [9][10]. - The medical sector indices have shown substantial growth, with the Wind medical index rising by 26.74% and the Hang Seng healthcare index by 47.89% in 2025 [10]. Investment Strategy - Investment in innovative drugs is about finding certainty amid uncertainty, focusing on supply creating demand rather than merely following market trends [11]. - The industry is entering a phase of explosive growth, with many projects from the past few years reaching clinical stages [12]. Fund Management Insights - The investment strategy involves a three-dimensional framework that captures alpha by analyzing industry cycles, company growth cycles, and capital market cycles [17]. - The focus is on high-demand areas with limited supply, such as cancer immunotherapy, and companies with strong product competitiveness and self-sustaining capabilities [18]. Team Structure and Collaboration - The fund management team at Changcheng Fund emphasizes a collaborative culture, leveraging diverse expertise to enhance decision-making and reduce risks [23].