4只“翻倍基”诞生！

Core Viewpoint - The innovative drug sector has shown strong performance in the first half of the year, with several funds achieving significant gains, but there are signs of capital withdrawal and a need for more selective stock picking as valuations rise [1][2][4][10]. Group 1: Market Performance - The innovative drug sector has seen substantial growth, with four funds doubling their net value this year, including the leading fund with a 133.72% increase [3]. - As of July 18, 2023, stocks like Shuyou Shen and Yifang Biotech have surged over 500% and 200% respectively, contributing to the overall strong performance of related funds [3]. - The overall market sentiment remains positive, with expectations for continued improvement in the pharmaceutical sector's fundamentals in the second half of the year [4]. Group 2: Fund Flows and Manager Insights - Recent quarterly reports indicate a decline in fund shares for some innovative drug products, suggesting a potential shift in investor sentiment [2][7]. - Notable funds like Penghua Medical Technology and Changcheng Medical Industry Select have seen significant share reductions despite positive net value growth [8]. - Fund managers express caution, indicating that while the innovative drug sector has long-term potential, recent gains may lead to adjustments and volatility [10]. Group 3: Valuation and Investment Strategy - The Hang Seng Medical Index's price-to-sales (PS) ratio is currently at 1.6, indicating that there is still room for valuation recovery compared to U.S. counterparts [11]. - Fund managers emphasize the importance of selecting stocks based on financial and research metrics, advocating for a diversified portfolio that includes both high-growth and stable revenue-generating companies [14]. - The expectation is that domestic innovative drug companies will continue to perform well due to strong clinical data and successful commercialization efforts [13].