刚刚，大曝光！“牛基”狂买

Core Viewpoint - The article highlights the strong performance of several funds focusing on innovative pharmaceuticals in Hong Kong, indicating the beginning of a golden era for Chinese pharmaceuticals, with a focus on high-barrier, high-certainty market opportunities in innovative drug companies [2][11]. Fund Performance - The Huatai-PineBridge Hong Kong Advantage Select Fund, managed by Zhang Wei, reported a year-to-date net value growth rate of 133.73%, leading the public fund performance rankings [4]. - The fund's top holdings include Innovent Biologics -B, with a stock price increase of over 250%, and other significant gains from companies like 3SBio and CSPC Pharmaceutical Group, which saw increases of 390% and 90%, respectively [4][11]. - Another fund, the Bank of China Hong Kong Stock Connect Pharmaceutical Fund, managed by Zheng Ning, achieved a year-to-date net value growth rate of 105.43%, ranking among the top three in equity fund performance [4]. Investment Strategies - Fund managers are focusing on core single-product tracks, technology breakthrough segments, and AI-enabled drug development as key investment areas [10][12]. - The article notes a shift in the Chinese innovative drug sector from narrative-driven growth to industry logic-driven growth, with expectations for accelerated globalization and innovation in the next 3 to 5 years [11][12]. Market Outlook - The pharmaceutical industry is expected to see a recovery in domestic medical demand and behavior, with significant policy support for innovative drugs anticipated to improve the payment, access, and investment landscape [11]. - The article emphasizes the importance of cash flow generation from leading innovative drug companies as a key factor for long-term growth [12].