聪明投资者·2025-07-22 06:56Group 1 - The core viewpoint of the article highlights that innovative drugs have become a key source of returns for public funds in 2023, with the Hong Kong stock market's innovative drug index surging by 93.94% as of July 21 [1] - A significant number of funds have reported exceptional performance, with six funds achieving over 100% returns, all heavily invested in innovative drugs [2][3] - The article emphasizes that the majority of funds with returns exceeding 80% are either actively or passively invested in the innovative drug sector [3] Group 2 - The pharmaceutical industry has faced a downturn since 2021, with the pharmaceutical and biotechnology index dropping over 40.19% and the Hong Kong innovative drug index declining by 59.24% over four years [5] - Despite the previous downturn, many funds have recovered losses from 2024 and generated substantial returns due to the recent surge in innovative drugs [6] - The article suggests that the current market rally may only be a temporary boost for thematic funds, and it is essential to evaluate long-term performance during previous downturns [7][8] Group 3 - The article provides detailed performance data of various funds, highlighting the returns of specific funds managed by notable fund managers, such as Zhang Wei and Jin Xiaofei, who have achieved significant returns through strategic investments in innovative drugs [11][37] - Zhang Wei's management of the Huatai-PineBridge Hong Kong Advantage Fund has yielded a return of 138.23% since its inception, while Jin Xiaofei's Penghua Medical Technology Fund has achieved a return of 260.27% since he took over [11][37] - The article discusses the investment strategies of these fund managers, focusing on their ability to identify undervalued innovative drug companies and their proactive adjustments to market conditions [15][56] Group 4 - The article mentions specific innovative drug companies that have performed well, such as Bai Li Tianheng and Hai Si Ke, which have seen significant stock price increases due to successful transitions from generic to innovative drug companies [24][63] - It highlights the importance of understanding the competitive landscape and long-term industry trends when investing in innovative drugs, as emphasized by fund managers like Zhao Wei [56][58] - The article concludes with a positive outlook for the innovative drug sector, suggesting that supportive policies and market conditions may lead to a recovery and growth in the coming years [34][49]