把握创新药全球崛起的历史机遇

Core Viewpoint - The adjustment in the innovative drug sector is necessary, as recent sell-offs are due to profit-taking rather than fundamental changes in the industry. The long-term development of China's innovative drugs is on a solid foundation, and holding quality innovative drug assets is a strategic choice for investors [3]. Group 1: Industry Comparison - The real estate sector has led to high housing prices and economic entanglement, with serious long-term consequences [4]. - The consumer sector, particularly the liquor industry, has thrived during economic booms, but structural adjustments have negatively impacted it [4]. - The renewable energy sector has produced major players like BYD, but it has also faced issues of overcapacity due to excess capital and strong supply chains [4]. Group 2: Characteristics of Innovative Drugs - Innovative drugs are characterized by non-cyclical or super-cyclical demand, unlike real estate which is tied to economic conditions. Once drugs are on the market, they tend to become cheaper over time, and the need for continuous innovation remains [5]. - The aging population globally increases the demand for innovative drugs, which are essential rather than optional, ensuring consistent consumption regardless of economic conditions [5]. - The pharmaceutical market is substantial, with wealth increasingly concentrated among the elderly, and healthcare systems in various countries provide a safety net for drug consumption [6]. Group 3: Market Opportunities - The overseas market for innovative drugs is vast, with Chinese companies able to monetize intellectual property through upfront payments and royalties, ensuring long-term returns from successful products [6]. - The adjustment in the sector is not indicative of a lack of confidence; rather, it reflects a strategic repositioning of funds towards companies with significant growth potential, such as Kangfang Biotech, which has both short-term catalysts and mid-term fundamental improvements [6]. - The current phase marks the beginning of a golden decade for China's innovative drugs, and participation in this trend is crucial for investors to avoid being left behind [6].