持有4年终于回本，医药基金还能拿吗？

Core Viewpoint - The article discusses the volatility and potential investment opportunities in the pharmaceutical sector, particularly focusing on the impact of pricing policies and market sentiment on stock valuations [2][6][9]. Group 1: Market Sentiment and Valuation - The pharmaceutical sector experienced a significant downturn following the implementation of centralized procurement policies, leading to a loss of confidence in the industry's growth prospects [2][3]. - Despite the downturn, there were signs of recovery in the pharmaceutical sector, especially in the Hong Kong innovative drug market, with nearly ten pharmaceutical funds doubling or nearing double their net values by the end of July 2021 [3][4]. - Recent U.S. policies demanding price reductions from major pharmaceutical companies have negatively impacted stock prices in the innovative drug sector globally, including Hong Kong [4][6]. Group 2: Valuation Metrics - The article highlights the importance of valuation metrics such as Price-to-Earnings (PE) and Price-to-Book (PB) ratios in assessing pharmaceutical companies. The Hong Kong innovative drug index has a dynamic PE ratio of approximately 40 times, indicating a 42% percentile, while the PB ratio is around 4 times, at the 100% percentile [6][7]. - Mature and profitable pharmaceutical companies tend to rely more on PE ratios, while innovative and raw material pharmaceutical companies, which have high R&D costs, are better assessed using PB ratios [7]. Group 3: Investment Opportunities - The article suggests that high-quality pharmaceutical companies may be undervalued due to market panic, presenting potential investment opportunities as their stable cash flows and growth potential are overlooked [8]. - The long-term value of pharmaceutical companies is ultimately supported by their actual profitability and growth potential, which may lead to significant price increases after a period of stagnation [9].