耐心持有！东方红资产管理江琦：创新药是基本面推动的长周期行情

Core Viewpoint - The innovative drug sector has shown strong performance this year, bringing the pharmaceutical industry back into the spotlight, with a focus on the potential for significant growth in the coming years [1][4]. Group 1: Fund Management and Strategy - The "Oriental Red Medical Innovation Mixed Fund" is managed by experienced professionals, including Jiang Qi, who has a strong background in both buy-side and sell-side research [1]. - Jiang Qi employs a "combination" strategy in the pharmaceutical sector, focusing on growth stocks, undervalued transformation targets, blue-chip stocks, and companies with stable cash flow, adjusting asset allocation based on market conditions [1][5]. Group 2: Performance and Future Outlook - The "Oriental Red Medical Upgrade Stock Initiation Fund" has demonstrated significant excess returns since its inception, with an A-class share net value growth rate of 71.72% compared to a benchmark decline of 6.17% [2]. - Jiang Qi believes that the innovative drug sector is at the beginning of a rapid growth phase, with many companies expected to transition from losses to profitability in the next five years [2][4]. Group 3: Market Dynamics and Investment Opportunities - The innovative drug industry is anticipated to enter a phase of explosive growth, with 2025 seen as a pivotal year for capital market developments [4]. - Despite the strong performance of innovative drugs, the overall market allocation to this sector remains limited, indicating that excess returns are likely to persist [5][6]. Group 4: Long-term Growth and Challenges - The pharmaceutical industry is characterized by its "long slope, thick snow" nature, where new growth points can be identified at any time, driven by technological advancements [7]. - The development of commercial insurance is expected to positively impact the innovative drug sector by allowing for better pricing and extending product life cycles [7]. Group 5: Technological Impact and Market Trends - AI applications in the pharmaceutical industry are primarily focused on drug discovery and development, with the potential for significant long-term benefits [8]. - The performance of innovative drug stocks in the Hong Kong market has outpaced that in the A-share market, largely due to differences in market liquidity rather than company quality [8][9]. Group 6: Investment Philosophy and Patience - Jiang Qi emphasizes the importance of patience in holding investments in innovative drugs, as the sector is expected to undergo substantial changes driven by fundamental developments [10][12]. - The focus should be on identifying companies with solid fundamentals and the potential for global clinical operations, as these will likely yield significant returns in the long run [10][11].