买赛道变选个股！医药基金减持“B字号”品种，释放什么信号？

Core Viewpoint - After a significant rise in the innovative drug sector, Hong Kong-listed B-share companies have become the main targets for reduction by pharmaceutical fund managers [1][2]. Group 1: Market Trends - The innovative drug sector has transitioned from a thematic investment approach to a focus on commercial growth, with fund managers increasingly cashing out on B-share companies and early-stage innovative drug firms [2][10]. - As of October 26, the best-performing innovative drug-themed fund has achieved a year-to-date return of 123%, but there are concerns about potential drawdown risks, particularly among small-cap stocks that are not yet commercialized [4][11]. Group 2: Investment Strategies - Fund managers are now prioritizing companies with established commercial capabilities, leading to a reduction in holdings of B-share companies that lack revenue and profit anchors [6][8]. - The shift in focus is evident as fund managers like Zhou Sicong have reduced positions in companies like Kelong Botai Bio-B, which has seen significant stock price declines [8][9]. Group 3: Risk Factors - The innovative drug industry is characterized by high investment, long development cycles, and significant risks, with an average drug requiring over 10 years and more than $1 billion in funding, yet having a clinical success rate of less than 15% [4][5]. - B-share companies, often lacking substantial revenue, are particularly vulnerable to market sentiment, leading to increased volatility and performance risks for funds heavily invested in them [5][6]. Group 4: Future Outlook - The innovative drug sector is expected to enter a phase of stock selection, focusing on companies with high certainty of success and established commercial viability [10][12]. - The narrative around stock selection is shifting from broad valuation reassessment to a more rigorous examination of fundamental performance, with future winners likely to be those that can effectively translate scientific innovation into commercial success [12].