TF Securities(SH:601162) 新财富·2025-10-31 09:49Core Insights - The article discusses the current state of the innovative drug sector, highlighting the shift in market sentiment from optimism to caution, raising questions about whether this is a risk accumulation or an opportunity for investment [1] Group 1: Industry Overview - The innovative drug industry in China has evolved significantly over the past decade, transitioning from a position of lagging behind global standards to achieving leadership in certain areas [5] - The industry has undergone a complete cycle influenced by policy guidance, procurement pressures, and regulatory adjustments since the milestone event of "722 clinical data verification" in 2015, now being recognized as a "strategic emerging industry" [5] - The internationalization capability, exemplified by "License-out" strategies, has become a key factor in determining the value of companies within the sector [5] Group 2: Investment Strategies - Current adjustments in the innovative drug sector have made the "odds" of investment more attractive, although a repeat of the previous quarter's rapid growth may be challenging [6] - Investors are encouraged to utilize increasingly diverse ETF and index tools to mitigate risks and capture overall industry growth opportunities [5][9] - The Hong Kong stock market is highlighted as a favorable platform for investing in innovative drugs due to its unique advantages, including access to quality targets and international funding recognition [9] Group 3: Market Potential - The Chinese innovative drug market is projected to grow into a trillion-dollar sector, driven by increasing clinical demand, improved payment capabilities, and supportive policies [9] - Historical performance indicates that the Hong Kong innovative drug sector exhibits unique volatility characteristics, responding significantly during market rebounds and major academic conferences [10] Group 4: Advisory Services - The role of investment advisors is emphasized as crucial in transforming deep insights from analysts and fund managers into actual returns for clients, focusing on selecting the right sectors, timing, and investment tools [13] - A systematic approach combining sector selection, timing, and fund manager choice can significantly enhance annual excess returns for clients [13]