久违大涨！创新药再度“起舞”，“出海”或成关键词

Core Viewpoint - The A-share market has shown strength in early 2026, with significant gains in the semiconductor and non-ferrous sectors, while the previously quiet innovative drug sector has also become prominent, particularly in the Hong Kong market. Additionally, the medical device sector may present investment opportunities due to the rising trend of brain-computer interfaces [1][3]. Innovative Drug Sector Recovery - Several ETFs related to innovative drugs have seen substantial gains, with five funds increasing over 7% in just three days. The innovative drug sector in both A-shares and Hong Kong has experienced a rally, although there was a significant pullback in the fourth quarter of 2025, with many funds dropping over 20%. Current valuations in the innovative drug sector are considered attractive, making 2026 a potentially good time for investment [3][4]. - The innovative drug sector is expected to remain a key investment theme in 2026, with positive catalysts such as industry conferences and advancements in commercialization and overseas expansion expected to drive stock prices [3][4]. Brain-Computer Interface Potential - The brain-computer interface concept has gained traction, particularly with Neuralink's anticipated mass production in 2026, signaling a potential commercialization milestone. This technology could significantly impact the medical device sector, offering solutions for patients with disabilities [5][6]. - The medical device sector is expected to benefit from innovation-driven growth, with domestic leaders focusing on high-end equipment and market share expansion, supported by favorable policies [6]. Focus on Overseas Expansion - Fund managers emphasize the importance of "overseas expansion" as a key factor in stock selection. The innovative drug sector is expected to see value realization through clinical data and milestone payments, particularly in areas like ADC and dual antibodies [7][8]. - Companies with strong overseas clinical capabilities and business development potential are highlighted as having significant growth opportunities, with some medical device companies already generating over 50% of their revenue from international markets [8].