公募开年力推医药基金！创新药迎“赚美元”新周期？

Core Viewpoint - The Chinese innovative drug industry is entering a new phase of "earning dollars," prompting public funds to rapidly launch new pharmaceutical funds in early 2026 [1][3]. Group 1: Fund Launches and Market Activity - In the first week of 2026, there has been a surge in new fund launches focused on innovative drugs, with significant investments directed towards the Hong Kong pharmaceutical sector [3][4]. - Notable new products include the Hua Bao Hong Kong Medical Theme ETF, which raised 331 million yuan and quickly built a stock position of 14.70% [3]. - The Fu Guo Hang Seng Biotechnology ETF also launched, raising over 320 million yuan and focusing on leading Hong Kong pharmaceutical companies [3][4]. Group 2: Performance and Demand for Pharmaceutical Funds - The strong performance of Hong Kong pharmaceutical funds in 2025 has heightened demand from both institutional and retail investors for new pharmaceutical fund offerings [6][7]. - The Hong Kong pharmaceutical theme funds delivered impressive returns in 2025, with some achieving over 113% cumulative returns, significantly influencing investor interest [6][7]. - Despite a market correction at the end of 2025, this has created an opportunity for new funds to lock in low-priced assets, leading to a rebound in fund net values [6]. Group 3: Future Expectations and Market Trends - The innovative drug sector is expected to experience a "performance verification phase" in 2026, with key indicators such as revenue from business development (BD) payments and the sales growth of core innovative drugs being closely monitored [9]. - Fund managers anticipate that 2026 will see more products entering large-scale global Phase III clinical trials, which could enhance market confidence and drive up the global value of innovative drugs [8][9]. - The industry is viewed as transitioning from following innovation to achieving global commercialization, with expectations that more Chinese innovative drug companies will realize overseas commercialization by 2027, leading to a systematic revaluation of the sector [9].