部分基金寻找确定性投资 在医药基金重仓股剧烈波动之际，公募赛道高低切换预期大幅提升。 证券时报记者注意到，近期创新药基金面临重仓股调整的压力，由于持仓风格过度集中，使基金在市场 波动中寻找确定性成为关键需求。前期资金分流导致股价承压的红利股、消费股等，在风格切换中成为 基金控制回撤、保业绩的重要品种。 创新药基金回撤压力增大 随着医药基金年内净值达到一个小高峰，公募抱团持仓的创新药开始有点"恐高"。 9月17日，港股恒生指数收盘大幅上涨1.78%，而当日恒生创新药指数却以1.08%的跌幅收盘，QDII基金 重仓的各类医药股普遍走跌。数据显示，创新药主题基金业绩目前仍遥遥领先，业绩表现最强的医药基 金在全市场排名中也高居第二，港股创新药成为基金业绩排名的关键指标。 但随着市场波动不断加大，创新药基金也在面临净值回撤压力。例如，截至9月17日收盘，汇添富香港 优势精选基金年内收益已超1.7倍，排名QDII基金业绩第一名，该基金股票仓位几乎全是医药股。当 日，该基金前十大重仓股中有六只股票收盘走跌，其中，第一大重仓股映恩生物下跌5.90%，考虑到仅 映恩生物一只股票的持仓占比即达17.27%，因此，单一个股大幅走跌 ...

Group 1 - The core viewpoint of the articles highlights the strong performance of innovative drug ETFs, with several funds achieving over 100% returns this year, indicating a significant interest in the sector [1][2][3] - The innovative drug sector is transitioning from a defensive investment strategy to an offensive growth strategy, driven by policy support, international breakthroughs, and increased capital inflow [3][4] - Fund managers express optimism about the long-term growth potential of innovative drugs, anticipating a harvest period starting from 2025, following a decade of investment [2][4] Group 2 - Several innovative drug ETFs have shown remarkable performance, with three specific ETFs achieving over 100% returns as of July 31 [2] - The active equity funds focused on innovative drugs have also seen rapid growth, with one fund exceeding 140% returns since the beginning of the year [2] - Despite the positive outlook, there are concerns about potential valuation bubbles in the innovative drug sector, as increased funding may overlook the inherent risks and challenges of drug development [3][4] Group 3 - The innovative drug sector is expected to experience a "Davis Double Play" effect, benefiting from policy dividends and improved global competitiveness [3] - The assessment of innovative drug companies should focus on their global competitiveness and domestic commercialization capabilities, with a preference for products ranked among the top three globally [4] - Companies need to balance pipeline advancement with cash flow management and enhance their research efficiency to navigate the competitive landscape effectively [3][4]

Core Insights - IN8bio, Inc. is presenting a novel gamma-delta T cell engager platform at the AACR Annual Meeting 2025, highlighting its potential in cancer immunotherapy [1][2] - The company focuses on developing innovative therapies for cancer and autoimmune diseases using gamma-delta T cells, which have unique properties that may overcome limitations of current therapies [2][4] Company Overview - IN8bio is a clinical-stage biopharmaceutical company specializing in gamma-delta T cell-based immunotherapies for cancer and autoimmune diseases [4] - The lead program, INB-100, targets acute myeloid leukemia by evaluating haplo-matched allogeneic gamma-delta T cells post-hematopoietic stem cell transplant [4] - The company is also exploring autologous DeltEx DRI gamma-delta T cells for glioblastoma and advancing novel gamma-delta T cell engagers for various oncology and autoimmune indications [4] Presentation Details - The poster presentation titled "A novel gamma-delta T cell engager platform for cancer immunotherapy" will take place on April 30, 2025, during the Immunology/T Cell Engagers and Novel Antibody-Based Therapies session [3] - The presentation will showcase early findings in acute myeloid leukemia (AML) and B-cell acute lymphoblastic leukemia (B-ALL), supporting the broader strategy of utilizing gamma-delta T cells across multiple cancers [2][3]