Core Viewpoint - Despite high returns this year, several popular thematic funds are facing liquidation risks due to significant redemption pressures after recovering their net asset values [1][3][4]. Group 1: Fund Liquidation Risks - Multiple high-performing thematic funds, including those in the pharmaceutical, military, and new consumer sectors, have disclosed risks of contract termination and liquidation [3][4]. - A public fund in South China announced a meeting to discuss modifying the termination clauses of its innovative drug fund, which has been below 50 million yuan for 45 consecutive working days [3]. - A new consumer-themed fund has triggered liquidation procedures, entering asset liquidation as of August 21, with a net asset value of 1.17 yuan [3][4]. Group 2: Performance and Redemption Pressure - Funds facing redemption pressures are often those that have performed well this year, with some achieving returns close to 55% [4]. - The innovative drug fund's net asset value increased from 0.955 yuan at the beginning of the year to approximately 1.4 yuan [4]. - The military-themed fund has seen a year-to-date return of about 15%, with most gains occurring in the last three months [5]. Group 3: Future Opportunities - Despite redemption pressures, industry experts believe there are still structural opportunities in popular sectors [7]. - The military industry is expected to grow due to increased national defense budgets and technological advancements, with optimism for continued improvement in the sector's fundamentals [7][8]. - The innovative drug sector's growth is supported by previous valuation suppression and recent positive developments in product profitability and overseas transactions [8].

Core Viewpoint - Despite high returns this year, several popular sector funds are facing liquidation risks due to significant redemption pressures after recovering their net asset values [1][2]. Group 1: Fund Performance and Redemption Pressure - Many top-performing funds in sectors like pharmaceuticals, military, and new consumption are experiencing large redemption pressures despite their strong performance [2][4]. - A notable innovative drug fund announced a meeting to discuss modifying its contract termination clauses to avoid liquidation, highlighting the growing divergence in sector investments amid a booming stock market [2][3]. - Several funds, including a new consumption theme fund and a military industry fund, have triggered contract termination procedures due to their net asset values falling below required thresholds [3][4]. Group 2: Specific Fund Cases - An innovative drug fund reported a year-to-date return of approximately 55%, with its net asset value rising from 0.955 yuan at the beginning of the year to around 1.4 yuan [4]. - A new consumption fund recently completed its net value recovery, achieving a net asset value of 1.17 yuan, supported by investments in companies like Pop Mart and Wei Long [4]. - The military industry index has seen a year-to-date increase of nearly 20%, yet a military-themed fund is facing liquidation despite a return of about 15% this year, indicating a puzzling situation given the recent market trends [5]. Group 3: Future Outlook and Sector Opportunities - Industry experts believe that popular sectors still hold structural opportunities despite redemption pressures, particularly in the military sector, which is expected to benefit from increased military budgets and technological advancements [6]. - The innovative drug sector is also anticipated to continue its upward trajectory due to previously suppressed valuations and recent positive developments in product profitability and overseas transactions [7].

Group 1 - The core viewpoint of the news highlights the strong performance of the biotech sector in the STAR Market, with the STAR Biomedicine Index rising by 1.39% and individual stocks like CanSino and Huaxi Bio showing significant gains [1] - In 2024, the retail pharmacy (DTP) innovative drug sales are projected to reach 88.7 billion yuan, marking a year-on-year growth of 16.6%, while the first quarter of 2025 is expected to see sales of 23.3 billion yuan, a 15.0% increase [1] - The innovative drug sector continues to maintain double-digit growth, significantly outpacing the growth of tiered hospitals, indicating a qualitative leap in channel value [1] Group 2 - According to Shenwan Hongyuan, the innovative drug sector has experienced rapid growth in product revenue and external licensing over the past three years, with significant BD transactions this year driving a trend of expansion across the overall sector [1] - The adjustment of the medical insurance catalog will include commercial insurance for innovative drugs for the first time, which is expected to further support the sector [1] - The STAR Biomedicine ETF closely tracks the STAR Biomedicine Index, which consists of 50 large-cap companies in the biomedicine and related fields, reflecting the overall performance of representative companies in the sector [2]

【导读】 持续上涨后出现调整，后市怎么走？四位 基金经理解读创新药投资机会 中国基金报记者 张燕北 孙晓辉 今年以来，创新药板块行情可谓波澜壮阔。其中，港股创新药更是星光闪耀。 截至2025年8月 8 日，恒生港股通创新药指数年内涨幅超过98%，自去年4月低点以来，该指数涨幅更是超过150%。万得创新药指数年 内涨幅超过46%，去年低点以来最大涨幅也超过95%。其间，诞生了一批十倍、五倍牛股。 但在烈火烹油之后，现在似乎有了回调的迹象，最近几天医药股尤其创新药"风浪"有点大。本次调整从7月30日开始算起，已调整9天，指 数最大调整幅度 为 -7.21%，至今调整幅度是-6.25%。 由此也催生出一些问题，聚焦在：这一波行情到顶了吗？经过连续上涨后，当前板块是否已出现局部泡沫？未来医药股会如何演绎逻辑？ 哪些领域还有机会？ 为此，中国基金报记者采访了： 中银基金基金经理 郑宁 平安医疗健康基金经理 周思聪 长城医药产业基金经理 梁福睿 在受访基金经理看来， 中国创新药当前正处于爆发增长态势，行业已迎来真正意义上的基本面拐点，并在逐渐完成从追赶者向引领者的转 变。 周思聪 ： 主要逻辑没有变化。创新药行情的底层逻 ...

Core Viewpoint - The Hong Kong innovative drug sector has shown significant growth in the first half of 2025, driven by policy and industry catalysts, leading to outstanding performance of actively managed equity funds focused on this sector, with some funds achieving returns exceeding 85% [1][2]. Fund Performance - Several actively managed funds heavily invested in innovative drug stocks have significantly outperformed related index funds, with the Huatai-PineBridge Hong Kong Advantage Select A leading with a return of 85.64% as of June 27 [2]. - The top holdings of this fund saw substantial gains, with Rongchang Bio rising 278% and other companies like Innovent Biologics and Kelun-Biotech also exceeding 100% in growth [2]. - Other funds, such as Changcheng Pharmaceutical Industry Select A and Zhongyin Hong Kong Stock Connect Pharmaceutical A, also reported returns over 60%, placing them among the top performers in the public fund rankings [2]. ETF Performance - Hong Kong medical-themed ETFs dominated the top ten gainers in the first half of the year, all achieving over 50% growth, with the Huatai-PineBridge National Index Hong Kong Stock Connect Innovative Drug ETF seeing a net inflow of over 6 billion yuan, increasing its size from 653 million yuan to over 7.8 billion yuan [3]. Market Dynamics - The innovative drug sector's growth is attributed to a favorable market environment and strong industry logic, with multinational corporations (MNCs) driving significant business development (BD) efforts that enhance the valuation of innovative drug companies [4]. - After a rapid increase in valuations, the sector has entered a phase of relative high volatility, with some analysts suggesting that short-term trading funds may take profits, leading to potential price adjustments [4][5]. Policy Support - New policies issued on June 30 aim to support the high-quality development of innovative drugs, including increased R&D support, integration into basic medical insurance, and enhanced clinical application [5][6]. - The latest policy framework is expected to improve the certainty of R&D and accelerate commercialization timelines, providing further support for sector valuations [6]. Investment Opportunities - The innovative drug sector is seen as being in a dual recovery phase regarding valuation and fundamentals, with a focus on identifying genuine innovations and distinguishing them from less credible claims [5][7]. - Investment managers emphasize the importance of recognizing companies with strong clinical data and effective commercialization strategies, particularly those capable of entering global markets [6][7]. - The Chinese innovative drug industry is transitioning from a "technology follower" to a "global collaborator," with significant potential for creating large-cap companies in the future [7].

Group 1 - The domestic economy showed strong resilience in Q2, and the "anti-involution" policies continue to be implemented, leading to a steady rebound in A-shares in July [1] - In August, uncertainties from overseas tariffs and rising expectations for a Federal Reserve rate cut may impact the market, while domestic policies are expected to support the stabilization of the capital market [1] - The A-share mid-year reports will enter a concentrated disclosure period, increasing the importance of performance trading [1] Group 2 - Changcheng Fund's manager, Tan Xiaobing, noted multiple factors influencing the market in August, including unclear US-China trade tensions and the upcoming performance window, suggesting a potential short-term market fluctuation [1] - Tan Xiaobing expressed a relatively optimistic view on sectors such as non-bank financials, military industry, and new consumption that has been consolidating for a while [1] - The innovative drug sector is also viewed positively, although due to significant gains in July and a lack of catalysts in August, this sector may experience short-term fluctuations, with potential catalysts expected after September's major meetings and medical insurance negotiations [1]

国内经济二季度展现较强韧性，叠加"反内卷"政策持续推进，A股在7月延续反弹势头，稳步上涨。 进入8月，海外关税扰动或存变数，美联储降息预期升温，与此同时，国内政策有望持续巩固资本市场 回稳向好势头，A股中报也将进入密集披露期，业绩交易的重要性可能进一步提升。多重因素交织下， 当前哪些投资机会或更具潜力？ 长城基金基金经理谭小兵认为，影响8月份市场的因素较多，中美贸易摩擦局势不明，叠加市场进入重 要的业绩窗口，她认为短期内市场或呈现震荡态势。后续需关注8月下旬美联储关于议息的表态。 MACD金叉信号形成，这些股涨势不错！ 责任编辑：石秀珍 SF183 具体方向上，谭小兵表示，相对看好非银、军工以及休整较久的新消费等板块。此外，仍然看好创新药 板块，从二季度末公募的持仓分布数据来看，这一轮行情的贝塔或仍处于前半段，不过由于7月涨幅较 大、8月暂缺乏催化，短期内板块可能会震荡，或可等待9月份之后各重磅会议召开及医保谈判预热的催 化。 免责声明：本通讯所载信息来源于本公司认为可靠的渠道和研究员个人判断，但本公司不对其准确 性或完整性提供直接或隐含的声明或保证。此通讯并非对相关证券或市场的完整表述或概括，任何所表 达的 ...

Core Viewpoint - The Hang Seng Healthcare Index (HSHCI) has shown strong performance, with significant increases in constituent stocks and the Hang Seng Healthcare ETF, driven by ongoing innovation and M&A activities in the pharmaceutical sector [3][4]. Group 1: Market Performance - As of August 1, 2025, the HSHCI rose by 1.15%, with notable gains from stocks such as Yaoshi Bang (up 4.87%) and Gushengtang (up 4.62%) [3]. - The Hang Seng Healthcare ETF (513060) increased by 1.46%, with a latest price of 0.7 yuan, and has accumulated a 4.58% rise over the past week [3]. - The ETF recorded a turnover rate of 5.66% and a trading volume of 4.53 billion yuan, with an average daily trading volume of 33.29 billion yuan over the past week, ranking first among comparable funds [3][4]. Group 2: Fund Growth and Performance - The Hang Seng Healthcare ETF saw a significant scale increase of 27.99 million yuan over the past week, placing it in the top third of comparable funds [4]. - The ETF's latest financing buy-in amount reached 288 million yuan, with a financing balance of 218 million yuan [4]. - Since its inception, the ETF has achieved a net value increase of 31.51% over the past two years, ranking 16th out of 90 QDII equity funds [4]. Group 3: Valuation and Index Composition - The HSHCI's latest price-to-earnings ratio (PE-TTM) stands at 32.12, indicating a valuation below 83.19% of the historical range over the past three years, suggesting it is at a historical low [5]. - The top ten weighted stocks in the HSHCI account for 62.14% of the index, including companies like BeiGene and WuXi Biologics [5].

Core Viewpoint - The Chinese innovative pharmaceutical sector is experiencing a significant rebound, with numerous stocks doubling in value and a strong performance from innovative drug companies, indicating a potential for continued growth and investment opportunities [1][2][3]. Group 1: Market Performance - As of July 29, 2023, the pharmaceutical sector has seen 42 stocks double in value this year, with Shuyatain leading at a 560% increase [1]. - Eight stocks, including Saifen Technology and Yipin Hong, have risen over 200%, while over 30 stocks have increased by more than 100% [1]. Group 2: Fund Performance - The surge in the pharmaceutical sector has led to significant gains in several pharmaceutical-themed funds, with many achieving over 100% returns in the past year [2]. - Fund managers believe that innovative drugs are likely to gain traction due to high demand and the upcoming product launches from various A-share and H-share companies [2]. Group 3: Industry Insights - Analysts highlight that the innovative drug sector is entering a golden development phase, supported by short-term performance from research outcomes and long-term benefits from aging populations and health demand upgrades [2]. - The innovative drug sector is seen as the most promising sub-industry within pharmaceuticals, with a clear growth trajectory and investment potential [3]. Group 4: Future Outlook - The innovative drug sector is expected to benefit from a combination of policy support and fundamental growth, leading to a revaluation of the sector [3]. - Analysts recommend continued investment in specific segments such as CRO & CDMO, GLP-1, and unique raw materials, which are anticipated to show strong performance [3].

Core Viewpoint - The innovative drug sector is expected to thrive in 2025, with significant capital inflow and a focus on products with overseas potential, leading to substantial stock price increases in this segment [1][3]. Group 1: Market Performance - From early 2025 to date, the innovative drug sector has seen an average increase of over 50%, with nearly 50 stocks rising more than 30% [1]. - The Hongtu Innovation Healthcare Fund has achieved a cumulative increase of nearly 64% since early 2025, outperforming the industry [1][5]. - Historical performance of the Hongtu Innovation Healthcare Fund shows a year-to-date return of 63.66%, ranking 92 out of 594 funds [2]. Group 2: Industry Trends - The long-term development trend of China's innovative drug sector remains strong, supported by national strategies and favorable capital market policies [3]. - The market for innovative drugs in China is projected to exceed 250 billion RMB in 2024, with expectations to grow to approximately 450 billion RMB by 2030 [3]. - The overall market size, including all aspects of the drug development chain, is expected to approach 5.5 trillion RMB by 2024 and surpass 20 trillion RMB by 2030 [3]. Group 3: Investment Strategy - The investment strategy of the Hongtu Innovation Healthcare Fund focuses on high-elasticity innovative drug companies, particularly those with significant clinical breakthroughs and potential for international market entry [7][11]. - Key investment targets include companies with promising clinical data and those that are expected to achieve commercial success through domestic market integration and overseas licensing [7][10]. - The fund manager has successfully captured structural opportunities in the pharmaceutical sector, leading to superior long-term performance compared to peers [12]. Group 4: Notable Stocks - Major holdings in the Hongtu Innovation Healthcare Fund include companies like Xinlitai, Shutaishen, and Yifang Biotechnology, which have shown significant price increases and promising clinical data [8][9]. - The fund emphasizes investments in companies with first-in-class (FIC) and best-in-class (BIC) potential, focusing on those that can disrupt current clinical supply [11][12]. Group 5: Future Outlook - The innovative drug sector is expected to continue its upward trajectory, driven by overseas licensing opportunities and supportive domestic policies [12]. - The ongoing global business development (BD) transactions and key clinical data releases are anticipated to catalyze further growth in high-value innovative drug companies [12].