Core Viewpoint - The pharmaceutical sector has experienced significant fluctuations, with a prolonged downturn from 2021 to 2024, followed by a substantial recovery in 2025. The Hang Seng Medical Index has doubled from its lowest point but still has room to grow compared to previous highs, while the A-share medical index remains significantly below its historical peak [1][2]. Group 1: Investment Opportunities in the Pharmaceutical Sector - The current market sentiment towards the pharmaceutical sector is cautious, with a need to reassess the understanding of the industry and future prospects [2]. - Four major investment opportunities in the pharmaceutical sector over the next three years have been identified, which may influence future fund allocation strategies [2]. Group 2: Domestic High-Value Consumables - Domestic high-value consumables, particularly in the context of "innovation + going global," show strong growth potential, although market consensus is still lacking [3][9]. - The market capitalization of domestic high-value consumables companies is significantly lower than their international counterparts, indicating substantial growth potential [5][9]. - The characteristics of high-value consumables align well with China's manufacturing strengths, suggesting that the emergence of world-class companies in this sector is likely [9][10]. Group 3: U.S. Biotech Sector - The U.S. biotech sector is experiencing a second upward cycle driven by various intracellular biological technologies achieving clinical validation [14]. - The rise of domestic innovative drugs has created competitive pressure on U.S. biotech firms, but it also opens opportunities for collaboration and integration [14][15]. - The market for intracellular technologies is expected to grow, with significant investment opportunities in U.S. biotech companies [16][19]. Group 4: Domestic Innovative Drugs - The domestic innovative drug sector is entering a golden window of opportunity following deep medical reforms, with strong growth potential anticipated in the coming years [23][24]. - The growth trajectory of domestic innovative drugs mirrors that of the U.S. market in the 1980s, suggesting a potential for a prolonged high-growth cycle [25][27]. - The competitive landscape for domestic innovative drugs is evolving, with a focus on maintaining product quality and performance to succeed in a mature global market [27][29]. Group 5: Overall Pharmaceutical Industry Trends - The overall growth rate of the pharmaceutical industry is expected to accelerate marginally over the next three years, improving the industry’s overall outlook [29][30]. - The anticipated recovery in industry revenue and profit margins is driven by the maturation of previously loss-making innovative drug companies and a reduction in competitive pressures [30][35]. - Despite the positive outlook, the market has yet to fully recognize the potential for recovery, as evidenced by low valuation levels compared to historical averages [33].

↑点击上面图片 加雪球核心交流群 ↑ 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 青侨阳光 来源：雪球 过去几年里，医药板块经历了剧烈的起落：先是2021-2024年连续4年超期长跌，再是2025年的大幅修复。截至2025年10月底，港股的恒生医疗 指数点位是4048点，从倍数上看，差不多正好落在2020年高点（8396点）与2024年低点（1998点）的中间——从最底部起已经上涨了1倍，但相 比前期高点还有1倍空间。 相比之下，传统产业权重更高的A股全指医药指数，截至10月底的点位（9488点），相比前期高点（16906点）和前期低点（7038点）而言，也只 是走到25%分位，甚至还远未到一半的水平。 这与我们自下而上的跟踪覆盖是一致的：我们覆盖的港股和A股医药作为整体，从2024年中的严重低估一路拉升到2025年9-10月相比历史估值中 轴的基本持平，不过从2025年9-10月开始出现普遍性回调。 相当于 过去1年里车开到了半路，结果最近2个月市场又出现倒车。站在这个时点，或许可以再梳理一遍对当前医药板块现状的理解以及对未来医药 行业前景的判断，进而重新校 ...

Core Viewpoint - The article emphasizes the significance of gene editing technology as a revolutionary approach to curing genetic diseases, highlighting its potential to provide permanent solutions by directly correcting DNA sequences, unlike traditional therapies that only manage symptoms [3][4][5]. Group 1: Gene Editing Technology Overview - Gene editing is categorized into three generations: ZFN, TALEN, and CRISPR/Cas, with CRISPR/Cas representing a significant leap in efficiency and effectiveness [16][15]. - The CRISPR/Cas system utilizes RNA for target recognition, which simplifies the design and delivery process compared to previous methods [12][13]. - The article discusses the challenges of gene editing, particularly in identifying target sequences within vast genomic data, which has historically limited the technology's development [8][9]. Group 2: Current Market Landscape - The focus of investment in the biotech sector is shifting towards companies that leverage disruptive gene editing technologies, particularly those with proven products at the forefront of the market [5][18]. - Companies like CRISPR Therapeutics and Intellia are highlighted for their advancements in gene editing therapies, with CRISPR's products showing promising early commercial success [20][21]. - The article notes that the delivery of gene editing tools, especially to liver cells, has become more refined, with LNP (lipid nanoparticles) being a key method for effective delivery [21][23]. Group 3: Future Directions and Innovations - The emergence of base editing (BE) and prime editing (PE) technologies represents the next frontier in gene editing, offering more precise editing capabilities with reduced risks of off-target effects [31][36]. - Prime editing, in particular, is noted for its ability to perform complex edits without causing double-strand breaks, thus minimizing unintended genetic alterations [41][42]. - The article concludes with a forward-looking perspective on the potential for gene editing technologies to transform the biopharmaceutical industry, driven by ongoing innovations and the quest for effective treatments [45][46].