在创新药定价逻辑跨进"赚美元"阶段之际，各大公募2026年开年火速投放医药新基金。 2026年开年仅一周，基金经理南下挖掘创新药的热度便已点燃。随着中国创新药行业逐步迈 入"赚美元"的全球化变现周期，公募基金迅速推出各类医药新品。 从ETF到主动权益产品，围绕创新药估值重构的上升逻辑也成为基金公司产品开发的引擎，公募 弹药也因此持续投向港股医药赛道。对此，多位医药明星基金经理认为，全球化商业变现，被视 为医药行业诞生超级巨头的关键特征，行业进入"赚美元"的新阶段后也将迎来新的行业估值。 开年新品密集南下布局创新药 在公募持续挖掘海外增量业绩的背景下，2026年的创新药板块正迎来"海外BD大单"向实打实业绩 转化的关键期。这一确定性趋势，直接推动了基金发行市场的"开门红"。 开年不足一周，创新药赛道便迎来了新产品发行的接力潮。基金弹药正持续涌入港股医药行业， 意图抢占这一轮业绩兑现的先机。1月7日，华宝基金发布公告，旗下华宝港股通医疗主题ETF将 于1月12日正式上市交易。该产品募集规模达3.31亿元，截至1月5日（上市前一周），股票仓位已 快速建至14.70%。根据披露，该基金首批建仓股涵盖了京东健康、晶泰控 ...

在创新药定价逻辑跨进"赚美元"阶段之际，各大公募2026开年火速投放医药新基金。 2026年开年仅一周，基金经理南下挖掘创新药的热度便已点燃。随着中国创新药行业逐步迈入"赚美元"的全球 化变现周期，公募基金迅速推出各类医药新品。 从ETF到主动权益产品，围绕创新药估值重构的上升逻辑也成为基金公司产品开发的引擎，公募弹药也因此持 续投向港股医药赛道。对此，多位医药明星基金经理认为，全球化商业变现，被视为医药行业诞生超级巨头的 关键特征，行业进入"赚美元"的新阶段后也将迎来新的行业估值。 开年新品密集南下布局创新药 在公募持续挖掘海外增量业绩的背景下，2026年的创新药板块正迎来"海外BD大单"向实打实业绩转化的关键 期。这一确定性趋势，直接推动了基金发行市场的"开门红"。 开年不足一周，创新药赛道便迎来了新产品发行的接力潮。基金弹药正持续涌入港股医药行业，意图抢占这一 轮业绩兑现的先机。1月7日，华宝基金发布公告，旗下华宝港股通医疗主题ETF将于1月12日正式上市交易。 该产品募集规模达3.31亿元，截至1月5日（上市前一周），股票仓位已快速建至14.70%。根据披露，该基金首 批建仓股涵盖了京东健康、晶泰控股 ...

Group 1 - China's innovative drug assets are increasingly recognized globally, capturing a larger share of the global innovative drug licensing market, with 27% of global transaction volume and 32% of transaction value in 2023 [1] - Despite the growth, only 10 out of 307 new drugs approved by the FDA since 2019 are from China, representing less than 3% [1][11] - The market capitalization of Chinese pharmaceutical and biotech companies is significantly lower than their US counterparts, with only 14% of the total market cap of US listed companies [7] Group 2 - The Hong Kong stock market has seen multiple "10x stocks" in the pharmaceutical sector, with companies like Deqi Medicine and Hengrui Medicine experiencing significant price increases [4][5] - The recent IPOs of biopharmaceutical companies in Hong Kong have nearly matched the total for 2023, indicating a strong market interest [5] - A wave of high-profile IPOs is expected in the second half of 2025, driven by improved market conditions and increased liquidity [5][6] Group 3 - The capital market's enthusiasm has led to significant refinancing activities among listed companies, with major transactions from companies like Innovent Biologics and I-Mab [6] - Chinese companies now account for about one-third of the global pipeline of innovative drugs, with a total transaction scale of $48 billion in the first half of 2025 [6] - The trend of increasing licensing agreements with multinational pharmaceutical companies is expected to continue, as many innovative drugs are entering clinical stages [9][10] Group 4 - The focus of Chinese innovative drugs remains on oncology, with over 60% of licensing transactions in the past three years related to cancer treatments [12] - There is a rising interest in cardiovascular and metabolic disease drugs, particularly GLP-1 medications, which are becoming a focal point for multinational companies [12][13] - The global valuation of innovative drugs is undergoing a transformation, with a cautious approach towards high-priced acquisitions of late-stage drugs [10]