尽管年内收益率颇高，多只解套的热门赛道基却披露清盘风险。 证券时报·券商中国记者注意到，在行业指数持续拉升之际，多只业绩排名领先的医药基金、军工基金、新消 费基金，反而在净值解套之后迎来较大的赎回压力。 有业绩爆棚的创新药基金并不甘心直接清盘，为此召开持有人大会，寻求修改基金合同终止条款，以保住基金 产品的存续。这凸显出股票基金市场火爆趋势中，各类赛道投资的分歧也在逐步加大。 热门赛道基频现清盘风险 在热门行业的盛夏之际，多只优质赛道基却披露合同终止与清盘风险。 8月21日晚间，华南一家公募公告表示，旗下创新药行业基金为适应市场环境变化，更好地维护基金份额持有 人的利益，决定召开基金份额持有人大会，讨论并审议修改基金合同终止条款的议案。一周多前，该公司提 示，这只创新药行业基金已连续45个工作日低于5000万元，产品面临终止基金合同的风险。 除了创新药行业基金，年内赛道火爆的新消费主题基金，也在市场高温之际反倒出现清盘现象。北方某公募在 近日公告，旗下一只新消费主题基金已触发合同终止程序，截至8月21日，该产品已进入基金财产清算工作。 此外，在中证军工行业指数创出两年新高之际，上海一只军工行业基金披露，因基金 ...

尽管年内收益率颇高，多只解套的热门赛道基却披露清盘风险。 券商中国记者注意到，在行业指数持续拉升之际，多只业绩排名领先的医药基金、军工基金、新消费基金，反而在净值 解套之后迎来较大的赎回压力。 有业绩爆棚的创新药基金并不甘心直接清盘，为此召开持有人大会，寻求修改基金合同终止条款，以保住基金产品的存 续。这凸显出股票基金市场火爆趋势中，各类赛道投资的分歧也在逐步加大。 热门赛道基频现清盘风险 在热门行业的盛夏之际，多只优质赛道基却披露合同终止与清盘风险。 8月21日晚间，华南一家公募公告表示，旗下创新药行业基金为适应市场环境变化，更好地维护基金份额持有人的利益， 决定召开基金份额持有人大会，讨论并审议修改基金合同终止条款的议案。一周多前，该公司提示，这只创新药行业基 金已连续45个工作日低于5000万元，产品面临终止基金合同的风险。 除了创新药行业基金，年内赛道火爆的新消费主题基金，也在市场高温之际反倒出现清盘现象。北方某公募在近日公 告，旗下一只新消费主题基金已触发合同终止程序，截至8月21日，该产品已进入基金财产清算工作。 在当下军工股趋势不断升温的背景下，中证军工行业指数年内涨幅接近20%，且随着市场业绩 ...

【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 ...

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。 MACD金叉信号形成，这些股涨势不错！ 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？ 责任编辑：郭栩彤 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。 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 意见可能会更 ...

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].

Group 1 - The core theme of the news is the significant performance of innovative drug funds, with many funds achieving substantial growth due to the booming innovative drug market, particularly in Hong Kong [2][5][6] - As of July 21, four funds have doubled in value this year, with growth rates of 133.72%, 119.66%, 106.37%, and 105.43% respectively, all benefiting from the innovative drug trend [3][6] - The Hang Seng Healthcare Index has increased by over 70% this year, highlighting the strong performance of the innovative drug sector [2][6] Group 2 - The performance of innovative drug funds has led to significant growth in fund sizes, with some funds experiencing increases of over 30 times in net value [4] - The innovative drug theme is characterized by strong policy support, accelerated business development (BD) overseas, and rapid progress in research and commercialization [8][9] - Institutions are optimistic about the continuation of the innovative drug market's growth, with projections indicating a substantial increase in China's share of global innovative drug BD transactions [9][10] Group 3 - The innovative drug sector is expected to continue thriving, driven by overseas licensing and domestic sales expansion, with a focus on companies with strong clinical data and product commercialization [10] - The current landscape of innovative drugs is seen as a necessary evolution, with companies that possess technological strength and can consistently create clinical value likely to succeed [10]

Group 1: Market Performance - The Chinese innovative drug sector experienced a rare strong surge in the first half of 2025, with the Hang Seng Innovative Drug Index up 80% year-to-date as of July 16, 2025, and the Wind Innovative Drug Index rising nearly 40% [1] - The performance of various medical funds, including the top-performing Longcheng Medical Industry Selected Fund, provides key insights into the innovative drug market trends [1] Group 2: Fund Performance - Longcheng Medical Industry Selected Fund saw an impressive quarterly performance with a 35.86% increase, significantly outperforming its benchmark by over 30 percentage points, and its total assets surged from 0.36 million to 11.08 million, marking a nearly 30-fold increase [2] - As of July 16, 2025, the fund's year-to-date net asset value growth reached 102.52%, making it one of the "doubling funds" in the market [2] Group 3: Investment Strategy - Fund manager Liang Furui adopted an aggressive strategy, increasing holdings in companies like Sanofi, Innovent Biologics, and CSPC Pharmaceutical, with some stocks doubling in value, driving the fund's net asset value increase [4] - The Longcheng Medical Industry Selected Fund plans to focus on innovative drugs in the third quarter, emphasizing clinical data releases, overseas licensing, and domestic sales growth [11] Group 4: Other Fund Insights - Other funds in the Longcheng system also showed steady growth, with Longcheng Health Mixed Fund and Longcheng Medical Technology Mixed Fund reporting asset increases of 7.24% and 17.37%, respectively [7] - In contrast, Yongying Medical Health Fund faced challenges, with a complete turnover of its top ten holdings and a negative net asset growth rate over the past three months, despite a 57.82% increase in fund size [8][9] Group 5: Future Outlook - Most fund managers remain optimistic about the innovative drug sector for the second half of the year, with a focus on the strong potential of domestic innovative drug companies based on clinical data and ongoing product commercialization [11][12] - Yongying Medical Health Fund's manager highlighted the importance of identifying emerging opportunities within the innovative drug sector, aiming for higher allocation in high-odds opportunities [12]

Summary of Conference Call Industry Overview - The focus of the conference call was on the innovative drug sector, particularly the dual-antibody (双抗) approach in the pharmaceutical industry [5][11][19]. Key Points and Arguments - The pharmaceutical index increased by 1.2% this week, while it has remained relatively flat year-to-date, showing a slight decline of 0.2% [5]. - The chemical drugs sector rose by 2.9%, and medical devices increased by 0.5%, indicating a positive trend in these areas [6]. - The H-share biotechnology index surged by 30% year-to-date, outperforming the Hang Seng Technology Index by 7% [6]. - Notable H-share performers included companies like 康方生物 (Kangfang Biotech), which saw a 40% increase, and 荣昌生物 (Rongchang Biotech), which rose by 30% [6]. Market Sentiment - The approval of 康方生物's P01 for lung cancer treatment has heightened market enthusiasm for innovative drugs [7]. - The innovative drug sector is believed to be entering a harvest phase, with significant overseas licensing deals expected to materialize in the latter half of 2025 [9][10]. Investment Recommendations - Companies such as 抗发生物 (Kangsheng Biotech), 核减制药 (Hejian Pharma), and 性达生物 (Xingda Biotech) are highlighted as key players in the dual-antibody space [11]. - The conference emphasized the importance of monitoring clinical trial outcomes and market reactions, particularly regarding the dual-antibody products [12][19]. Clinical Data Insights - The conference discussed the clinical trial data for various dual-antibody drugs, noting that the HR (hazard ratio) values for some products were slightly higher than investor expectations, which could impact market sentiment [13][14]. - The potential for further data maturation and the implications for clinical trial designs were also addressed, indicating that the landscape is still evolving [12][16]. Strategic Partnerships - The call highlighted recent deals in the biotech sector, including significant upfront payments and total deal values, indicating a robust interest in dual-antibody and ADC (antibody-drug conjugate) combinations [21][22]. Conclusion - The innovative drug market, particularly the dual-antibody segment, is poised for growth, with ongoing clinical developments and strategic partnerships expected to drive future performance [10][19].