Core Insights - The article highlights the significant growth and transformation of China's innovative pharmaceutical industry, driven by favorable healthcare policies and large business development (BD) transactions, which have led to a revaluation of innovative drug assets [2][3][4]. Group 1: Market Trends - The innovative drug sector has experienced two main waves of market growth, with the first wave driven by healthcare policy support and the second wave continuing due to strong clinical validation of Chinese innovative drugs at global conferences [3]. - Large multinational pharmaceutical companies are increasingly recognizing and acquiring Chinese innovative drug products, indicating a shift in asset valuation within the sector [3][4]. Group 2: Investment Strategy - The focus is on identifying high-growth potential "dark horse" companies within the innovative drug space, particularly those that have not yet been fully valued by the market [6]. - The strategy involves shifting investments from widely held blue-chip stocks to lesser-known companies that may offer better risk-reward profiles and opportunities for excess returns [6][9]. Group 3: Valuation Logic - The valuation of innovative drugs is based on discounted cash flows from peak sales of future products rather than traditional price-to-earnings (PE) ratios, reflecting a unique valuation logic in this sector [7]. - Despite significant price increases in the innovative drug sector this year, many companies are still in the early stages of realizing their full commercial potential, suggesting ongoing opportunities for valuation adjustments [7]. Group 4: Future Outlook - The innovative drug industry is expected to enter a prolonged growth cycle, potentially lasting three years or more, as more high-quality assets are discovered and developed [8][9]. - Companies with successful BD transactions are likely to continue advancing their product pipelines, while those with strong clinical data will increasingly meet the high standards set by multinational firms [8].

□本报记者王鹤静 从卖方研究员做到公募基金经理，华富基金的基金经理廖庆阳一路以来都在和创新药产业打交道。从医 保政策推动到大额BD(商务拓展)交易出海，廖庆阳见证了中国创新药产业"十年磨一剑"的跨越式发展。 在第一轮创新药贝塔行情迅速爆发后，廖庆阳敏锐地将目光转向那些具备高成长潜质的"黑马"创新药公 司。在他看来，很多"水下"的创新药企业近年来都在经历起死回生的巨大转折，大额BD交易的出现， 不仅意味着全球大型跨国制药公司对中国创新药产品的认可，更昭示着中国创新药资产估值重塑的道路 还将继续。 创新药迭代周期迎来爆发 回顾这一轮创新药板块的行情，廖庆阳将今年2月至5月划分为第一波主升浪，5月以来划分为第二波主 升浪。在他看来，当前第二波主升浪行情仍在持续。 "第一波行情主要源于医保政策的推动，创新药不仅可以由医保支付，商业保险也逐步覆盖。在此过程 中，一些医药企业逐步有大额的BD项目出现，创新药在AI及机器人之后承接了市场的热点切换。而支 撑起第二轮行情的因素，一是在以ASCO年会为代表的全球创新药学术会议上，中国大量优秀的创新药 产品凭借出色的临床验证成果，获得了全球投资者的高度关注；二是全球大型跨国制药企 ...