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医药成上半年“新星”!景顺长城乔海英:中国生物医药迎质变
21世纪经济报道· 2025-07-10 00:44
Core Viewpoint - The pharmaceutical industry has shown remarkable performance in the first half of the year, driven by innovation and a shift in market dynamics, with a significant number of funds achieving over 20% returns, particularly in the pharmaceutical sector [2][3][5]. Group 1: Industry Performance - In the first half of the year, the pharmaceutical sector outperformed other sectors, with indices such as the Guozheng Hong Kong Stock Connect Innovative Drug Index and the Shanghai Stock Connect Innovative Drug Index both rising over 60% by June 30 [5][6]. - A total of 49 ordinary equity funds (excluding Class C) achieved returns exceeding 20%, with 22 of these being pharmaceutical funds, indicating a strong interest in this sector [2]. Group 2: Market Dynamics - The current pharmaceutical market is characterized by a transition from imitation to innovation, with domestic companies increasingly becoming leaders in the global market [6]. - The industry has seen a recovery in profitability, particularly among innovative drug companies, which have started to see returns on previous investments [6]. - After four years of decline, the overall valuation of the pharmaceutical sector is at a historically low level, contributing to a shift in investor sentiment from pessimism to cautious optimism [6]. Group 3: Future Outlook - The long-term investment logic in the pharmaceutical sector remains intact, driven by factors such as an aging population and the resolution of previous market concerns regarding centralized procurement [6][9]. - Despite the recent surge, there are still opportunities for investment as the market has not fully reflected the potential growth from upcoming product launches and commercialization [9][10]. - The pharmaceutical sector is expected to continue to attract attention, with both active and passive investment strategies being viable options for investors [11]. Group 4: Investment Strategies - Investors are advised to consider pharmaceutical funds, which can be categorized into active and passive funds, to mitigate the complexities and risks associated with direct stock investments [9][10]. - Active fund managers, like those at Invesco, focus on identifying high-potential companies within the sector, while passive funds, such as ETFs, offer lower entry barriers and diversified exposure [10]. - The Invesco Hong Kong Innovative Drug ETF has reported a return of 60.64% year-to-date, reflecting the strong performance of the sector [10].
智氪 | 医药基金要回本了?
3 6 Ke· 2025-05-29 09:26
Group 1 - The pharmaceutical sector in A-shares has experienced a prolonged bear market lasting over three years, with the Shenwan Pharmaceutical and Biological Index declining by 54% during this period [1] - Approximately two-thirds of the existing 600 pharmaceutical funds have a net value below 1 as of May 28, 2023, with the lowest at 0.35 [1] - However, more than half of the pharmaceutical funds achieved positive returns in 2025, with top performers yielding between 47% and 56% [1][2] Group 2 - The core factors driving the recovery of pharmaceutical funds include marginal improvements in the pharmaceutical sector's performance, despite ongoing revenue and profit declines [2][5] - The pharmaceutical sector's revenue is projected to decrease by 0.5% in 2024, with net profit expected to drop by 11% [2] - The overall performance of the pharmaceutical sector showed signs of stabilization in Q1 2025, with a revenue decline of 3.4% and a net profit decrease of 4% [2][5] Group 3 - The pharmaceutical sector's valuation has reached historical lows, making it attractive for investors, with a price-to-earnings ratio of 29x at the beginning of the year [5] - The Shenwan Pharmaceutical and Biological Index has increased by 3.76% from the beginning of the year to May 28, 2023, with notable fluctuations in its performance [6][8] - The recovery in the pharmaceutical sector is driven by investor expectations of stabilization, supported by the release of quarterly reports [8] Group 4 - Innovative drugs are currently the main source of alpha in the pharmaceutical sector, with top-performing funds achieving returns exceeding 40% through active stock selection [9][12] - The top holdings of the Zhongyin Great Health A fund include several leading innovative pharmaceutical companies, all of which saw significant price increases in Q1 2025 [10][12] - The long-term investment strategy of the Zhongyin Great Health A fund focuses on domestic innovative drugs, despite the sector's previous downturn [12] Group 5 - The pharmaceutical sector is expected to benefit from favorable policies supporting innovation, with the domestic innovative drug market entering a harvest phase [18] - The chemical pharmaceutical sub-sector has outperformed due to the market entry of innovative drugs and favorable policy expectations [14][17] - The performance of various pharmaceutical sub-sectors has shown significant differentiation, with innovative drugs presenting clearer investment opportunities [17][19]