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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].