Core Insights - The Hong Kong pharmaceutical market is becoming a key area for investing in future pharmaceutical trends due to its unique asset structure and industry representation [1][2] - The Southern Fund's QDII fund aims to provide investors with a high-quality tool for participating in Hong Kong pharmaceutical investments, leveraging deep insights into industry trends and active management capabilities [1][2] Market Structure - Approximately 70% of the Hong Kong pharmaceutical market consists of innovative assets, including innovative drugs and devices, while about 20% is made up of emerging medical forms such as new consumer healthcare and AI medical applications [2][3] - The market's structure positions it as a concentrated representation of new productive forces in the pharmaceutical industry, highlighting the global breakthroughs in the innovative drug industry and the rise of new consumer healthcare [2][3] Innovation as a Core Driver - The innovative drug industry chain is identified as the core asset of the Hong Kong pharmaceutical market, with long-term value derived from multiple industry dividends [3] - China's recognized capabilities in innovative drug research and development, combined with domestic healthcare payment support and access to a trillion-dollar global market, create a broad stage for commercialization [3] Fund Strategy - The Southern Fund's QDII fund aims to balance risk and return, allowing investors to participate comfortably in Hong Kong pharmaceutical investments [4][5] - During volatile periods, the fund employs strict risk control measures to minimize drawdowns, while in bullish trends, it seeks to fully capture the elastic returns of the market [4][5] Investment Approach - The fund manager emphasizes the importance of a strategic approach to investing in the pharmaceutical sector, advocating for a method that allows for accumulation during downturns and participation during upswings [5][6] - The fund's strategy includes active management to capture opportunities in innovative drugs, CXO, and new consumer healthcare sectors while avoiding the risks associated with concentrated strategies [5][6] Active Management and Experience - The fund's excess returns are derived from a systematic investment framework that includes profit-taking strategies and identifying undervalued quality stocks [6] - This diversified approach aims to capture the core trends of the Hong Kong pharmaceutical market while reducing volatility and enhancing the overall investment experience [6][7]