青侨阳光医药投资 - 月度思考 本文为青侨阳光 2025 年 3 月报，投资思考部分节选。 1 医药行业继续稳健增长， 国产创新继续强劲高增。 我们 汇总统计市值超20亿的港股医药公司的年度业绩 ，2024年合计营收增速为5.5%，合计净利(剔除金斯瑞解 除传奇合并带来的一次性虚拟利润)增速为13.0%， 继续保持稳健增长 。 在总量营收持续高增的背后，国产创新药的出海业务爆发与盈利能力改善尤其值得重视。 盈利方面，港股18A两家代表性的头部药企双双触及盈利临界点： 出海方面，以2019年率先实现美国成功上市的泽布替尼为例，2020-2024年海外营收折合人民币分别实现 了1亿、7亿、29亿、78亿、172亿元营收，增长相当迅猛。 并不在上述18A产品营收统计范围内的西达基奥仑赛，2022年美国获批上市后，2022-2024年美国营收折 合人民币分别实现9亿、35亿、69亿元营收，增长速度同样令人印象深刻。 国内创新药市场约为全球创新药市场的4%-5%，意味着海外市场是国内市场近20倍体量，就算只能做欧 日等非美市场，也有10倍+的潜在空间，这是相当令人振奋的潜在增量空间。 百济神州，2024年的GAAP利润 ...

Core Viewpoint - The article highlights the investment strategies of prominent fund managers as they reveal their hidden heavy holdings in various sectors, particularly focusing on innovative industries and technologies for 2025 [2][4][6][11]. Group 1: Fund Manager Strategies - Fund manager Ge Lan continues to focus on investment opportunities in the innovative pharmaceutical sector, with significant holdings in stocks like Pian Zai Huang and Renfu Pharmaceutical, which saw price increases of 37.10% and 26.01% respectively in the second half of 2024 [4][5]. - Zhou Weiwen has diversified his investments across multiple industries, including banking, insurance, and gaming, while expressing optimism about the artificial intelligence market in 2025 [2][6]. - Fu Pengbo maintains a high concentration of holdings, emphasizing increased attention to the technology sector and adjusting his portfolio to focus on emerging fields such as AI, AR/VR, and solid-state batteries [11][13]. Group 2: Performance of Hidden Heavy Holdings - Ge Lan's hidden heavy holdings in the healthcare sector, such as Xinyi Pharmaceutical, saw a remarkable increase of 2864.03% from mid-2024 to year-end [4]. - Zhou Weiwen's hidden heavy holdings, including China Pacific Insurance and Vanke, experienced notable price increases of 30.27% and 26.91% respectively in the latter half of 2024 [7]. - Fu Pengbo's hidden heavy holdings, like Quartz Co., saw a significant increase of 1236.93% in the second half of 2024, indicating strong performance in his concentrated portfolio [12]. Group 3: Market Outlook and Trends - The pharmaceutical industry is expected to continue facing volatility, with Ge Lan noting a lack of clear mainline logic for future growth despite supportive policies and improved market sentiment [4][5]. - Zhou Weiwen anticipates a recovery in industries currently at low points, such as chemicals and machinery, over the next two to three years, driven by favorable trends [8][9]. - Fu Pengbo believes that the technology sector will continue to evolve, presenting both challenges and opportunities for industry leaders and newcomers alike, with a focus on companies with solid fundamentals [13].

青侨阳光医药投资 - 交流探讨 港股医药过去几年经历了 20 年一遇的大跌，但这倒过来说，一旦企稳，这可能是 20 年一遇的机遇。虽然医药后 周期，但市场迟早会发现医药行业 " 总量稳健增长 + 创新持续爆发 " 蕴含的大量优质成长和潜在双击。 下面是 12 月 7 日在深圳雪球嘉年华和小丰总一起探讨的视频。 变局之下，医药行业的投资机会 视频来源于雪球 app 的 @ 雪球嘉年华。 以下为我们在这次交流过程中涉及到的对当下医药行业不同角度的探讨~ 1 最初选择聚焦医药时， 医药行业最吸引人的地方是什么？ 我们认为医药最吸引人的地方： 当然，这种结构性的搅动，看对了是机遇，看错了就是挑战了。所以， 医药 行业还是很好的，商业模式不 错，增长速度快，增量机会也多，但 对"看对方向、选对股票"的要求比较高 。 2 医药作为整体投资逻辑还是挺有吸引力的， 为什么过去几年医药股的股价还落后了这么多？ 我们的理解，至少也有3个原因： 对产业来说，前沿技术路线越多越好，说明创新活跃，机会很多。 但对投资者来说，方向太多根本跟踪不过来，而且也容易挑花眼。 不过只是后周期的话也不必太担心。至少行业基本面很健康，后面可能慢慢也 ...