Core Viewpoint - The Chinese innovative drug market is not necessarily required to go overseas; instead, leading overseas pharmaceutical companies need innovative drug assets to supplement their pipelines [4][23]. Summary by Sections Market Performance and Trends - The mid-year reporting season used to be a pressure period for the innovative drug industry, but now, with more innovative drugs approved, the performance outlook is optimistic [5][6][22]. - Many core pipelines and innovative drug companies have achieved continuous year-on-year and quarter-on-quarter performance releases, with some leading companies turning losses into profits [7][22]. Pricing and Valuation - Current pricing for many companies has not yet reached a fully optimistic level, indicating significant room for recovery in early pipeline, overseas expansion, and competitive landscape pricing [8][21]. - The market sentiment towards innovative drugs has reversed compared to previous years, leading to a more favorable pricing model for early-stage pipelines [21]. Future Policy and Industry Catalysts - Future policies are likely to focus more on drug quality and clinical benefits rather than solely on price reductions, signaling a more moderate approach [10][20]. - The industry still has many catalysts and important milestones ahead, with significant developments expected in both domestic and global innovative drug fields [10][20]. Investment Strategy - The company emphasizes three main investment lines: selecting high-quality innovative assets, traditional companies undergoing transformation, and companies with strong performance and valuation [25][26]. - The innovative drug sector is expected to continue its growth trajectory, and the company remains optimistic about its long-term potential [10][25]. Market Dynamics - The innovative drug sector is experiencing a shift in market dynamics, with increasing interest and research focus leading to a more favorable environment for investment [21][27]. - The company believes that the innovative drug industry does not face significant potential downside risks, making it a worthwhile long-term investment [28].

翻盘！汇丰晋信 券业行家，事实说话。 欢迎留言，如果认同，请传播正能量。 从成立三年亏损超五成到年内大涨近七成，汇丰晋信医疗先锋基金的业绩反转，源于新人基金经理接棒后的策略重塑与精准布局。 数据来源：Wind，券业行家整理 新人接棒破困局 2024年底，汇丰晋信医疗先锋混合发布公告称，原基金经理吴晓雯因个人原因卸任，基金经理岗位由李博康接任，此次离任后吴晓雯不 担任公司任何职位。吴晓雯毕业于北大生物医药、英语学士和金融信息工程硕士学位，在进入汇丰晋信之前曾任职于民生证券、长安国 际信托、华创证券、中信证券、非马投资和钦沐资产；从工作背景上来看，其医药产业背景偏弱。 业绩 "逆袭" 引关注 2025年汇丰晋信医疗先锋混合型证券投资基金（以下简称"汇丰晋信医疗先锋混合"，基金代码：012358）的年内涨幅达68.03%，在主动 权益口径下，排名全行业第23名。然而同样是这只基金，自2021年创立至2024年末，基金业绩为-52.15%，在4326同类基金中排名3438， 处于垫底水平，所以我们不禁想问，到底发生了什么？ 图1：汇丰晋信业绩表现 | 基金名称 | 汇丰晋信医疗先锋混合型证券投资 | | --- | ...