Policy and industry dual-drive stimulate the pharmaceutical sector with innovative drugs.

"The most difficult times in the pharmaceutical industry may have already passed." This sentiment from Wan Yuanmin, a fund manager at Rongtong Fund, reflects the challenges faced by many pharmaceutical fund managers and investors who have been holding pharmaceutical stocks for many years. With the continuing bullish trend in innovative pharmaceutical stocks in the Hong Kong market, many investors have found that their pharmaceutical funds, which have been losing money for years, are now starting to make profits. In recent weeks, the innovative pharmaceutical sector in the Hong Kong stock market has continued to strengthen, attracting market attention once again to the investment value of pharmaceutical stocks and funds. Securities Times reporter interviewed several fund managers, including Ma Yiwen from Guotai Fund, Jin Huang from Jingshun Changcheng Fund, Wan Minyuan from Rongtong Fund, Ouyang Juan from Jinying Fund, Liao Qingyang from Huafu Fund, and Tang Chen from Noah Fund, to conduct an in-depth analysis on the market rebound drivers, main investment themes for the year, and opportunities in specific sectors. Many fund managers believe that the rise in the Hong Kong innovative pharmaceutical sector is not driven by short-term sentiment, but is a concentrated reflection of long-term logic such as policy dividends, industrial upgrades, and globalization breakthroughs. Although short-term attention should be paid to the pace of policy implementation and external environmental changes, the trend of Chinese innovative pharmaceuticals shifting from "follower" to "leader" has gradually emerged, and the process of reevaluating their value in the global industry chain is still ongoing. For investors, grasping the main themes of innovative pharmaceuticals going international and technology integration, while also considering the key factors of undervalued stock repairs and performance realization logic, is crucial for sharing the dividends of industrial upgrades.