长城基金谭小兵：医药投资中的长期主义

Group 1 - The core viewpoint of the articles highlights the rapid growth of the innovative drug sector and the improvement in corporate profitability, creating new investment opportunities in the pharmaceutical industry [1] - The China Securities Innovation Drug Industry Index has increased by 27.63% year-to-date as of July 8 [1] - Changcheng Fund's actively managed pharmaceutical funds have shown outstanding performance, with Changcheng Pharmaceutical Industry Select A achieving a return of 104.26% year-to-date, significantly outperforming the benchmark of 10.03% [1] Group 2 - The pharmaceutical industry is characterized by numerous branches and significant differences between subfields, influenced by factors such as aging population, medical insurance cost control, and innovation in drug development [1] - Fund managers in the pharmaceutical sector need a broad perspective and accurate decision-making capabilities to achieve long-term excellent performance [1] Group 3 - Tan Xiaobing, a fund manager, emphasizes a "big picture" investment style, leveraging her extensive research background across various industries to make informed macroeconomic judgments [2] - The investment strategy of Changcheng Medical Care A reflects this "big picture" approach, with a diverse portfolio that includes sectors beyond pharmaceuticals [2] Group 4 - Long Yu Fei, another member of the Changcheng investment team, possesses a cross-industry perspective, adept at switching between consumer and pharmaceutical sectors [3] - The investment philosophy of emphasizing a "big picture" approach is shared among the team, focusing on macro trends, industry dynamics, and individual stock analysis [3] Group 5 - Liang Furui, the fund manager of Changcheng Pharmaceutical Industry Select A, has developed a unique "three-cycle" stock selection framework that considers industry, company growth, and capital market cycles [4][5] - This framework allows for a comprehensive analysis of macro trends and micro-level company performance, enhancing investment decision-making [5] Group 6 - The Changcheng Fund's pharmaceutical investment team has effectively capitalized on the booming market for domestic innovative drugs through intensive research and collaboration [5] - The team's focus on innovative drug companies with mature businesses and those fully dedicated to developing new drugs has been a key strategy [5]