长城基金谭小兵：医药行业投资要有大局观

Group 1 - The core viewpoint of the article highlights the significant performance of the Chinese innovative pharmaceutical sector, transitioning from storytelling to actual performance realization, leading to substantial gains in both the secondary market and public funds [1][2] - The Wind data indicates that by the end of Q2 2025, the Wande Pharmaceutical Index rose by 26.74%, while the Hang Seng Healthcare Index surged by 47.89% [1] - The Changcheng Pharmaceutical Industry Select Fund, managed by Liang Furui, achieved a remarkable return of 75.18% in the first half of the year, significantly outperforming its benchmark of 6.08% and the average performance of similar mixed funds at 7.79% [1] Group 2 - Changcheng Fund's pharmaceutical research team, led by veteran Tan Xiaobing, emphasizes a "learning from the old" approach, building a team with strong pharmaceutical backgrounds and extensive investment research experience [2][3] - Tan Xiaobing's management of funds such as Changcheng Health A and Changcheng Pharmaceutical Technology Six-Month Holding A yielded returns of 42.94%, 41.40%, and 32.19% respectively, validating the effectiveness of their investment logic [2] Group 3 - The investment strategy of Tan Xiaobing focuses on a multi-faceted approach covering "policy + technology + industry chain," targeting innovative drugs that benefit from policy support and have clinical value [3] - The Changcheng Medical Care A fund adopts a comprehensive industry chain perspective, covering medical devices and biological products, thus capturing opportunities throughout the entire development cycle [3] Group 4 - Long Yu Fei, another key member of the Changcheng Fund's pharmaceutical research team, focuses on the "AI + healthcare" sector, exploring innovative applications of AI in diagnostics and drug development [4] - The collaborative culture within the Changcheng Fund promotes knowledge sharing and cross-disciplinary cooperation, enhancing decision-making efficiency and reducing risks associated with single-sector investments [4]