连续9年跑赢行业指数，易方达杨桢霄穿越医药周期的双轮法则

Core Viewpoint - The A-share market shows strong momentum entering 2026, with the pharmaceutical sector rebounding significantly, as evidenced by the 7.81% increase in the pharmaceutical and biotechnology index in just five trading days [1][23]. Group 1: Fund Performance - The E Fund Healthcare Fund has outperformed the industry index with a net value increase of 16.85% in the same period [1][23]. - Since manager Yang Zhenshao took over in August 2016, the fund has achieved a return of 237.49% and an annualized return of 13.81% [1][23]. - The fund has consistently outperformed the pharmaceutical and biotechnology index for nine consecutive years since 2017, demonstrating the manager's value [1][23]. Group 2: Investment Strategy - Yang Zhenshao's investment approach combines macro and micro perspectives, focusing on industry cycle positions and trends while pursuing long-term alpha through bottom-up balanced allocation [26][30]. - The fund maintains a high stock position, typically over 92%, with a relatively low turnover rate, indicating a long-term investment style [27][28]. - The strategy emphasizes the importance of deep research to support long-term holdings, which helps avoid excessive trading and capitalizes on systematic industry growth opportunities [28][30]. Group 3: Market Trends and Opportunities - Yang Zhenshao is keenly aware of new industry trends, having positioned the fund in advance of the recent surge in innovative drugs, which has contributed to the fund's strong performance [30][34]. - The pharmaceutical index has shown a significant long-term growth of 1090.57% over the past 20 years, far exceeding the 401.52% growth of the CSI 300 index [30][31]. - The current focus is on the innovative drug sector, which is expected to recover in liquidity, providing attractive opportunities for quality asset allocation [40][42]. Group 4: Future Outlook - The strategy remains to pursue stable excess returns while dynamically adjusting allocation ratios based on the economic conditions of various pharmaceutical sub-sectors [39][40]. - The launch of the new E Fund Hong Kong Stock Connect Healthcare Mixed Fund aims to capture the global benefits of China's pharmaceutical innovation [43][44]. - Yang Zhenshao's proven track record and deep research background position him as a valuable asset in navigating the evolving pharmaceutical investment landscape [44].