HWABAO SECURITIES·2025-11-18 08:05Group 1: Report Summary - The report analyzes the investment value of Zhang Jintao, a fund manager at Huabao Fund, with a focus on his performance in managing Huabao Pharmaceutical Biology A [1][4]. - Zhang Jintao has developed an investment methodology that combines industry cycle analysis with a multi - dimensional framework, showing strong adaptability in the current era of global opportunities for Chinese innovative drugs [5][20]. - Since Zhang Jintao took office, Huabao Pharmaceutical Biology A has achieved above - average returns among pharmaceutical theme funds, outperforming nearly 80% of its peers, with relatively strong offensive capabilities [4][16]. Group 2: Fund Manager Information 2.1 Fund Manager Introduction - Zhang Jintao has worked in multiple financial institutions, including Huatai United Securities, ABC Fortune Fund, etc. He joined Huabao Fund in April 2021 and has served as the fund manager of multiple funds since May 2021 [4][10]. 2.2 Management Product Introduction 2.2.1 Representative Product - Zhang Jintao has managed Huabao Pharmaceutical Biology A (240020.OF) since May 7, 2021, with a total scale of 629 million yuan as of September 30, 2025 [11]. 2.2.2 Representative Product Net Value Performance - After Zhang Jintao took office, excluding the 3 - month construction period, Huabao Pharmaceutical Biology A significantly outperformed the All - Index Pharmaceutical Index, achieving a cumulative positive excess return of 40.27% [12]. - In terms of performance among peers, it ranks in the upper - middle position, but its risk - control indicators such as volatility are relatively weak. Overall, it still has good cost - effectiveness [16]. Group 3: Fund Manager Investment Ability Analysis 3.1 Investment Scope - Guided by Industry Cycle and Anchored by Market Value Space - Zhang Jintao's investment system is based on a deep understanding of the "five - year cycle" of the pharmaceutical industry. He believes that the Chinese innovative drug industry has entered the stage of results realization after a long - term R & D investment period [21]. - He has constructed a "policy - industry - valuation" three - dimensional decision - making framework. The policy dimension focuses on understanding policy intentions; the industry dimension focuses on verifying industry and company fundamentals; the valuation dimension calculates the long - term target market value to evaluate risk - return ratios [21][22]. 3.2 Holding Characteristics - Portfolio Construction Highlights Industry Thinking - Zhang Jintao highly concentrates on the innovative drug sector, aiming to obtain alpha returns within the innovative drug industry by focusing on companies with upcoming blockbuster products or in the rapid - volume - growth stage [20][30]. - He also strategically allocates about 8% of the portfolio to the CXO sector as a supplement and risk - hedge. His average holding period is about 1 - 2 years, and he emphasizes dynamic adjustment [30]. 3.3 Operational Characteristics - Keeping Pace with the Times and Dynamically Optimizing - Zhang Jintao maintains a high stock position, believing that it is difficult to obtain excess returns through position timing in the pharmaceutical industry. Instead, he focuses on stock selection [35]. - The portfolio's turnover mainly comes from the optimization of non - core positions. The top ten heavy - holding stocks remain relatively stable, while the tail positions are adjusted more frequently to track new industry trends [35]. - The holding concentration is adjusted dynamically according to the industry stage, with a relatively dispersed strategy in the early stage and a gradually increasing concentration as the industry trend becomes clearer [35]. Group 4: Conclusion - Zhang Jintao's investment methodology combines industry - level strategic judgment with individual - stock tactical selection, showing strong adaptability and viability in the context of the global opportunities for Chinese innovative drugs [45][46]. - Huabao Pharmaceutical Biology A, under his management, has achieved good performance among pharmaceutical theme funds, with relatively strong offensive capabilities but slightly weaker defensiveness [44].