东方红资产管理江琦：一个内部员工自购人气高的医药基金经理

Core Viewpoint - The article highlights the exceptional performance of Jiang Qi, a fund manager at Dongfanghong Asset Management, particularly in the pharmaceutical sector, showcasing her ability to generate significant excess returns compared to industry benchmarks [2][4]. Group 1: Performance Metrics - Jiang Qi's fund, Dongfanghong Medical Upgrade A, achieved a cumulative return of 71.72% from March 29, 2022, to August 22, 2025, significantly outperforming the Hong Kong-Shenzhen Innovation Drug Total Return Index, which only returned 2.56% during the same period, resulting in an excess return of over 69% [2]. - In 2023, Jiang Qi's fund realized a year-to-date positive return of 82.35% amid a structural market environment, demonstrating her ability to navigate both bull and bear markets effectively [4]. Group 2: Investment Strategy - Jiang Qi emphasizes a left-side layout for innovative drugs, having recognized early on the strong technological attributes of the pharmaceutical industry and the potential for innovation to create significant alpha [6][7]. - Her investment strategy involves a gradual increase in positions in innovative drug stocks as market trends become clearer, with the proportion of innovative drug stocks in her top ten holdings increasing from 2 to 6 between Q4 2023 and Q1 2025 [8]. - Jiang Qi's portfolio construction reflects a commitment to diversity, incorporating both high-growth biotech companies and traditional pharmaceutical firms undergoing transformation, thus avoiding a singular focus on any one sector [10]. Group 3: Research and Market Insight - Jiang Qi's approach includes conducting extensive research on companies that may appear undervalued or overlooked during market downturns, allowing her to identify opportunities ahead of broader market recognition [14][15]. - She believes that the innovative drug sector is entering a rapid growth phase, with many Chinese products expected to gain FDA approval in the coming years, marking a significant shift in the industry [18][19]. Group 4: Fundholder Engagement - Jiang Qi's funds are notably held by many employees within her company, indicating strong internal confidence in her management and investment strategies [21]. - She actively engages with her fundholders, providing guidance on long-term investment strategies and emphasizing the importance of patience in navigating the volatility of the innovative drug sector [35].