【公募基金】华宝基金齐震：“政策+产业”双轮驱动，掘金创新药阿尔法——基金经理投资价值分析报告

Core Viewpoint - The article analyzes the investment capabilities of Qi Zhen, the fund manager of Huabao Health A, highlighting his focus on innovative drugs driven by policy and industry trends, and his ability to generate significant excess returns compared to peers [4][31]. Group 1: Fund Manager Information - Qi Zhen holds a bachelor's degree in biotechnology and a PhD in biology from Shanghai Jiao Tong University, with prior experience in research analysis at Northeast Securities and Anxin Securities [3][6]. - Since February 28, 2023, Qi Zhen has managed Huabao Health A (006881.OF), which has a total scale of 268 million yuan as of September 30, 2025 [7][30]. Group 2: Performance Metrics - Since Qi Zhen's tenure, Huabao Health A has outperformed over 90% of its peers in the pharmaceutical theme fund category, achieving a cumulative excess return of 60.00% after excluding a three-month establishment period [8][11]. - The fund has shown resilience during downturns in the pharmaceutical sector and has quickly rebounded during bullish trends in innovative drugs [11][31]. Group 3: Investment Strategy - Qi Zhen employs a "policy + industry" dual-driven investment framework, focusing on innovative drugs and prioritizing sectors with minimal resistance and strong policy support [4][14]. - The investment strategy emphasizes a balance between growth and certainty, with flexible valuation tolerances based on clinical success rates and management credibility [4][22]. - Qi Zhen prefers long-term holdings with a low turnover rate of 2-3 times annually, making buy/sell decisions based on market conditions and fundamental changes [4][25]. Group 4: Sector Allocation and Stock Selection - The fund's holdings are heavily concentrated in the innovative drug sector, with over 90% of the portfolio allocated to this area, while also flexibly adjusting positions in medical devices and traditional Chinese medicine [16][19]. - Qi Zhen's stock selection process involves detailed analysis of drug mechanisms, clinical data, and market conditions, allowing for dynamic adjustments in valuation [22][23]. Group 5: Future Outlook - With the ongoing development of China's innovative drug industry and the maturation of capital markets, fund managers like Qi Zhen, who possess deep industry insights, are expected to continue generating excess returns [32].