中国经济网北京10月10日讯 （记者 康博） 今年9月份，A股市场继续走高，尤其在科技股的带动下，创 业板大涨12%以上。在此背景下，1038只（各份额分开计算，下同）普通股票型基金中，9月份实现业 绩上涨的达815只，占比78%。另有1只持平，222只下跌。 从涨幅榜看，9月份5只涨幅超过30%的普通股基全被嘉实基金包揽，分别为嘉实新能源新材料股票A、 嘉实新能源新材料股票C、嘉实智能汽车股票、嘉实清洁能源股票发起式A、嘉实清洁能源股票发起式 C，涨幅分别为31.28%、31.22%、30.94%、30.27%、30.20%。 此外，宏利新能源股票A、宏利新能源股票C、易米低碳经济股票发起A、易米低碳经济股票发起C、华 夏能源革新股票A、华夏能源革新股票C、嘉实环保低碳股票、建信环保产业股票A、建信环保产业股 票C等多只重仓新能源个股的基金在9月份里也实现了25%以上的涨幅。 宏利新能源股票重仓的宁德时代、禾望电气（603063）、厦钨新能、美畅股份（300861）、金风科技 （002202）同样表现良好，其余的重仓股赛力斯（601127）、理想汽车也有不错的表现。易米低碳经济 股票则重仓了海博思创、星源材 ...

引言： 医药行业，始终是一条充满韧性又孕育惊喜的黄金赛道。它既承载着人类对健康最本真的渴望，又汇集 了科技突破与政策变革的时代浪潮。回顾过往十五年，医药板块历经多轮牛熊转换，每一次低谷都在为 下一次爆发蓄力，而每一次崛起，都伴随着产业结构的深刻变革。 当前，随着中国创新药在国际舞台频频"破圈"，政策利好层层释放，人口老龄化带来需求长周期扩张， 医药行业正再次站在时代的聚光灯下。 ●复盘十五年行情：医药板块的周期轮动与涨跌逻辑 医药行业从来都不缺故事，更不缺行情。回顾过去十五年，医药行业经历了多次显著的市场周期，每一 轮牛市都有其独特的驱动因素与市场表现。 ※2009-2010年，"四万亿"政策推动市场反弹，叠加医药行业整改完成、医保目录扩容与支出扩张，行 业上市公司业绩大增，中证申万医药生物指数飙涨148.46%，远超同期上证指数涨幅54.22%，成为当时 市场中的"领涨先锋"（数据来源：Wind，统计区间：2009.1.1-2010.12.31。中证申万医药生物指数代 码：000808.CSI，基日：2004-12-31，发布日期：2012-02-17，成份数量：100，发布机构：中证指数有 限公司；上证指 ...

Core Viewpoint - The AI Fund Zhongyin Innovation Medical Mixed A (007718) reported a profit of 1.055 billion yuan for the first half of 2025, with a weighted average profit per fund share of 0.7264 yuan, and a net asset value growth rate of 54.08% [2] Fund Performance - As of September 2, 2025, the fund's unit net value was 2.418 yuan, with a recent three-month net value growth rate of 36.41%, ranking 12 out of 138 comparable funds [5] - The fund's six-month net value growth rate was 73.73%, ranking 8 out of 138, and the one-year growth rate was 105.10%, ranking 7 out of 135 [5] - Over the past three years, the fund's net value growth rate was 83.83%, ranking 2 out of 108 [5] Fund Management Insights - The fund manager, Zheng Ning, oversees four funds, all of which have positive returns over the past year [2] - The fund's management anticipates a moderate economic slowdown in the U.S. with a potential rise in inflation, influenced by tax cuts and regulatory relaxations under uncertain Trump policies [2] Valuation Metrics - As of June 30, 2025, the fund's weighted average price-to-earnings (P/E) ratio was approximately 71.41 times, compared to the industry average of 120.96 times [10] - The weighted average price-to-book (P/B) ratio was about 5.97 times, while the industry average was 4.07 times [10] - The weighted average price-to-sales (P/S) ratio was approximately 10.65 times, against an industry average of 6.52 times [10] Growth Metrics - For the first half of 2025, the fund's weighted average revenue growth rate was 0.11%, and the weighted average net profit growth rate was 29.65% [17] - The weighted annualized return on equity was 0.08% [17] Risk and Return Metrics - As of June 30, 2025, the fund's Sharpe ratio over the past three years was 0.6073, ranking 4 out of 105 comparable funds [25] - The maximum drawdown over the past three years was 40.72%, with the largest quarterly drawdown occurring in Q1 2024 at 27% [27] Fund Composition - As of June 30, 2025, the fund had a total scale of 1.266 billion yuan, with 24,000 holders collectively owning 683 million shares [32][35] - The fund's turnover rate over the last six months was approximately 88.46%, consistently below the industry average for two years [38] - The fund's top ten holdings have consistently exceeded 60% concentration over the past two years, with major stocks including Innovent Biologics, Kelun-Biotech, and Hengrui Medicine [41]

Core Viewpoint - Baiyunshan continues to face performance challenges, reporting a slight revenue increase but a decline in net profit for the first half of 2025, indicating ongoing industry pressures and competition [3][4]. Financial Performance - Baiyunshan's revenue for the first half of 2025 was approximately 41.835 billion yuan, a year-on-year increase of 1.93%, while net profit was about 2.516 billion yuan, a decrease of 1.31% compared to the previous year [3]. - The company's cash flow from operating activities was negative, decreasing by 66.79% to approximately -3.397 billion yuan, primarily due to reduced receivables and increased procurement payments [4][5]. - In Q2 2025, Baiyunshan reported revenue of 19.361 billion yuan, a year-on-year increase of 6.99%, and a net profit of 0.695 billion yuan, up 17.48% [3]. Business Segments - Baiyunshan's major business segments include traditional Chinese medicine, chemical raw materials, and health products, with the pharmaceutical manufacturing segment experiencing a revenue decline [4][5]. - The Daan Pharmaceutical segment generated approximately 5.241 billion yuan in revenue, showing a double-digit decline, while the health segment's revenue was about 7.023 billion yuan, reflecting a growth of 7.42% [4]. - The commercial segment remains the largest revenue source, accounting for approximately 69.32% of total revenue, primarily from pharmaceutical distribution and retail [5]. Investment and Future Plans - Baiyunshan plans to invest approximately 1.5 billion yuan in the Guangzhou Guangyao Fund II to foster new profit growth points, with the fund's registration completed in July 2025 [5]. - The company has also seen an increase in accounts receivable, rising by 10.45% year-on-year to approximately 18.468 billion yuan, indicating potential liquidity issues [5].

Core Viewpoint - The Chinese pharmaceutical industry is experiencing a significant rise in global influence, driven by a deep understanding of industry dynamics and strong policy support, positioning it as a key player in the investment landscape [1][10]. Industry Growth and Demand - The Shenyin Wanguo Pharmaceutical and Biotechnology Index has surged by 22.31% year-to-date as of July 31, 2023, ranking second among 31 industries, following a previous four-year decline of over 50% [2]. - The pharmaceutical industry's growth is closely linked to humanity's pursuit of health, with historical advancements in medicine marking significant milestones [3]. - The demand for healthcare is expected to grow due to demographic changes, with the global population aged 65 and older projected to reach 10.2% by the end of 2024, and China's proportion expected to rise to 15.6% [5]. - Chronic diseases such as cancer and diabetes are on the rise, leading to increased demand for prevention and treatment, while the definition of health is expanding to include wellness and aesthetics [5]. - China's healthcare expenditure as a percentage of GDP has increased from 4.9% in 2010 to 7.1% in 2022, indicating a growing market potential compared to developed countries [5]. Supply-Side Dynamics - The pharmaceutical industry is characterized by high barriers to entry and scarcity, with stringent regulations governing drug approval and production [6]. - The core competitiveness of pharmaceutical companies lies not only in their products but also in their research and development capabilities, which require significant time and investment [6][7]. - The interplay of rigid demand growth and high supply barriers creates a unique investment landscape in the pharmaceutical sector [7]. Recent Challenges and Market Sentiment - Despite being a promising sector, the A-share pharmaceutical index experienced a cumulative decline of over 40% from 2021 to 2024 due to various factors, including a downturn in the innovative drug cycle and concerns over pricing pressures from healthcare reforms [8][9]. - Market sentiment has been affected by fears of cost control measures and drug price negotiations, although these concerns may be short-term in nature [9]. Policy and Internationalization - Recent policy initiatives from the Chinese government aim to enhance the pharmaceutical industry's global competitiveness, with a focus on creating a supportive environment for innovation [10][12]. - China's pharmaceutical R&D capabilities have significantly improved, with the country now leading in the number of innovative drugs developed, and the proportion of first-in-class (FIC) drugs increasing from under 10% in 2015 to 31% in 2024 [12][13]. Investment Strategy and Performance - The investment team at ICBC Credit Suisse has established a strong track record in the pharmaceutical sector, with several funds outperforming benchmarks significantly [15][16]. - The team's investment strategy focuses on quality factors, emphasizing research efficiency, commercialization capabilities, and global expansion potential [20]. - The ICBC Health Industry fund has achieved a net value growth rate of 69.60% year-to-date as of July 31, 2023, indicating strong performance in the market [18][21].

Core Insights - The pharmaceutical industry is complex, with cyclical fluctuations in raw materials, high-tech characteristics of innovative drugs, and the consumer nature of medical services intertwining, making market predictions and investment management challenging [1] - Jiang Qi, a fund manager at Dongfanghong Asset Management, has developed a precise investment strategy in the pharmaceutical sector through years of industry experience [1] Group 1: Investment Strategy - The core of pharmaceutical investment lies in understanding cyclical fluctuations and long-term trends, which is essential for constructing resilient investment portfolios [2] - Jiang Qi's investment logic emphasizes a "top-down approach to selecting sectors and a bottom-up approach to selecting companies," with policy direction and growth potential as key indicators of sector value [2] - Historical trends show clear sector rotations, with innovative drugs and consumer upgrades becoming the main focus post-2019, and traditional Chinese medicine gaining traction due to policy support from 2022 to 2023 [2] Group 2: Long-term Outlook - Long-term returns in the pharmaceutical industry stem from technological growth, with companies that continuously break through technical barriers and create clinical value being the most resilient [3] - A diversified portfolio is necessary to navigate market volatility, balancing growth stocks' explosive potential with the defensive strength of undervalued assets [3] Group 3: Innovation Focus - The key variable for investment success in the current phase is innovative drugs, which have transitioned from quantitative accumulation to qualitative breakthroughs since 2015 [4] - Investment in innovative drugs should move beyond traditional valuation frameworks, focusing on global competitiveness, clinical value, and commercialization potential [4] - Recent strategic collaborations between Chinese innovative drug companies and multinational pharmaceutical firms highlight the increasing credibility of Chinese clinical data and global competitiveness [4] Group 4: Future Projections - By the second half of 2025, the direction of the innovative drug industry is expected to become clearer, supported by technological advancements and improved clinical resources [5] - The upcoming reforms in commercial health insurance are anticipated to significantly impact the industry, similar to the 2015 clinical trial data verification initiative [5] - The period from 2025 to 2029 is projected to be the first phase of harvest for the innovative drug sector, following a decade of investment from 2015 to 2024 [5] Group 5: Value Preservation - The ultimate goal of investment is to focus on long-term value rather than short-term gains, especially in the face of high uncertainty in the pharmaceutical industry [6] - Risk control is crucial, with a focus on left-side positioning and in-depth research to uncover opportunities during industry downturns [7] - The long-term value anchor remains the clinical value and growth potential created by companies, addressing unmet health needs through innovation and service upgrades [7]

Core Viewpoint - Changcheng Fund has demonstrated exceptional performance in the innovative drug investment sector this year, achieving an average increase of 36.95% year-to-date as of June 30, showcasing its ability to capture both industry beta opportunities and individual stock alpha returns [1] Performance Summary - Changcheng Pharmaceutical Industry Select A Fund achieved a performance of 75.18% compared to a benchmark of 6.08% - Changcheng Health A Fund recorded a 42.94% increase against a benchmark of 4.27% - Changcheng Pharmaceutical Technology A Fund rose by 41.40% with a benchmark of 6.11% - Changcheng Healthcare A Fund increased by 32.19% against a benchmark of 2.23% - Changcheng Healthy Living A Fund saw a 20.33% increase compared to a benchmark of 3.81% - Changcheng Consumption Value A Fund had a performance of 9.67% against a benchmark of 0.29% [2] Fund Management and Strategy - The Changcheng Pharmaceutical Industry Select Fund, managed by Liang Furui, has shown strong performance since its inception in October 2024, indicating a robust growth trajectory [2] - The team led by Tan Xiaobing focuses on a comprehensive investment strategy that combines top-down industry trend analysis with bottom-up stock selection, aiming to balance volatility while targeting long-term returns [3][5] - The investment team has a strong professional background, with members possessing deep expertise in pharmaceuticals, which allows them to stay aligned with industry trends [5] Emerging Trends and Innovations - Changcheng Fund is actively investing in the "AI + Healthcare" sector, recognizing the transformative potential of AI technologies in drug development and diagnostic models [4] - The fund's strategy includes leveraging AI to identify new growth opportunities within the consumer and healthcare sectors, positioning itself to benefit from technological advancements [4] Long-term Performance - The Changcheng Healthcare A Fund has achieved a cumulative return of 199.77% since its inception in 2014, significantly outperforming its benchmark by 170 percentage points [3] - The investment framework emphasizes a macro, meso, and micro perspective, allowing the team to identify and capitalize on various industry opportunities while avoiding pitfalls [5]

Core Insights - The pharmaceutical investment sector is experiencing a significant resurgence, driven by factors such as aging populations, policy support, technological advancements, and increased capital focus, with a notable performance in 2023 [1][14] - The Changcheng Fund's pharmaceutical investment team has demonstrated exceptional performance, showcasing deep industry insights and professional strength [1][4] Industry Performance - The Wind data indicates that as of July 11, 2023, the Wind Pharmaceutical Index has risen over 30% year-to-date, while the Hang Seng Hong Kong Stock Connect Innovative Drug Index has surged nearly 70% [1][14] - The pharmaceutical sector is characterized by a clear phase of recovery, with significant gains in the first half of 2023, particularly in innovative drugs, supported by favorable policy changes and market conditions [14][15] Fund Performance - Changcheng Fund's pharmaceutical products have shown remarkable performance, with the Changcheng Pharmaceutical Industry Selected A fund achieving a 75.18% return in the first half of 2023, significantly outperforming its benchmark of 6.08% [5][4] - Other funds managed by Changcheng, such as Changcheng Health A and Changcheng Pharmaceutical Technology A, also reported strong returns of 42.94% and 41.40%, respectively, against their benchmarks [6][5] Investment Strategy - The investment strategy of the Changcheng Fund's pharmaceutical team combines top-down industry trend analysis with bottom-up stock selection, focusing on high-potential stocks while managing risks effectively [10][12] - The team emphasizes collaboration and information sharing, allowing for a more agile and informed investment approach [11][12] Future Outlook - The innovative drug sector is expected to continue its strong performance, driven by overseas market openings and the release of clinical data in 2023 and 2024 [15][17] - The long-term demand for innovative drugs is anticipated to grow due to aging populations and increased health awareness, with significant revenue from new overseas licensing agreements expected to support future growth [17][16]

Core Insights - The core investment theme for the first half of 2025 revolves around opportunities in the Hong Kong stock market and the recovery of the pharmaceutical sector [1][2][3] Fund Performance - The top-performing fund for the first half of 2025 is the Huatai-PineBridge Hong Kong Advantage Select A, achieving a return of 85.64% [2][3] - Other notable funds include CITIC Construction Investment North Exchange Select Two-Year Open A with a return of 82.45% and Great Wall Pharmaceutical Industry Select A with a return of 75.18% [2][3] - Among the top ten funds, six are from CITIC Construction Investment, Huaxia, and Great Wall, focusing on the North Exchange or pharmaceutical sectors, all exceeding a 66% return [3] Pharmaceutical Sector Highlights - The pharmaceutical and biotechnology sectors have shown strong performance, with various funds achieving significant returns, such as the Bank of China Hong Kong Stock Connect Pharmaceutical A at 70.08% and Ping An Pharmaceutical Select A at 58.80% [4][5] - The overall pharmaceutical index has risen by 26.74% year-to-date, with the innovative drug sector outperforming, showing a year-to-date increase of 24.83% [5][6] Market Dynamics - The Hong Kong stock market, particularly in the innovative drug sector, has become a focal point for investors, with the Hong Kong Stock Connect Innovative Drug Index showing a year-to-date increase of over 60% [7][9] - The innovative drug sector is expected to continue attracting investment due to favorable policies and commercial acceleration, with significant transactions in the sector reaching $45.5 billion in the first five months of the year [6][9] Future Outlook - The investment strategy for the second half of 2025 is anticipated to focus on growth sectors, particularly innovative drugs, with three main investment themes identified: commercialization in the domestic medical insurance market, international licensing of domestic innovative drugs, and capitalizing on industry cycles and valuation opportunities [4][5] - The overall valuation of the innovative drug sector remains reasonable, providing potential opportunities for investment despite previous market corrections [5][9]

Group 1 - The pharmaceutical and biotechnology index rose by 2.21%, outperforming the CSI 300 index by 3.30 percentage points and the ChiNext index by 2.00 percentage points, ranking second among 31 sub-industries [3] - Recent IND applications have been initiated for drugs such as BG-60366 from BeiGene and RFUS-949 from Renfu Pharmaceutical, while clinical applications for BGB-C354 and SSS55 injection have also been newly undertaken [4] Group 2 - The upcoming 2025 ASCO conference is expected to showcase Chinese innovative pharmaceutical companies, with a notable global licensing deal of $6.05 billion between 3SBio and Pfizer, enhancing the focus on PD-1 (PD-L1)/VEGF dual antibody products [5] - There are currently 14 PD-1 (PD-L1)/VEGF products in clinical stages globally, all associated with Chinese companies, with the fastest progress seen in the drug Ivorisumab from CanSino Biologics, which has been approved in China [5] Group 3 - Companies such as Zhenzhen Cell, Rongchang Biopharmaceutical, Junshi Biosciences, and Huahai Pharmaceutical have clinical products progressing quickly but have not yet established business development partnerships [6] - Huahai Pharmaceutical's HB0025 for endometrial cancer is expected to start Phase III clinical trials in the second half of 2025, while Zhenzhen Cell's SCTB14 has initiated Phase II/III clinical trials in March 2025 [6] Group 4 - The investment strategy for 2025 emphasizes structural selection of investment opportunities based on payment willingness and ability, focusing on three payment channels: in-hospital payments, out-of-pocket payments, and overseas payments [7] - The strategy highlights three key directions: policy support for innovative drugs and devices, expanding public demand for blood products and home medical devices, and the upward cycle of overseas sales for products like heparin and respiratory-related treatments [7]