Core Insights - The article emphasizes the importance of investing in industries that are in an upward trend or full of opportunities, particularly in the innovative pharmaceutical sector [1] - It highlights that innovative drug research must be based on solid data, as high-quality data ultimately translates into significant commercial value [2] - The selection criteria for innovative drugs focus on whether the product has global competitiveness and addresses unmet clinical needs [3] Investment Performance - The Fuqun Pharmaceutical Innovation Fund, managed by Wang Chao, has shown remarkable performance, ranking second among its peers within a year of its establishment [2] - As of June 30, 2025, the fund has achieved a nearly 30% increase in the Hong Kong Innovative Drug Index and a 17% rise in the Innovative Drug Industry Index [1] Investment Philosophy - Wang Chao's investment strategy is characterized by a concentrated portfolio, with the top ten holdings accounting for 60%-70% of the fund [3] - The investment approach is driven by deep research and focuses on identifying high-value long-term holdings [3] Background of the Fund Manager - Wang Chao has over a decade of experience in the pharmaceutical industry, transitioning from research and consulting to investment [5][6] - His background in drug development has provided him with a unique advantage in understanding the critical factors that drive value in innovative drug investments [6][7] Methodology for Investment - The investment philosophy includes three main principles: selecting the right direction, targeting unmet clinical needs, and ensuring global competitiveness [11][13] - Wang Chao emphasizes the importance of rigorous data tracking and analysis in the investment process, believing that excellent data will eventually yield productivity [10] Future Outlook - Wang Chao expresses confidence in the future of China's innovative drug industry, noting that it is at a turning point from quantitative to qualitative change [20] - He identifies three key areas for future breakthroughs: combination innovation, small molecule drugs, and new modalities such as small nucleic acid drugs and cell therapies [21]

作 者丨 林典驰 雷若馨 辛继召 编 辑丨 孙超逸 刘雪莹 图 源 丨AI 产无城不立，城无产不兴。城市脉搏与汽车引擎共振合鸣，汽车工业的布局、竞合，也在一 定程度上影响城市的命运沉浮。 2 0世纪初，亨利·福特在底特律开创了流水线生产方式，从大机器生产转向流水线生产，新范 式的转变让这里成了美国汽车工业的发源地，成了通用汽车、福特和克莱斯勒的总部。 深圳，就如同他那年轻的历史一样，在燃油车时代缺少积累积淀。但， 从籍籍无名到卫冕"新 能源汽车第一城"、加冕"中国汽车第一城"，仅用四年时间。 比亚迪的整车制造在全球新能源汽车产业独树一帜，华为以供应商身份切入汽车产业链，乾 崑智能汽车解决方案赋能众多车企。"热带雨林"式产业生态背后，汽车工业正在迎来新的变 局。 政府工作报告提出，大力发展智能网联新能源汽车。业内人士认为，在新能源汽车实现数量 增长的同时，叠加"人工智能+"发展智能网联新能源汽车将是未来汽车产业变革新的驱动力。 新能源汽车的快速发展，使得这座超大城市提出发展"第二增长曲线"。 2 0 2 5年深圳市政府工 作 报 告 提 出 ， 巩 固 提 升 电 子 信 息 、 汽 车 、 新 能 源 等 产 ...