Company Overview - Shenzhen Xinlitai Pharmaceutical Co., Ltd. is located in Futian District, Shenzhen, Guangdong Province, and was established on November 3, 1998. The company was listed on September 10, 2009. Its main business involves the research, production, and sales of pharmaceuticals and medical devices [1]. - The revenue composition of the company is as follows: formulations account for 81.69%, medical devices 8.54%, raw materials 7.17%, and others 2.59% [1]. Stock Performance - On September 19, Xinlitai's stock fell by 5.14%, closing at 51.70 CNY per share, with a trading volume of 301 million CNY and a turnover rate of 0.51%. The total market capitalization is 57.636 billion CNY [1]. Fund Holdings - According to data from the top ten holdings of funds, one fund under Shangyin Fund has a significant position in Xinlitai. The Shangyin Healthcare Mixed A Fund (011288) held 236,300 shares in the second quarter, unchanged from the previous period, representing 5.18% of the fund's net value, making it the third-largest holding [2]. - The Shangyin Healthcare Mixed A Fund was established on March 30, 2021, with a current scale of 107 million CNY. Year-to-date returns are 54.57%, ranking 741 out of 8172 in its category, while the one-year return is 68.95%, ranking 1757 out of 7980. Since inception, the fund has incurred a loss of 12.82% [2]. Fund Manager Information - The fund manager of Shangyin Healthcare Mixed A Fund is Yang Jiannan, who has been in the position for 3 years and 208 days. The total asset size of the fund is 216 million CNY, with the best return during his tenure being 13.72% and the worst return being 12.51% [3].

Group 1 - Yifang Biotechnology experienced a decline of 5.18% on September 8, with a stock price of 39.51 yuan per share and a trading volume of 1.48 billion yuan, resulting in a total market capitalization of 228.50 billion yuan [1] - The company, established on January 11, 2013, and listed on July 25, 2022, is located in the Shanghai Free Trade Zone and focuses on the research, production, and sales of innovative drugs, with 100% of its main business revenue coming from technology licensing and cooperation [1] Group 2 - According to data from the top ten holdings of funds, one fund under Shangyin Fund holds a significant position in Yifang Biotechnology, with the Shangyin Healthcare Mixed A Fund (011288) maintaining 375,700 shares, unchanged from the previous period, accounting for 5.71% of the fund's net value [2] - The Shangyin Healthcare Mixed A Fund, established on March 30, 2021, has a current size of 1.07 billion yuan and has achieved a year-to-date return of 61.67%, ranking 360 out of 8,248 in its category [2] - The fund manager, Yang Jiannan, has been in position for 3 years and 197 days, with the fund's total assets amounting to 216 million yuan, achieving a best return of 19.41% and a worst return of 18.15% during his tenure [2]

Core Viewpoint - The AI Fund Shangyin Medical Health Mixed A (011288) reported a profit of 23.8046 million yuan for the first half of 2025, with a weighted average profit per fund share of 0.1545 yuan, and a net value growth rate of 27.48% during the reporting period [2]. Fund Performance - As of September 3, the fund's net value growth rates were 26.39% over the past three months, 50.44% over the past six months, 69.76% over the past year, and 33.48% over the past three years, ranking 56/138, 54/138, 51/136, and 37/108 among comparable funds respectively [5]. - The fund's net value as of September 3 was 0.904 yuan per unit [2]. Fund Holdings and Valuation - As of June 30, 2025, the fund's weighted average price-to-earnings (P/E) ratio was approximately 110.14 times, compared to the industry average of 120.96 times; the weighted average price-to-book (P/B) ratio was about 5.11 times, against an industry average of 4.07 times; and the weighted average price-to-sales (P/S) ratio was around 6.86 times, compared to an industry average of 6.52 times [11]. - The fund's stocks showed a weighted revenue growth rate of 0.02% year-on-year and a weighted net profit growth rate of -0.01% for the first half of 2025 [18]. Fund Management and Strategy - The fund manager, Yang Jiannan, expressed optimism about the ongoing innovation drug market and highlighted potential in companies with new product launches and those benefiting from a reversal in the innovation cycle [2]. - As of June 30, 2025, the fund had a total of 1,958 holders, with a total of 149 million shares held, where institutional investors accounted for 18.64% and individual investors for 81.36% [35]. Risk and Return Metrics - The fund's Sharpe ratio over the past three years was 0.1767, ranking 35/105 among comparable funds [24]. - The maximum drawdown over the past three years was 35.07%, with the largest quarterly drawdown occurring in Q1 2024 at 20.49% [26].

Core Viewpoint - The company has achieved significant growth and stability in the asset management sector over the past twelve years, with a focus on innovation and long-term value creation for investors [1][2]. Performance and Growth - As of June 2025, the total assets under management reached 272.7 billion yuan, with public fund assets at 250.6 billion yuan, reflecting a year-on-year growth of 13% and a non-monetary management scale of 176.3 billion yuan, growing by 10% [2]. - The company has served over 6.45 million investors and generated a total profit of 42 billion yuan for its public fund products since inception [2]. Investment Performance - The company's equity and fixed income products have shown strong performance, with equity investments receiving a five-star rating for both three-year and five-year periods from Guotai Junan Securities [3]. - Specific funds such as the "Shangyin Future Life Flexible Allocation Mixed A" achieved a net value growth rate of 34.65% over the past year, significantly outperforming its benchmark [4]. - The "Shangyin New Emerging Value Growth Mixed A" has a cumulative net value growth rate of 236.82% since inception, ranking in the top 23% of its category over the past five years [4]. Fixed Income Investment - The fixed income funds have maintained a strong performance, with the company’s public fixed income products achieving a "zero default" record, showcasing excellent risk management capabilities [5]. - The "Shangyin Policy Financial Bond A" has consistently ranked in the top 1% for excess returns across multiple time frames [6]. Product Diversification - The company offers a diverse range of products, including 59 public fund products and 29 private asset management plans, covering various mainstream business areas to meet different investor needs [7]. - The investment strategy includes a dual-track approach for equity products, focusing on both value preservation and growth opportunities in emerging sectors [9]. Research and Talent - The company has established a comprehensive investment research framework, with a team of 56 professionals, 90% of whom hold master's degrees or higher, ensuring a strong foundation for investment decision-making [12]. - The research team effectively captures market trends and identifies investment opportunities, contributing to the company's strong performance in 2025 [13]. Social Responsibility - The company actively promotes rational investment concepts and engages in social responsibility initiatives, including educational support for underprivileged students and community service projects [15]. Future Outlook - As it enters its twelfth year, the company aims to continue its commitment to innovation and excellence in asset management, focusing on delivering superior performance and service to investors [16].

Core Viewpoint - The company has achieved significant growth and stability in the asset management sector over the past twelve years, with a focus on innovation and long-term value creation for investors [1][2]. Performance and Growth - As of June 2025, the total assets under management reached 272.7 billion yuan, with public fund assets at 250.6 billion yuan, reflecting a year-on-year growth of 13% [2]. - The company has served over 6.45 million investors and generated a total profit of 42 billion yuan for its public fund products since inception [2]. - The growth in scale is attributed to the strong performance of equity and fixed-income products, with equity investments receiving top ratings from Guotai Junan Securities [2][4]. Product Performance - The "Shangyin Future Life Flexible Allocation Mixed A" fund achieved a net value growth rate of 34.65% over the past year, significantly outperforming its benchmark [3]. - The "Shangyin Emerging Value Growth Mixed A" fund has a cumulative net value growth rate of 236.82% since inception, ranking in the top 23% of its category over the past five years [3]. - The "Shangyin Medical Health Mixed A" fund reported a net value growth rate of 57.49% in the past year, placing it in the top 8% of its category [3][21]. Fixed Income Investment - The fixed-income funds have consistently ranked in the top 10 for absolute returns over the past two years, showcasing the company's strong risk management capabilities [4]. - The "Shangyin Policy Financial Bond A" fund has excelled in excess returns across multiple time frames, receiving five-star ratings [5]. Diverse Product Offerings - The company offers a diverse range of products, including 59 public funds and 29 private asset management plans, covering various mainstream business areas [7]. - The equity segment focuses on value and growth strategies, while the fixed-income segment emphasizes stability and risk management [8][9]. Research and Talent - The company has established a comprehensive research and investment framework, with a dedicated team of 56 professionals, 90% of whom hold master's degrees or higher [11][12]. - The investment team has successfully identified key market trends, driving product performance through in-depth analysis of macro policies and fundamental factors [12]. Social Responsibility - The company actively promotes rational investment concepts and engages in social responsibility initiatives, including educational support for underprivileged students [13]. Future Outlook - As it celebrates its twelfth anniversary, the company aims to continue its commitment to innovation and excellence in asset management, focusing on high-quality development and investor trust [14].

Core Viewpoint - The pharmaceutical sector is experiencing significant investor interest, particularly in innovative drugs, with the CSI Innovation Drug 30 Index rising over 43% year-to-date as of August 15 [1] Group 1: Fund Performance - The Shangyin Medical Health Mixed A Fund (code: 011288) has effectively captured opportunities in innovative drugs, achieving a five-star rating from Guotai Junan Securities as of the end of July [1] - As of July 31, the fund ranked in the top 8% for one-year performance among its peers, with a net value growth rate of 61.44%, significantly outperforming the benchmark return of 23.88% [1] - Over a three-year period, the fund also demonstrated strong competitive advantages, ranking in the top 7% for performance and top 5% for excess returns among its peers [1] Group 2: Manager's Background - The fund manager, Yang Jiannan, has a unique combination of expertise with a background in biomedical engineering and a master's degree in industrial economics, along with frontline experience in the biotechnology industry [2] - Yang's cross-disciplinary skills in biomedical research, industry practice, and financial investment are rare in the market, contributing to a strong research capability and value discovery [2] Group 3: Industry Outlook - The pharmaceutical and biotechnology sector has shown a recovery this year, with the Shenwan Pharmaceutical and Biotechnology Index rising over 25%, ranking fourth among 31 Shenwan primary industries [2] - Yang believes the current innovative drug market is not a temporary trend but has a solid long-term upward foundation, indicating a significant transformation in the pharmaceutical industry [2] - The industry is on the verge of a shift from traditional pharmaceuticals to more specific drugs, likened to a transition from "carriages" to "automobiles" [2] Group 4: Investment Strategy - Yang emphasizes the importance of leveraging China's advantages in innovative drug development, focusing on low-cost and efficient development of better products [2] - The investment strategy primarily targets leading players in specific innovation trends, closely monitoring clinical data and progress to mitigate the risks of research failures [2]

中证报中证网讯（王珞）今年以来，A股医药板块成为市场上表现最为亮眼的板块之一。数据显示，截 至7月末，中证医疗指数今年以来上涨12.73%，中证创新药30指数同期涨幅更是达42.02%，远超同期沪 深300指数3.58%和中证全指8.80%的涨幅。 在本轮行业复苏中，上银基金旗下产品——上银医疗健康混合A（基金代码：011288）牢牢抓住政策支 持与技术创新驱动下的市场机遇，凭借精准的前瞻布局和优秀的主动管理能力，向投资者交出了一份亮 眼的成绩单。截至7月末，该基金近一年净值增长率达57.49%，大幅跑赢同期21.34%的业绩比较基准收 益率，展现出显著的超额收益能力。 凭借扎实的医药产业背景和丰富的投资经验，杨建楠对于医疗行业形成了鲜明的投资理念，即产业趋势 为主，寻找新的技术革新、市场需求变化以及政策驱动下的行业拐点，参与分享产业生命周期中的关键 阶段（1到10、10到100为主），即成药性较为确定，从一个适应症商业化成功，拓展到不同的适应症， 而非首创药物。 展望医药板块未来走势，杨建楠认为今年以来的创新药行情绝非昙花一现，而是具备坚实的长期向上基 础。其指出，中国创新药海外通过授权产品管线给跨国大药企 ...

Core Viewpoint - The AI Fund Shangyin Medical Health Mixed A (011288) reported a profit of 13.59 million yuan for Q2 2025, with a net value growth rate of 14.18% during the period, and a total fund size of 107 million yuan as of the end of Q2 2025 [2][16]. Fund Performance - As of July 21, the fund's three-month cumulative net value growth rate was 28.23%, ranking 53 out of 138 comparable funds; the six-month growth rate was 49.20%, ranking 52 out of 138; the one-year growth rate was 49.76%, ranking 49 out of 133; and the three-year growth rate was 15.15%, ranking 33 out of 107 [3]. - The fund's Sharpe ratio over the past three years was 0.1767, ranking 35 out of 105 comparable funds [9]. - The maximum drawdown over the past three years was 35.07%, with the highest single-quarter drawdown occurring in Q1 2024 at 20.49% [11]. Investment Strategy - The fund manager indicated that the pharmaceutical sector performed well, ranking in the top third among all sectors during the reporting period. The strategy involved purchasing high-quality companies at reasonable prices, focusing on sectors aligned with industry trends, performance growth, and valuation [2]. - The fund maintained allocations in innovative drugs, high-value consumables, and medical services, particularly in upstream scientific services and AI [2]. Fund Holdings - As of June 30, the fund's average stock position over the past three years was 85.22%, compared to the industry average of 86.95%. The fund reached a peak stock position of 89.37% by the end of Q3 2024, with a minimum of 69.83% in mid-2021 [14]. - The top ten holdings of the fund as of Q2 2025 included Kelun-Botai Biological, Yifang Biological, Xinlitai, Sanofi Pharmaceutical, Hengrui Medicine, Kelun Pharmaceutical, Xinda Biological, Zejing Pharmaceutical, Huitai Medical, and Haise Co. [19].