2025年四季度公募基金成绩单已出炉，"医药女神" 葛兰又一次站在了风口上。 葛兰能成为千亿顶流，一半是实力加持，一半是踩中了行业风口。 而中欧基金则借着她的东风，快速坐稳了主动权益赛道的头部位置，两人的崛起是一场互相成就。 事实上，和其他基金经理比，葛兰的专业底色足够硬。 她是国内医疗主题基金里少有的美国生物医学工程博士，懂医药研发、懂行业逻辑，这也是她能精准抓 住医药赛道机遇的关键。 数据显示，截至2025年年末，葛兰手里管的基金总规模缩减到了353.89亿元，比三季度少了81.55亿元； 而距离2021年千亿巅峰，已跌去750亿元，缩水幅度达68%。 此前，葛兰凭着年化超30%的收益封神，一举成为中欧基金顶流，被基民广泛熟知；如今，随着业绩持 续回调、规模不断缩水，质疑声越来越多。 当顶流的光环褪去，靠明星基金经理撑起的公募巨头，该怎么跳出 "一人衰、公司忧" 的怪圈？这不仅 是中欧的难题，更是整个公募行业都要面对的考验。 基金规模缩水近七成 2016到2021年，是葛兰的黄金五年，也是中欧基金借势起飞的五年。 那时候医药板块迎来牛市，尤其是创新药、医药研发生产外包（CXO）赛道，涨得一飞冲天，葛兰的 ...

中欧医疗健康混合A（003095）基金经理为葛兰、赵磊。 1月28日，广生堂涨5.66%，截至发稿，报97.32元/股，成交4.67亿元，换手率3.64%，总市值155.00亿 元。 资料显示，福建广生堂药业股份有限公司位于福建省福州市闽侯县福州高新区乌龙江中大道7号海西高 新技术产业园创新园二期16号楼，成立日期2001年6月28日，上市日期2015年4月22日，公司主营业务涉 及核苷类抗乙肝病毒药物的研发、生产与销售。主营业务收入构成为：肝胆疾病药物98.54%，其他(补 充)1.46%。 从广生堂十大流通股东角度 数据显示，中欧基金旗下1只基金位居广生堂十大流通股东。中欧医疗健康混合A（003095）三季度减 持113.65万股，持有股数70.81万股，占流通股的比例为0.52%。根据测算，今日浮盈赚取约368.95万 元。 中欧医疗健康混合A（003095）成立日期2016年9月29日，最新规模138.43亿。今年以来收益2.06%，同 类排名6843/8864；近一年收益19.88%，同类排名5406/8126；成立以来收益99.16%。 截至发稿，葛兰累计任职时间11年3天，现任基金资产总规模35 ...

Core Viewpoint - Yifang Biotechnology's stock has experienced a decline of 5.01% on January 22, with a total market value of 15.124 billion yuan and a cumulative drop of 8.66% over three consecutive days [1] Group 1: Company Overview - Yifang Biotechnology (Shanghai) Co., Ltd. was established on January 11, 2013, and went public on July 25, 2022 [1] - The company's main business involves the research, production, and sales of innovative drugs, with 100% of its revenue derived from technology licensing and cooperation [1] Group 2: Shareholder Information - Among the top ten circulating shareholders, a fund under China Europe Fund, the China Europe Medical Health Mixed A (003095), reduced its holdings by 944,700 shares, now holding 8.1477 million shares, which is 1.95% of the circulating shares [2] - The estimated floating loss for the fund today is approximately 11.2438 million yuan, with a total floating loss of 21.2655 million yuan over the three-day decline [2] Group 3: Fund Performance - The China Europe Medical Health Mixed A (003095) fund has a total asset size of 13.843 billion yuan, with a year-to-date return of 4.64% and a one-year return of 21.99% [2] - The fund manager, Ge Lan, has a tenure of 10 years and 362 days, with the best return during this period being 106.94% [3] Group 4: Fund Holdings - The China Europe National Index 2000 Enhanced A (018663) fund holds 10,000 shares of Yifang Biotechnology, unchanged from the previous period, representing 0.29% of the fund's net value [4] - The estimated floating loss for this fund today is about 13,800 yuan, with a total floating loss of 26,100 yuan over the three-day decline [4] Group 5: Additional Fund Manager Information - The fund manager for China Europe National Index 2000 Enhanced A (018663), Qian Yating, has a tenure of 4 years and 82 days, with the best return during this period being 85.19% [5]

1月15日，广生堂跌5%，截至发稿，报86.62元/股，成交6.17亿元，换手率5.11%，总市值137.96亿元。 赵磊累计任职时间196天，现任基金资产总规模329.54亿元，任职期间最佳基金回报10.2%， 任职期间 最差基金回报3.72%。 资料显示，福建广生堂药业股份有限公司位于福建省福州市闽侯县福州高新区乌龙江中大道7号海西高 新技术产业园创新园二期16号楼，成立日期2001年6月28日，上市日期2015年4月22日，公司主营业务涉 及核苷类抗乙肝病毒药物的研发、生产与销售。主营业务收入构成为：肝胆疾病药物98.54%，其他(补 充)1.46%。 从广生堂十大流通股东角度 数据显示，中欧基金旗下1只基金位居广生堂十大流通股东。中欧医疗健康混合A（003095）三季度减 持113.65万股，持有股数70.81万股，占流通股的比例为0.52%。根据测算，今日浮亏损失约322.92万 元。 中欧医疗健康混合A（003095）成立日期2016年9月29日，最新规模169.77亿。今年以来收益9.05%，同 类排名1139/8840；近一年收益27.73%，同类排名4489/8094；成立以来收益112.8 ...

数据显示，中欧基金旗下1只基金位居广生堂十大流通股东。中欧医疗健康混合A（003095）三季度减 持113.65万股，持有股数70.81万股，占流通股的比例为0.52%。根据测算，今日浮盈赚取约317.96万 元。 1月5日，广生堂涨5.04%，截至发稿，报93.64元/股，成交2.59亿元，换手率2.07%，总市值149.14亿 元。 资料显示，福建广生堂药业股份有限公司位于福建省福州市闽侯县福州高新区乌龙江中大道7号海西高 新技术产业园创新园二期16号楼，成立日期2001年6月28日，上市日期2015年4月22日，公司主营业务涉 及核苷类抗乙肝病毒药物的研发、生产与销售。主营业务收入构成为：肝胆疾病药物98.54%，其他(补 充)1.46%。 从广生堂十大流通股东角度 赵磊累计任职时间186天，现任基金资产总规模329.54亿元，任职期间最佳基金回报1.48%， 任职期间 最差基金回报-2.51%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 ...

Core Viewpoint - The introduction of the new performance assessment guidelines for fund managers aims to tightly link their compensation to both relative and absolute performance, with a significant focus on ensuring that investors earn returns [3][4]. Group 1: New Regulations and Impact - The new guidelines stipulate that fund managers who underperform their benchmarks by more than 10% over three years and incur losses will face a salary reduction of at least 30% [3][4]. - Approximately 30% of active equity fund managers may hit the "30% salary reduction" threshold due to poor performance [5][10]. - The ultimate goal of the regulations is to align the interests of fund managers with those of investors, ensuring that investors genuinely profit from their investments [4]. Group 2: Performance Statistics - Data shows that nearly 60% of funds have failed to outperform their benchmarks over the past three years, with only 44% of the 3,794 funds analyzed achieving this [6]. - Among these, 1,394 funds have underperformed their benchmarks by over 10%, representing nearly 37% of the total sample [7]. - The analysis indicates that around 34% of funds not only underperformed but also had negative profit margins, failing to generate positive returns for investors [10]. Group 3: Notable Fund Managers and Cases - Several prominent fund managers, such as Lu Bin and Shi Cheng, have multiple funds that have triggered the salary reduction criteria, with all their managed products underperforming significantly [15][16]. - Lu Bin's funds have consistently underperformed, with all seven products managed by him failing to meet benchmarks over the past three years [16]. - Shi Cheng's strategy of heavily investing in a single sector (new energy) led to significant gains during a bull market but resulted in substantial losses as market conditions changed, highlighting the risks of concentrated investment strategies [21][22].

Core Points - On November 19, Angli康's stock dropped by 5.16%, trading at 40.47 CNY per share, with a transaction volume of 484 million CNY and a turnover rate of 6.31%, resulting in a total market capitalization of 8.164 billion CNY [1] - Angli康, established on December 30, 2001, and listed on October 23, 2018, is primarily engaged in the research, production, and sales of chemical raw materials and formulations, with its main revenue sources being formulations (43.46%), raw materials (39.82%), specialty intermediates (12.44%), others (3.72%), and pharmaceutical excipients (0.56%) [1] Shareholder Analysis - Among Angli康's top ten circulating shareholders, a fund under China Europe Fund holds a significant position. The China Europe Medical Health Mixed A Fund (003095) reduced its holdings by 3.351 million shares in the third quarter, now holding 3.0863 million shares, which accounts for 1.67% of the circulating shares. The estimated floating loss today is approximately 6.7899 million CNY [2] - The China Europe Medical Health Mixed A Fund (003095) was established on September 29, 2016, with a current scale of 16.977 billion CNY. Year-to-date returns are 20.05%, ranking 4065 out of 8138 in its category; the one-year return is 16.2%, ranking 4684 out of 8055; and since inception, the return is 107.2% [2] Fund Manager Information - The fund managers of the China Europe Medical Health Mixed A Fund (003095) are Ge Lan and Zhao Lei. As of the report, Ge Lan has a cumulative tenure of 10 years and 298 days, with the fund's total asset scale at 43.544 billion CNY, achieving the best return of 107.89% and the worst return of -35.13% during her tenure [3] - Zhao Lei has a cumulative tenure of 139 days, with the fund's total asset scale at 32.954 billion CNY, achieving the best return of 8.11% and the worst return of 7.8% during his tenure [3]

Core Viewpoint - Jiuzhou Pharmaceutical has seen a significant stock price increase, with a 5.31% rise on November 14, reaching 21.42 yuan per share, and a total market capitalization of 19.052 billion yuan, indicating strong investor interest and performance in the market [1]. Company Overview - Jiuzhou Pharmaceutical, established on July 13, 1998, and listed on October 10, 2014, is located in Taizhou, Zhejiang Province. The company specializes in the research, production, and sales of chemical raw materials and pharmaceutical intermediates [1]. - The revenue composition of Jiuzhou Pharmaceutical includes 79.81% from new drug custom development and manufacturing services (CDMO), 18.22% from specialty raw materials and intermediates, and 1.96% from other sources [1]. Shareholder Insights - Among the top circulating shareholders of Jiuzhou Pharmaceutical, a fund under China Europe Fund has increased its holdings. The China Europe Medical Health Mixed A Fund (003095) added 3.9767 million shares in the third quarter, bringing its total to 17.403 million shares, which represents 1.96% of the circulating shares [2]. - The fund has realized a floating profit of approximately 18.7952 million yuan today, with a total floating profit of 15.8367 million yuan during the four-day stock price increase [2]. Fund Manager Performance - The fund manager of China Europe Medical Health Mixed A, Ge Lan, has a tenure of 10 years and 293 days, with a total fund size of 43.544 billion yuan. The best return during her tenure is 109.26%, while the worst is -35.13% [3]. - Co-manager Zhao Lei has been in position for 134 days, managing a fund size of 32.954 billion yuan, with a best return of 8.82% and a worst return of 8.51% during his tenure [3].

Group 1 - The core point of the article highlights the recent performance of Guangshentang, which saw a 5.03% increase in stock price, reaching 109.55 CNY per share, with a trading volume of 812 million CNY and a turnover rate of 5.70%, resulting in a total market capitalization of 17.448 billion CNY [1] - Guangshentang Pharmaceutical Co., Ltd. is based in Fuzhou, Fujian Province, and specializes in the research, production, and sales of nucleoside antiviral drugs for hepatitis B, with 98.54% of its revenue coming from liver and gallbladder disease medications [1] Group 2 - Among the top ten circulating shareholders of Guangshentang, a fund under China Europe Fund, specifically the China Europe Medical Health Mixed A (003095), reduced its holdings by 1.1365 million shares in the third quarter, now holding 708,100 shares, which accounts for 0.52% of the circulating shares, with an estimated floating profit of approximately 3.7178 million CNY [2] - The China Europe Medical Health Mixed A fund was established on September 29, 2016, with a current scale of 16.977 billion CNY, achieving a year-to-date return of 21.25% and a one-year return of 8.97% [2]

Group 1 - The core viewpoint of the news is that Guangshentang's stock price increased by 5.82%, reaching 108.92 CNY per share, with a trading volume of 916 million CNY and a turnover rate of 6.61%, resulting in a total market capitalization of 17.347 billion CNY [1] - Guangshentang Pharmaceutical Co., Ltd. is located in Fuzhou, Fujian Province, and was established on June 28, 2001, with its listing date on April 22, 2015. The company specializes in the research, production, and sales of nucleoside antiviral drugs for hepatitis B [1] - The main business revenue composition of Guangshentang is 98.54% from liver and gallbladder disease drugs and 1.46% from other supplementary products [1] Group 2 - From the perspective of the top ten circulating shareholders, a fund under China Europe Fund ranks among Guangshentang's top shareholders. The China Europe Medical Health Mixed A Fund (003095) reduced its holdings by 1.1365 million shares in the third quarter, now holding 708,100 shares, which accounts for 0.52% of the circulating shares [2] - The estimated floating profit for the China Europe Medical Health Mixed A Fund today is approximately 4.2418 million CNY [2] - The China Europe Medical Health Mixed A Fund was established on September 29, 2016, with a latest scale of 16.977 billion CNY. Year-to-date returns are 21.33%, ranking 4326 out of 8147 in its category, while the one-year return is 10.73%, ranking 5278 out of 8056 [2]