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 - The Zhongyin Innovation Medical Mixed A Fund (007718) has shown significant performance in recent months, with a notable year-to-date return of 86.41%, ranking 31 out of 3882 in its category [1]. Fund Performance - The latest net value of the fund is 2.2431 yuan, reflecting a decrease of 2.30% [1]. - Over the past month, the fund achieved a return of 2.96%, ranking 3737 out of 4049 [1]. - In the last six months, the fund's return was 77.59%, ranking 28 out of 3916 [1]. - Year-to-date, the fund's return stands at 86.41%, ranking 31 out of 3882 [1]. Fund Holdings - The top ten stock holdings of the fund account for a total of 62.83%, with the following key positions: - Innovent Biologics: 8.33% - Kelun-Biotech: 8.15% - Hansoh Pharmaceutical: 8.08% - CanSino Biologics: 8.07% - New Horizon Health: 6.13% - Baillie Gifford: 5.99% - BeiGene: 5.97% - Hengrui Medicine: 4.15% - Rongchang Biologics: 4.05% - ConvaTec: 3.91% [1]. Fund Manager Background - Zheng Ning, the fund manager, has a strong background in the investment field, having previously worked as a stock research manager at Taikang Asset Management and as a senior researcher at Zhonggeng Fund Management [2]. - Zheng joined Zhongyin Fund Management in 2022 and has been managing the Zhongyin Innovation Medical Mixed Fund since July 1, 2022 [2].

公开资料显示，中银创新医疗混合A基金成立于2019年11月13日，截至2025年6月30日，中银创新医疗 混合A规模12.66亿元，基金经理为郑宁。 金融界2025年8月18日消息，中银创新医疗混合A(007718) 最新净值2.3161元，增长1.15%。该基金近1个 月收益率6.31%，同类排名2207|3424；近6个月收益率87.27%，同类排名17|3319；今年来收益率 92.48%，同类排名21|3301。 中银创新医疗混合A股票持仓前十占比合计62.83%，分别为：信达生物（8.33%）、科伦博泰生 （8.15%）、恒瑞医药（8.08%）、康方生物（8.07%）、新诺威（6.13%）、百利天恒（5.99%）、百济 神州-U（5.97%）、翰森制药（4.15%）、荣昌生物（4.05%）、康诺亚-B（3.91%）。 简历显示：郑宁先生:中国,研究生、硕士。曾任泰康资产管理有限责任公司股票研究经理、高级股票研 究经理;中庚基金管理有限公司研究员、高级研究员(医药组组长)。2022年加入中银基金管理有限公司。 2022年7月1日担任中银创新医疗混合型证券投资基金基金经理。2022年10月13日担任中银 ...

简历显示：郑宁先生:中国,研究生、硕士。曾任泰康资产管理有限责任公司股票研究经理、高级股票研 究经理;中庚基金管理有限公司研究员、高级研究员(医药组组长)。2022年加入中银基金管理有限公司。 2022年7月1日担任中银创新医疗混合型证券投资基金基金经理。2022年10月13日担任中银医疗保健灵活 配置混合型证券投资基金基金经理。2023年2月28日任中银大健康股票型证券投资基金基金经理。 来源：金融界 金融界2025年8月7日消息，中银创新医疗混合A(007718) 最新净值2.1723元，下跌3.54%。该基金近1个 月收益率12.66%，同类排名684|4457；近6个月收益率78.76%，同类排名23|4316；今年来收益率 80.53%，同类排名29|4287。 中银创新医疗混合A股票持仓前十占比合计62.83%，分别为：信达生物（8.33%）、科伦博泰生 （8.15%）、恒瑞医药（8.08%）、康方生物（8.07%）、新诺威（6.13%）、百利天恒（5.99%）、百济 神州-U（5.97%）、翰森制药（4.15%）、荣昌生物（4.05%）、康诺亚-B（3.91%）。 公开资料显示，中银创新医疗混合 ...

金融界2025年7月30日消息，中银创新医疗混合A(007718) 最新净值2.2349元，下跌1.45%。该基金近1个 月收益率20.54%，同类排名164|4631；近6个月收益率88.98%，同类排名20|4484；今年来收益率 85.73%，同类排名27|4447。 中银创新医疗混合A股票持仓前十占比合计62.83%，分别为：信达生物（8.33%）、科伦博泰生 （8.15%）、恒瑞医药（8.08%）、康方生物（8.07%）、新诺威（6.13%）、百利天恒（5.99%）、百济 神州-U（5.97%）、翰森制药（4.15%）、荣昌生物（4.05%）、康诺亚-B（3.91%）。 公开资料显示，中银创新医疗混合A基金成立于2019年11月13日，截至2025年6月30日，中银创新医疗 混合A规模12.66亿元，基金经理为郑宁。 简历显示：郑宁先生:中国,研究生、硕士。曾任泰康资产管理有限责任公司股票研究经理、高级股票研 究经理;中庚基金管理有限公司研究员、高级研究员(医药组组长)。2022年加入中银基金管理有限公司。 2022年7月1日担任中银创新医疗混合型证券投资基金基金经理。2022年10月13日担任中银 ...

Core Viewpoint - The article emphasizes the importance of long-term value investing in the innovative pharmaceutical sector, highlighting the successful strategies employed by Zheng Ning, a fund manager at Zhongyin Fund, who has achieved significant returns by investing in innovative drugs during market downturns and focusing on long-term pricing rather than short-term fluctuations [1][2][3]. Group 1: Investment Strategy - Zheng Ning's investment approach is characterized by a focus on long-term pricing, filtering out short-term noise and market fluctuations, which distinguishes him from many growth stock fund managers [3][12]. - He has demonstrated a willingness to take contrarian positions, investing heavily in innovative drugs when the market was pessimistic and shifting focus to less popular sectors as the market evolves [3][4][30]. - The performance of his funds, such as Zhongyin Hong Kong Stock Connect Pharmaceutical Mixed A, which achieved an 84.18% return over the past year, reflects the effectiveness of his strategy [2]. Group 2: Market Insights - The innovative pharmaceutical sector is experiencing a collective explosion in growth, with significant revenue increases and profitability improvements among companies in this space [2][23]. - Zheng Ning believes that the current competitive landscape in China's innovative drug market is undergoing rapid changes due to policy shifts, which could lead to substantial opportunities for well-positioned companies [21][22]. - The article notes that the success of Chinese innovative drugs in international markets is a surprising development, with companies generating substantial overseas revenue [24]. Group 3: Risk Management - Zheng Ning emphasizes the importance of being responsible for every position held in the portfolio, focusing on risk-reward ratios rather than short-term performance rankings [4][29]. - He advocates for a balanced approach to investing, suggesting that maintaining a stable life outside of work can enhance investment performance [57]. - The article highlights the need for investors to be cautious at market peaks and to recognize when to take profits, contrasting this with the opportunities available at market bottoms [36][50]. Group 4: Future Outlook - Looking ahead, Zheng Ning is optimistic about the continued growth of the innovative pharmaceutical sector but is also exploring investment opportunities in domestic demand sectors that are currently undervalued [45][46]. - He anticipates that as the market matures, the investment landscape will shift towards higher risk and lower win rates, similar to trends observed in the U.S. market [22][24]. - The article concludes with Zheng Ning's assertion that he is not solely an innovative drug fund manager but rather a broader pharmaceutical industry manager, indicating potential shifts in his investment focus as market conditions change [48][49].

Group 1 - The core point of the article highlights the performance and holdings of the Zhongyin Innovation Medical Mixed A fund, which has shown significant returns over various time frames, including a 76.52% return year-to-date [1] - The fund's recent net value is reported at 2.1241 yuan, with a slight decline of 0.96% [1] - The fund's performance rankings are notable, with a 13.58% return over the past month (ranked 488 out of 4001), an 80.76% return over the past six months (ranked 25 out of 3880), and a 76.52% return year-to-date (ranked 26 out of 3861) [1] Group 2 - The top ten stock holdings of the Zhongyin Innovation Medical Mixed A fund account for a total of 62.83%, with significant positions in companies such as Innovent Biologics (8.33%), Kelun-Biotech (8.15%), and Hengrui Medicine (8.08%) [1] - The fund was established on November 13, 2019, and as of June 30, 2025, it has a total scale of 1.266 billion yuan [1] - The fund manager, Zheng Ning, has a background in stock research and has held various positions in asset management companies before joining Zhongyin Fund Management in 2022 [2]

2025年7月，国家医保局联合国家卫生健康委发布《支持创新药高质量发展的若干措施》，从研发支 持、医保准入、临床应用等维度推出16条具体举措，标志着中国创新药行业正式进入"全生命周期"政策 支持阶段。政策的推出叠加行业基本面的持续改善，正为创新药产业发展按下"加速键"。 当前，创新药投资的结构性机会凸显。中银基金医药主题基金经理郑宁看好创新药的后续发展，他表示 创新药既有当下的业绩释放，又有未来的星辰大海，在全市场成长股中是相当稀缺的存在。 此次，《支持创新药高质量发展的若干措施》的出台，有望疏通创新药从上市到临床应用的全部流程， 真正做到打通"最后一公里"。自2024年《政府工作报告》首次提及"创新药"以来，国家已经陆续发布了 一系列对创新药的支持政策，覆盖了从早期的投融资、研发及药品审批、上市后的定价、配备使用，到 支付层面的商业保险和医保支付等各类场景。系统性的支持有望帮助国内药企在创新药领域关键时刻实 现从"仿创结合"向"全球原研"的转型。 政策利好在创新药板块的表现上展现出了较为直接的催化效果。以港股市场为例，截至2025年7月9日， 恒生港股通创新药指数年内累计涨幅68.71%。与此同时，当前指数 ...

Group 1 - The core viewpoint of the news is the performance and holdings of the Zhongyin Innovation Medical Mixed A fund, which has shown a decline in recent net value but strong performance over the past six months and year-to-date [1] - As of July 10, 2025, the latest net value of Zhongyin Innovation Medical Mixed A is 1.9240 yuan, reflecting a decrease of 0.61%. The fund's return over the past month is -2.55%, ranking 3762 out of 3974 in its category. However, its six-month return is 69.25%, ranking 25 out of 3870, and its year-to-date return is 59.89%, ranking 26 out of 3868 [1] - The top ten stock holdings of Zhongyin Innovation Medical Mixed A account for a total of 70.44%, with significant positions in companies such as Kelun-Botai (9.77%), Hengrui Medicine (9.39%), and Innovent Biologics (8.54%) [1] Group 2 - Zhongyin Innovation Medical Mixed A was established on November 13, 2019, and as of March 31, 2025, it has a total scale of 2.613 billion yuan. The fund manager is Zheng Ning [1] - Zheng Ning has a background in finance and has held various positions in asset management, including roles at Taikang Asset Management and Zhonggeng Fund Management. He joined Zhongyin Fund Management in 2022 and has been managing multiple funds since then [2]

Group 1 - The core point of the news is the performance of the Zhongyin Innovation Medical Mixed A fund, which has shown significant returns over various time frames, with a year-to-date return of 55.70% and a recent one-month return of 11.87% [1] - The fund's top ten stock holdings account for a total of 70.44%, with notable companies such as Kelun-Botai (9.77%), Hengrui Medicine (9.39%), and Innovent Biologics (8.54%) leading the portfolio [1] - As of March 31, 2025, the fund has a total size of 2.613 billion yuan, and it was established on November 13, 2019, with Zheng Ning as the fund manager [1] Group 2 - Zheng Ning has a strong background in the investment management industry, having previously worked as a stock research manager at Taikang Asset Management and as a senior researcher at Zhonggeng Fund Management [2] - Zheng Ning has been managing the Zhongyin Innovation Medical Mixed Fund since July 1, 2022, and has taken on additional fund management roles in the healthcare sector since then [2]