Core Insights - Haiyang Technology (603382.SH) reported its Q3 2025 results on October 30, 2025, highlighting significant institutional investor interest with 32 institutions holding a total of 60.917 million shares, representing 33.61% of the total share capital [1] Institutional Holdings - The top ten institutional investors include Ganzhou Chengyou Investment Center, Linglong Tire Co., Ltd., Hengshen Holdings Group Co., Ltd., Fujian Jinjiang Yingshi Venture Capital Partnership, Fujian Zhongshen Construction Development Co., Ltd., J.P. Morgan Securities PLC, Guotai Asset Management, Jianxin Asset Management, Eastmoney Sci-Tech Innovation Index ETF, and Guotou Ruijin UBS CSI Resource Index (LOF) A, collectively holding 33.61% of shares [1] - Compared to the previous quarter, the combined holding percentage of the top ten institutions decreased by 0.87 percentage points [1] Public Fund Participation - In this reporting period, 2,093 public funds were disclosed, including notable funds such as Nu'an Flexible Allocation Mixed Fund, Guolian An Core Trend One-Year Holding Mixed A, Huisheng Huimin Mixed A, Bank of China Healthcare Mixed A, and Baoying Consumption Theme Mixed Fund [1]

Core Insights - The A-share market has shown a "slow bull" trend in the first three quarters of this year, with significant contributions from the TMT sector, particularly in AI, robotics, and semiconductors [1] - Active equity fund managers have performed well, but the volatility in popular sectors and events like the "tariff shock" in early April have impacted their ability to manage drawdowns [1] - The average return for active equity fund managers this year is 34.08%, with a median return of 30.45%, while the average drawdown is -13.93% and the median drawdown is -13.05% [1][3] Fund Manager Performance by Management Scale Over 100 Billion - Among the 80 active equity fund managers with over 100 billion in management scale, the median return is 36.79% and the median drawdown is -14.13% [3] - Notable fund managers include Zhang Wei from Huatai-PineBridge and Ge Lan from China Europe Fund, both heavily invested in the pharmaceutical sector [3][4] 50-100 Billion - In the 50-100 billion category, 130 fund managers have a median return of 35.28% and a median drawdown of -13.28% [8] - The top performer is Zheng Ning from Bank of China Fund, achieving a return of 95.01% with a maximum drawdown of -13.06% [9] 20-50 Billion - For managers with 20-50 billion in assets, the median return is 32.82% and the median drawdown is -13.08% [10] - The top three fund managers include Dan Lin from Yongying Fund, Jin Xiaofei from Penghua Fund, and Zhao Longlong from Morgan Fund [12] Below 20 Billion - In the category of managers with less than 20 billion, the median return is 29.46% and the median drawdown is -12.95% [15] - The top three fund managers are Wang Chao from Fortune Fund, Qi Zhen from Huabao Fund, and Liu Haixiao from Haifutong Fund [15]

Core Viewpoint - The pharmaceutical sector in the A-share market has shown structural performance, with the innovative drug index rising by 60.77% year-to-date, significantly outperforming the overall A-share index by 22.14% [1] Group 1: Pharmaceutical Sector Performance - The pharmaceutical sector has been active this year, with innovative drug indices leading the gains [1] - The performance of pharmaceutical-themed mutual funds has attracted investor attention, with notable returns reported [1] - Zhongyin Fund's pharmaceutical-themed funds have ranked well among peers, with Zhongyin Innovation Medical A achieving top rankings over various time frames [1] Group 2: Fund Manager Insights - Fund manager Zheng Ning employs a long-term pricing focus, filtering out market noise to concentrate on long-term implied returns [3] - The performance of Zhongyin Hong Kong Stock Connect Pharmaceutical A has shown significant growth, with a net value growth rate of 70.08% in the first half of 2025 [3] - Zheng Ning has managed multiple funds, consistently achieving competitive returns compared to benchmarks [4][6] Group 3: Market Drivers - The recent rise in the innovative drug sector is driven by fundamental improvements, including advancements in R&D, successful profit realization, and favorable policies [2] - The innovative drug industry is expected to have substantial growth potential, becoming a strategic industry in China's export structure and a key pillar in the global pharmaceutical industry [2]