尽管当前A股市场出现了波动，医药板块也面临了一些调整，但总体市场人气仍然活跃。 另一方面，郑宁并不追求短期的业绩排名，而是更希望一轮牛熊周期下来，每一个位置买入的持有人都 能赚到钱。他不断强调要"知足"，即不要总是去追求高赔率的机会，而是不断衡量组合的风险收益比， 通过风险定价力争为持有人提升产品的获得感。 这一投资理念也体现在了他管理的产品中。他所掌管的产品收益表现不俗，在同类产品中排名较为靠 前。据银河证券数据显示，中银创新医疗A过去一年收益率排名同类前五（4/85）、过去三年和过去五 年排名均位于同类前三（2/66和3/37），另外，中银医疗保健A过去三年收益率排名也位居同类前三 （3/66），中银港股通医药A过去一年收益率在同类中排名第一（1/42）。（中银创新医疗、中银医疗 保健同类排名均为混合基金-行业偏股型基金-医药医疗健康行业偏股型基金(A类)；中银港股通医药同 类排名为混合基金-港股通偏股型基金-港股通偏股型基金(A类)；排名来源于银河证券，截至 2025.8.31） 作为市场上较早一批重仓创新药的医药基金经理，郑宁刚开始管理医药基金就恰好遇到了板块的阶段性 高点，随后遇到了板块漫长的调整。 ...

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]

Group 1 - The pharmaceutical sector continues to rise, boosting the performance of funds heavily invested in this industry, with many public FOFs ranking high in weekly returns [1][2] - There is a division in the industry regarding the sustainability of this rally, with some optimistic about the revaluation of pharmaceutical stocks, while others remain cautious about the end of short-selling [1][4] - Long-term prospects are bolstered by the increasing international competitiveness of domestic innovative drugs, which continues to attract capital from both domestic and foreign investors [1][4] Group 2 - Recent statistics show significant gains in pharmaceutical-themed funds, with some achieving over 60% returns year-to-date, similar to previous trends seen in AI concept stocks [2][4] - The top-performing mixed FOF last week, Guotai Youxuan Lihang, reported a weekly return of 4.56%, largely due to its holdings in pharmaceutical funds [2][3] - The healthcare sector's performance is supported by a reversal in profit margins for the first quarter of 2025, marking the first signs of recovery after three years of declining profitability [4] Group 3 - The influx of capital into the pharmaceutical sector has been significant, with over 20 billion yuan net inflow this year, particularly into innovative drugs and medical devices [4][5] - The current market sentiment is driven by high elasticity sectors such as new consumption and innovative drugs, which are expected to continue performing well [3][5] - Institutional interest in the pharmaceutical industry is increasing, with a notable rise in research and analysis activity, indicating a potential for sustained recovery and structural opportunities [5]