具体来看： 如果你是高管及主要业务负责人，需将当年全部绩效薪酬的30%用于购买本公司管理的公募基金，其中权益类基金（如股票型、混合型基金）占比不低于 60%（即至少18%的绩效薪酬要买股票型/混合型基金）。 曾几何时，当投资者在震荡市中反复拼杀伤痕累累的时候，基金经理却凭借着管理费这一稳定收入，依旧享受着 "旱涝保收"的高工资待遇，即便旗下产品 净值大幅回撤、投资者损失惨重，部分基金经理仍能凭借规模优势领取高薪。这种失衡的激励机制不仅损害了投资者利益，也不利于行业的长期健康发展。 而这一情况近期有望得到改善，监管部门近日下发《基金管理公司绩效考核管理指引（征求意见稿）》，未来基金经理40%以上的绩效薪酬或需投入自购， 基金经理或与投资者实现强绑定，也就是说以后基金经理和投资者就是"一根绳上的蚂蚱"了。 而从趋势看，无论是自购金额还是参与自购的公募机构数量都呈现逐年递增的态势。而头部基金公司具备更强的长期投研实力、更完善的风控体系与更稳健 的经营能力，能够更好地适应长期考核要求，巩固竞争优势。 公募基金自购行为统计(自购次数及参与家数) 举个例子：年薪1000万的高管，得掏出300万买自家基金，其中180万得冲 ...

Core Viewpoint - The article analyzes the investment capabilities of Qi Zhen, the fund manager of Huabao Health A, highlighting his focus on innovative drugs driven by policy and industry trends, and his ability to generate significant excess returns compared to peers [4][31]. Group 1: Fund Manager Information - Qi Zhen holds a bachelor's degree in biotechnology and a PhD in biology from Shanghai Jiao Tong University, with prior experience in research analysis at Northeast Securities and Anxin Securities [3][6]. - Since February 28, 2023, Qi Zhen has managed Huabao Health A (006881.OF), which has a total scale of 268 million yuan as of September 30, 2025 [7][30]. Group 2: Performance Metrics - Since Qi Zhen's tenure, Huabao Health A has outperformed over 90% of its peers in the pharmaceutical theme fund category, achieving a cumulative excess return of 60.00% after excluding a three-month establishment period [8][11]. - The fund has shown resilience during downturns in the pharmaceutical sector and has quickly rebounded during bullish trends in innovative drugs [11][31]. Group 3: Investment Strategy - Qi Zhen employs a "policy + industry" dual-driven investment framework, focusing on innovative drugs and prioritizing sectors with minimal resistance and strong policy support [4][14]. - The investment strategy emphasizes a balance between growth and certainty, with flexible valuation tolerances based on clinical success rates and management credibility [4][22]. - Qi Zhen prefers long-term holdings with a low turnover rate of 2-3 times annually, making buy/sell decisions based on market conditions and fundamental changes [4][25]. Group 4: Sector Allocation and Stock Selection - The fund's holdings are heavily concentrated in the innovative drug sector, with over 90% of the portfolio allocated to this area, while also flexibly adjusting positions in medical devices and traditional Chinese medicine [16][19]. - Qi Zhen's stock selection process involves detailed analysis of drug mechanisms, clinical data, and market conditions, allowing for dynamic adjustments in valuation [22][23]. Group 5: Future Outlook - With the ongoing development of China's innovative drug industry and the maturation of capital markets, fund managers like Qi Zhen, who possess deep industry insights, are expected to continue generating excess returns [32].