1月23日，前沿生物涨5.07%，截至发稿，报27.34元/股，成交2.51亿元，换手率2.52%，总市值102.41亿 元。 资料显示，前沿生物药业(南京)股份有限公司位于江苏省南京市江宁区东山街道绿地之窗E-2栋11层， 成立日期2013年1月15日，上市日期2020年10月28日，公司主营业务涉及前沿生物是一家致力于研究、 开发、生产及销售针对未满足的重大临床需求的创新药的创新型生物医药企业。公司拥有一个已上市且 在全球主要市场获得专利的原创抗艾滋病新药,两个处于临床试验阶段、已获专利(或专利许可)的在研新 药。同时,公司拥有行业先进的长效多肽药物研发实力、经验丰富的研发团队、GMP认证的生产设施、 中国市场的医学推广团队和海外市场开拓团队,覆盖从创新药物发现、临床前研发和全球临床开发、生 产与销售的全产业链,在HIV长效治疗及免疫治疗细分领域具有较强竞争力。主营业务收入构成为：艾 可宁91.29%，其他8.71%。 从前沿生物十大流通股东角度 数据显示，易方达基金旗下1只基金位居前沿生物十大流通股东。易方达医疗保健行业混合A （110023）三季度新进十大流通股东，持有股数771.73万股，占流通股的 ...

Core Viewpoint - The A-share market shows strong momentum entering 2026, with the pharmaceutical sector rebounding significantly, as evidenced by the 7.81% increase in the pharmaceutical and biotechnology index in just five trading days [1][23]. Group 1: Fund Performance - The E Fund Healthcare Fund has outperformed the industry index with a net value increase of 16.85% in the same period [1][23]. - Since manager Yang Zhenshao took over in August 2016, the fund has achieved a return of 237.49% and an annualized return of 13.81% [1][23]. - The fund has consistently outperformed the pharmaceutical and biotechnology index for nine consecutive years since 2017, demonstrating the manager's value [1][23]. Group 2: Investment Strategy - Yang Zhenshao's investment approach combines macro and micro perspectives, focusing on industry cycle positions and trends while pursuing long-term alpha through bottom-up balanced allocation [26][30]. - The fund maintains a high stock position, typically over 92%, with a relatively low turnover rate, indicating a long-term investment style [27][28]. - The strategy emphasizes the importance of deep research to support long-term holdings, which helps avoid excessive trading and capitalizes on systematic industry growth opportunities [28][30]. Group 3: Market Trends and Opportunities - Yang Zhenshao is keenly aware of new industry trends, having positioned the fund in advance of the recent surge in innovative drugs, which has contributed to the fund's strong performance [30][34]. - The pharmaceutical index has shown a significant long-term growth of 1090.57% over the past 20 years, far exceeding the 401.52% growth of the CSI 300 index [30][31]. - The current focus is on the innovative drug sector, which is expected to recover in liquidity, providing attractive opportunities for quality asset allocation [40][42]. Group 4: Future Outlook - The strategy remains to pursue stable excess returns while dynamically adjusting allocation ratios based on the economic conditions of various pharmaceutical sub-sectors [39][40]. - The launch of the new E Fund Hong Kong Stock Connect Healthcare Mixed Fund aims to capture the global benefits of China's pharmaceutical innovation [43][44]. - Yang Zhenshao's proven track record and deep research background position him as a valuable asset in navigating the evolving pharmaceutical investment landscape [44].

Core Viewpoint - The stock and mixed funds achieved a positive return of 86.45% on January 12, with 604 funds returning over 5%, while 141 funds experienced a net value drawdown exceeding 1% [1][2]. Fund Performance Summary - On January 12, the Shanghai Composite Index rose by 1.09% to close at 4165.29 points, while the Shenzhen Component Index increased by 1.75%, the ChiNext Index by 1.82%, and the Sci-Tech 50 Index by 2.43% [1]. - Among the sectors, Media, Computer, and Defense & Military Industry led the gains with increases of 7.80%, 7.26%, and 5.66% respectively, while Oil & Petrochemicals, Coal, and Real Estate saw declines of 1.00%, 0.47%, and 0.29% respectively [1]. - The average net value growth rate for stock and mixed funds was 1.14%, with 86.45% of funds reporting positive growth [1]. Top Performing Funds - The top fund, Western Leading Technology Innovation Mixed A, achieved a net value growth rate of 14.17%, followed closely by Western Leading Technology Innovation Mixed C and Dongcai Excellent Growth Mixed A and C, with growth rates of 14.16% and 13.95% respectively [2]. - Among the funds with a net value growth rate exceeding 5%, 380 were index stock funds, 127 were equity funds, and 75 were flexible allocation funds [2]. Funds with Significant Drawdowns - The fund with the largest drawdown was Guolian An Technology Power Stock, with a net value decline of 2.13%. Other notable drawdowns included Agricultural Bank of China Healthcare Stock and Guolian An Preferred Industry Mixed, both with declines of 2.00% [2][4].

Core Viewpoint - The article emphasizes that in the pharmaceutical industry, especially after 2020, significant breakthroughs often stem from small adjustments and persistent efforts rather than dramatic revelations, highlighting the importance of understanding "micro and critical nodes" in investment strategies [2][3]. Group 1: Investment Performance and Fund Management - The article reviews the performance of active equity funds focused on the pharmaceutical sector, particularly those managed by fund managers with a tenure starting before 2017 and maintaining over 80% allocation to the pharmaceutical industry [4]. - Among the funds analyzed, only two have shown positive returns over the past three and five years, with the best performance attributed to the fund managed by Yang Zhenshao, which has consistently outperformed the pharmaceutical index since 2017 [5][6]. - Yang Zhenshao's fund, the E Fund Healthcare Industry Mixed Fund, has achieved a return of 198.63% since its inception in August 2016, with an annualized return of 12.43% and a year-to-date return of 28.92% as of December 21, 2025 [8]. Group 2: Investment Strategy and Market Insights - Yang Zhenshao's investment strategy involves in-depth research across various sub-sectors within the pharmaceutical industry, focusing on commercial models, market conditions, catalysts, and valuations to identify underrepresented sectors [10]. - The strategy has evolved from a purely bottom-up stock selection approach to a balanced focus on both alpha and beta, particularly after 2023, allowing for more comprehensive market engagement [11][12]. - The fund manager has demonstrated a keen ability to identify and capitalize on high-potential stocks, such as Nanwei Medical and Te Bao Biological, which saw significant price increases shortly after being added to the portfolio [13][14]. Group 3: Industry Trends and Future Outlook - The article notes that the Chinese pharmaceutical industry is experiencing a transformation, with companies increasingly moving towards global competitiveness and innovation, as evidenced by the rising number of new drug approvals and international collaborations [39][40]. - Yang Zhenshao has highlighted the importance of focusing on innovative drugs and high-value medical consumables, indicating a strategic shift towards sectors that are expected to thrive in the evolving market landscape [35][36]. - The outlook for the innovative drug sector is optimistic, with expectations for continued growth and increased global market presence for Chinese pharmaceutical companies [41].

Group 1 - The core viewpoint of the news is that Fuyuan Pharmaceutical's stock has increased by 5.01%, reaching a price of 25.76 yuan per share, with a trading volume of 432 million yuan and a turnover rate of 3.65%, resulting in a total market capitalization of 12.365 billion yuan [1] - Fuyuan Pharmaceutical, established on February 3, 1999, is located in Tongzhou District, Beijing, and was listed on June 30, 2022. The company's main business involves the research, production, and sales of pharmaceutical preparations and medical devices, with pharmaceutical preparations accounting for 94.09% of revenue and medical devices 6.00% [1] Group 2 - Among the top ten circulating shareholders of Fuyuan Pharmaceutical, a fund under E Fund ranks as a significant shareholder. The E Fund Healthcare Industry Mixed A (110023) entered the top ten circulating shareholders in the third quarter, holding 2.5638 million shares, which represents 0.53% of the circulating shares. The estimated floating profit today is approximately 3.1535 million yuan [2] - The E Fund Healthcare Industry Mixed A (110023) was established on January 28, 2011, with a latest scale of 3.802 billion yuan. Year-to-date returns are 39.49%, ranking 1421 out of 8130 in its category; the one-year return is 35.06%, ranking 1969 out of 8054; and since inception, the return is 324.9% [2] - The fund manager of E Fund Healthcare Industry Mixed A is Yang Zhenshao, who has been in the position for 9 years and 102 days. The total asset scale under management is 9.816 billion yuan, with the best fund return during the tenure being 215.53% and the worst being -12.11% [2]

Group 1 - The core point of the news is that Aosaikang's stock price dropped by 5.18% to 18.67 CNY per share, with a trading volume of 210 million CNY and a turnover rate of 1.19%, resulting in a total market capitalization of 17.329 billion CNY [1] - Aosaikang Pharmaceutical Co., Ltd. is located in Jiangning Science Park, Nanjing, Jiangsu Province, and was established on December 24, 1996. The company was listed on May 15, 2015, and its main business involves the research, production, and sales of digestive, anti-tumor, and other pharmaceuticals [1] - The revenue composition of Aosaikang's main business includes: anti-tumor drugs 38.28%, anti-infection drugs 24.74%, chronic disease drugs 21.65%, digestive drugs 12.33%, and others 3.00% [1] Group 2 - Among Aosaikang's top ten circulating shareholders, a fund under E Fund ranks as a significant shareholder. The E Fund Healthcare Industry Mixed A (110023) increased its holdings by 262,000 shares in the third quarter, holding a total of 5.7132 million shares, which accounts for 0.62% of the circulating shares [2] - The E Fund Healthcare Industry Mixed A (110023) was established on January 28, 2011, with a latest scale of 3.802 billion CNY. Year-to-date returns are 40.28%, ranking 1705 out of 8213 in its category; the one-year return is 31.56%, ranking 2111 out of 8130; and since inception, the return is 327.3% [2]

数据显示，易方达基金旗下1只基金位居迈威生物十大流通股东。易方达医疗保健行业混合A （110023）三季度新进十大流通股东，持有股数317.46万股，占流通股的比例为1.55%。根据测算，今 日浮盈赚取约704.76万元。 易方达医疗保健行业混合A（110023）成立日期2011年1月28日，最新规模38.02亿。今年以来收益 35.72%，同类排名2184/8145；近一年收益22.42%，同类排名3130/8059；成立以来收益313.4%。 易方达医疗保健行业混合A（110023）基金经理为杨桢霄。 11月13日，迈威生物涨5.07%，截至发稿，报45.98元/股，成交1.28亿元，换手率1.40%，总市值183.74 亿元。 截至发稿，杨桢霄累计任职时间9年88天，现任基金资产总规模98.16亿元，任职期间最佳基金回报 209.21%， 任职期间最差基金回报-15.64%。 资料显示，迈威(上海)生物科技股份有限公司位于中国(上海)自由贸易试验区蔡伦路230号2幢105室香港 铜锣湾希慎道33号利园1期19楼1928室，成立日期2017年5月12日，上市日期2022年1月18日，公司主营 业务涉及治疗 ...

Group 1 - The core point of the article highlights the recent performance of Fuyuan Pharmaceutical, which saw a 5.36% increase in stock price, reaching 22.98 yuan per share, with a trading volume of 100 million yuan and a turnover rate of 0.93%, resulting in a total market capitalization of 11.03 billion yuan [1] - Fuyuan Pharmaceutical, established on February 3, 1999, and listed on June 30, 2022, is primarily engaged in the research, production, and sales of pharmaceutical preparations and medical devices, with 94.09% of its revenue coming from pharmaceutical preparations and 6.00% from medical devices [1] Group 2 - Among the top ten circulating shareholders of Fuyuan Pharmaceutical, E Fund's healthcare mixed fund A (110023) entered the list in the third quarter, holding 2.5638 million shares, which accounts for 0.53% of the circulating shares, with an estimated floating profit of approximately 2.9996 million yuan [2] - E Fund's healthcare mixed fund A (110023), established on January 28, 2011, has a latest scale of 3.802 billion yuan, with a year-to-date return of 31.25%, ranking 3013 out of 8154 in its category, and a one-year return of 22.68%, ranking 3972 out of 8046 [2] - The fund manager, Yang Zhenshao, has been in the position for 9 years and 75 days, managing a total fund asset size of 9.816 billion yuan, with the best fund return during his tenure being 209.89% and the worst being -14.74% [2]

Core Viewpoint - Yuyuan Pharmaceutical experienced a 5.08% increase in stock price, reaching 25.88 CNY per share, with a total market capitalization of 11.646 billion CNY as of September 18 [1] Group 1: Company Overview - Yuyuan Pharmaceutical Group Co., Ltd. was established on August 14, 2001, and went public on December 24, 2020 [1] - The company focuses on the research and production of high-end chemical drugs, with significant revenue contributions from cardiovascular, digestive, diabetes, and anti-infection medications [1] - Major products include Ginkgo biloba extract injection, Tianma injection, Lansoprazole injection, Omeprazole enteric-coated capsules, Metformin sustained-release tablets, Cefuroxime sodium injection, and Ceftriaxone sodium injection, which are expected to drive future growth [1] Group 2: Revenue Composition - The revenue composition of Yuyuan Pharmaceutical is as follows: - Cardiovascular drugs: 55.67% - Anti-infection drugs: 20.88% - Raw materials: 8.73% - Digestive system drugs: 6.87% - Diabetes drugs: 4.85% - Others: 2.62% - Supplementary: 0.36% - Technical services: 0.02% [1] Group 3: Shareholder Information - Yuyuan Pharmaceutical's top circulating shareholder includes a fund from E Fund Management, specifically the E Fund Healthcare Industry Mixed A (110023), which entered the top shareholders list in Q2 with 6.8551 million shares, representing 1.52% of circulating shares [2] - The fund has achieved a year-to-date return of 48.1% and a one-year return of 57.01% [2]

Group 1 - The core viewpoint of the article highlights the performance of the E Fund Healthcare Industry Mixed A Fund, which has shown significant returns over various time frames [1] - As of August 24, 2025, the latest net value of the fund is 4.7380 yuan, with a weekly return of -0.94%, a three-month return of 31.94%, and a year-to-date return of 55.55% [1] - The fund was established on January 28, 2011, and as of June 30, 2025, it has a total scale of 3.944 billion yuan [1] Group 2 - The top ten stock holdings of the fund include companies such as Heng Rui Medicine, Rejig Bio, Xin Li Tai, BeiGene-U, Hai Si Ke, and others, with a total holding percentage of 58.14% [1] - The fund manager is Yang Zhenshao, who oversees the investment strategy and portfolio management [1]