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 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 article provides a ranking of open-end funds based on their net asset value growth as of July 7, 2025, highlighting the top 10 funds with significant increases [2][3] - The top-performing funds include 中航混改精选C, 中航混改精选A, and 渤海汇金新动能主题混合A, with net values of 0.7587, 0.7765, and 1.0978 respectively [2] - The bottom-performing funds include 中航优选领航混合发起C and 中航优选领航混合发起A, which saw declines in their net values to 1.6989 and 1.7045 respectively [4] Group 2 - The overall market performance indicates a slight increase in the Shanghai Composite Index, while the ChiNext Index experienced a downward trend [6] - The leading sectors include comprehensive services, multi-financial services, and advertising packaging, all showing growth of over 2% [6] - The article notes that the fund 中航混改精选C has shown rapid net value growth, outperforming the market [6] Group 3 - The top holdings of the funds are concentrated in the real estate sector, with a holding concentration of 86.55% for 中航混改精选C, indicating a strong focus on this industry [7] - The fund's top ten holdings include 万科A and 信达地产, which have shown positive price movements [7] - Conversely, the fund 中航优选领航混合发起C has a lower holding concentration of 82.19% in the pharmaceutical sector, with several holdings experiencing declines [7]

Group 1 - The core viewpoint of the news is that 热景生物 (688068.SH) has reported its Q1 2025 financial results, highlighting significant institutional investor interest and changes in shareholding patterns [1] - As of April 30, 2025, a total of 55 institutional investors hold shares in 热景生物, with a combined holding of 28.6952 million shares, representing 31.03% of the total share capital [1] - The top ten institutional investors collectively hold 23.88% of the shares, with an increase of 1.63 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, 18 funds increased their holdings in this period, with a total increase rate of 3.19%, including funds like 易方达医药生物股票A and 农银医疗保健股票 [2] - Conversely, 11 funds reduced their holdings, with a decrease rate of 0.54%, including funds like 富国精准医疗灵活配置混合A and 招商景气优选股票A [2] - There were 16 newly disclosed public funds this period, while 107 funds were not disclosed compared to the previous quarter [2]