Core Viewpoint - The A-share market has shown a strong performance in 2023, driven by themes such as AI technology, new consumption, and innovative pharmaceuticals, with notable achievements from Changcheng Fund's active equity funds [1] Group 1: Fund Performance - As of July 31, Changcheng Fund has 17 active equity funds ranked in the top 30% of their peers over the past year, showcasing diverse investment directions including innovative pharmaceuticals, new consumption, AI technology, robotics, military electronics, and Hong Kong stocks [1] - In the innovative pharmaceutical sector, funds managed by Tan Xiaobing have excelled, with three funds focusing on the healthcare industry ranking 10/1830, 5/83, and 19/83 in their respective categories over the past year [2] - The Changcheng Innovation-Driven fund, co-managed by Tan Xiaobing and Yang Weiwei, has focused on semiconductors, AI applications, and military sectors, achieving top rankings in their category [3] Group 2: Investment Strategies - Changcheng Fund emphasizes a top-down investment approach, with managers like You Guoliang optimizing their portfolios in AI computing and military sectors, resulting in strong performance rankings [4] - The fund's strategy includes a focus on overseas computing and semiconductor manufacturing, with managers like Shu Wenyu achieving commendable rankings in their respective categories [4] - The fund's diverse investment across various sectors, including military, AI, semiconductors, and new consumption, has led to several funds ranking in the top 30% of their peers [4] Group 3: Future Outlook - Changcheng Fund is committed to fundamental research and the development of a robust investment research system, aiming to enhance active management capabilities and create more value for investors in the future [4]

Group 1 - Central European Fund announced that its two funds, the Central European Science and Technology Innovation Fund and the Central European Medical Innovation Fund, will be subject to subscription limits starting August 11 [1] - The Central European Science and Technology Innovation Fund, managed by Shao Jie, has achieved a return rate of 132.55% since inception, with an annualized return of 14.79% for Class A shares and 39.66% with an annualized return of 13.11% for Class C shares [1] - The Central European Medical Innovation Fund, managed by renowned fund manager Ge Lan, has a return rate of 68.74% for Class A shares and 60.24% for Class C shares since inception, with annualized returns of 8.45% and 7.59% respectively [1] Group 2 - The Central European Science and Technology Innovation Fund focuses on the technology innovation industry, with significant investments in sectors such as smart vehicles, advanced manufacturing processes, self-developed chip IP, and next-generation smart terminals [2] - The top ten holdings of the Central European Science and Technology Innovation Fund include companies like Hengxuan Technology, Lanke Technology, and Ideal Automotive, with the largest holding being Hengxuan Technology valued at approximately 350.59 million yuan [2] - The Central European Medical Innovation Fund primarily invests in stocks related to medical innovation, with a focus on innovative pharmaceuticals and medical devices [2] Group 3 - The top ten holdings of the Central European Medical Innovation Fund include companies such as Sanofi Pharmaceutical, Kelun Pharmaceutical, and WuXi AppTec, with the largest holding being Sanofi Pharmaceutical valued at approximately 729.52 million yuan [4] - Other funds managed by notable managers have also reported strong performance, with year-to-date returns of 84.56% for ICBC Credit Suisse's QDII fund and 82.59% for Great Wall Fund's health-related funds [5][6]

Group 1 - The core point of the news is that China Universal Asset Management has announced a subscription limit for two of its funds, the China Universal Science and Technology Innovation Fund and the China Universal Medical Innovation Fund, starting from August 11, to protect existing investors and maintain stable operations [1] - The China Universal Science and Technology Innovation Fund, managed by Shao Jie, has achieved a return rate of 132.55% since inception, with an annualized return of 14.79% for Class A shares and 39.66% with an annualized return of 13.11% for Class C shares [1] - The China Universal Medical Innovation Fund, managed by renowned fund manager Ge Lan, has a return rate of 68.74% for Class A shares and 60.24% for Class C shares since inception, with annualized returns of 8.45% and 7.59% respectively [1] Group 2 - The China Universal Science and Technology Innovation Fund focuses on the technology innovation industry, with significant investments in sectors such as smart vehicles, advanced manufacturing processes, and self-developed chip IP [2] - The top ten holdings of the China Universal Science and Technology Innovation Fund include companies like Hengxuan Technology, Lanyin Technology, and Tencent Holdings, with total market values ranging from approximately 117 million to 350 million yuan [2] - The China Universal Medical Innovation Fund primarily invests in stocks related to medical innovation, with a focus on innovative pharmaceuticals and medical devices [2][4] Group 3 - The top ten holdings of the China Universal Medical Innovation Fund include companies such as Sanofi Pharmaceutical and WuXi AppTec, with market values ranging from approximately 324 million to 729 million yuan [4] - Other funds managed by different companies, such as ICBC Credit Suisse and Great Wall Fund, have also reported high returns this year, with notable investments in similar sectors [5][6]

Core Viewpoint - Changcheng Fund has demonstrated exceptional performance in the innovative drug investment sector this year, achieving an average increase of 36.95% year-to-date as of June 30, showcasing its ability to capture both industry beta opportunities and individual stock alpha returns [1] Performance Summary - Changcheng Pharmaceutical Industry Select A Fund achieved a performance of 75.18% compared to a benchmark of 6.08% - Changcheng Health A Fund recorded a 42.94% increase against a benchmark of 4.27% - Changcheng Pharmaceutical Technology A Fund rose by 41.40% with a benchmark of 6.11% - Changcheng Healthcare A Fund increased by 32.19% against a benchmark of 2.23% - Changcheng Healthy Living A Fund saw a 20.33% increase compared to a benchmark of 3.81% - Changcheng Consumption Value A Fund had a performance of 9.67% against a benchmark of 0.29% [2] Fund Management and Strategy - The Changcheng Pharmaceutical Industry Select Fund, managed by Liang Furui, has shown strong performance since its inception in October 2024, indicating a robust growth trajectory [2] - The team led by Tan Xiaobing focuses on a comprehensive investment strategy that combines top-down industry trend analysis with bottom-up stock selection, aiming to balance volatility while targeting long-term returns [3][5] - The investment team has a strong professional background, with members possessing deep expertise in pharmaceuticals, which allows them to stay aligned with industry trends [5] Emerging Trends and Innovations - Changcheng Fund is actively investing in the "AI + Healthcare" sector, recognizing the transformative potential of AI technologies in drug development and diagnostic models [4] - The fund's strategy includes leveraging AI to identify new growth opportunities within the consumer and healthcare sectors, positioning itself to benefit from technological advancements [4] Long-term Performance - The Changcheng Healthcare A Fund has achieved a cumulative return of 199.77% since its inception in 2014, significantly outperforming its benchmark by 170 percentage points [3] - The investment framework emphasizes a macro, meso, and micro perspective, allowing the team to identify and capitalize on various industry opportunities while avoiding pitfalls [5]

Group 1 - The core viewpoint of the articles highlights the rapid growth of the innovative drug sector and the improvement in corporate profitability, creating new investment opportunities in the pharmaceutical industry [1] - The China Securities Innovation Drug Industry Index has increased by 27.63% year-to-date as of July 8 [1] - Changcheng Fund's actively managed pharmaceutical funds have shown outstanding performance, with Changcheng Pharmaceutical Industry Select A achieving a return of 104.26% year-to-date, significantly outperforming the benchmark of 10.03% [1] Group 2 - The pharmaceutical industry is characterized by numerous branches and significant differences between subfields, influenced by factors such as aging population, medical insurance cost control, and innovation in drug development [1] - Fund managers in the pharmaceutical sector need a broad perspective and accurate decision-making capabilities to achieve long-term excellent performance [1] Group 3 - Tan Xiaobing, a fund manager, emphasizes a "big picture" investment style, leveraging her extensive research background across various industries to make informed macroeconomic judgments [2] - The investment strategy of Changcheng Medical Care A reflects this "big picture" approach, with a diverse portfolio that includes sectors beyond pharmaceuticals [2] Group 4 - Long Yu Fei, another member of the Changcheng investment team, possesses a cross-industry perspective, adept at switching between consumer and pharmaceutical sectors [3] - The investment philosophy of emphasizing a "big picture" approach is shared among the team, focusing on macro trends, industry dynamics, and individual stock analysis [3] Group 5 - Liang Furui, the fund manager of Changcheng Pharmaceutical Industry Select A, has developed a unique "three-cycle" stock selection framework that considers industry, company growth, and capital market cycles [4][5] - This framework allows for a comprehensive analysis of macro trends and micro-level company performance, enhancing investment decision-making [5] Group 6 - The Changcheng Fund's pharmaceutical investment team has effectively capitalized on the booming market for domestic innovative drugs through intensive research and collaboration [5] - The team's focus on innovative drug companies with mature businesses and those fully dedicated to developing new drugs has been a key strategy [5]

Group 1 - The core viewpoint of the article highlights the significant performance of the Chinese innovative pharmaceutical sector, transitioning from storytelling to actual performance realization, leading to substantial gains in both the secondary market and public funds [1][2] - The Wind data indicates that by the end of Q2 2025, the Wande Pharmaceutical Index rose by 26.74%, while the Hang Seng Healthcare Index surged by 47.89% [1] - The Changcheng Pharmaceutical Industry Select Fund, managed by Liang Furui, achieved a remarkable return of 75.18% in the first half of the year, significantly outperforming its benchmark of 6.08% and the average performance of similar mixed funds at 7.79% [1] Group 2 - Changcheng Fund's pharmaceutical research team, led by veteran Tan Xiaobing, emphasizes a "learning from the old" approach, building a team with strong pharmaceutical backgrounds and extensive investment research experience [2][3] - Tan Xiaobing's management of funds such as Changcheng Health A and Changcheng Pharmaceutical Technology Six-Month Holding A yielded returns of 42.94%, 41.40%, and 32.19% respectively, validating the effectiveness of their investment logic [2] Group 3 - The investment strategy of Tan Xiaobing focuses on a multi-faceted approach covering "policy + technology + industry chain," targeting innovative drugs that benefit from policy support and have clinical value [3] - The Changcheng Medical Care A fund adopts a comprehensive industry chain perspective, covering medical devices and biological products, thus capturing opportunities throughout the entire development cycle [3] Group 4 - Long Yu Fei, another key member of the Changcheng Fund's pharmaceutical research team, focuses on the "AI + healthcare" sector, exploring innovative applications of AI in diagnostics and drug development [4] - The collaborative culture within the Changcheng Fund promotes knowledge sharing and cross-disciplinary cooperation, enhancing decision-making efficiency and reducing risks associated with single-sector investments [4]

Core Insights - The pharmaceutical investment sector is experiencing a significant resurgence, driven by factors such as aging populations, policy support, technological advancements, and increased capital focus, with a notable performance in 2023 [1][14] - The Changcheng Fund's pharmaceutical investment team has demonstrated exceptional performance, showcasing deep industry insights and professional strength [1][4] Industry Performance - The Wind data indicates that as of July 11, 2023, the Wind Pharmaceutical Index has risen over 30% year-to-date, while the Hang Seng Hong Kong Stock Connect Innovative Drug Index has surged nearly 70% [1][14] - The pharmaceutical sector is characterized by a clear phase of recovery, with significant gains in the first half of 2023, particularly in innovative drugs, supported by favorable policy changes and market conditions [14][15] Fund Performance - Changcheng Fund's pharmaceutical products have shown remarkable performance, with the Changcheng Pharmaceutical Industry Selected A fund achieving a 75.18% return in the first half of 2023, significantly outperforming its benchmark of 6.08% [5][4] - Other funds managed by Changcheng, such as Changcheng Health A and Changcheng Pharmaceutical Technology A, also reported strong returns of 42.94% and 41.40%, respectively, against their benchmarks [6][5] Investment Strategy - The investment strategy of the Changcheng Fund's pharmaceutical team combines top-down industry trend analysis with bottom-up stock selection, focusing on high-potential stocks while managing risks effectively [10][12] - The team emphasizes collaboration and information sharing, allowing for a more agile and informed investment approach [11][12] Future Outlook - The innovative drug sector is expected to continue its strong performance, driven by overseas market openings and the release of clinical data in 2023 and 2024 [15][17] - The long-term demand for innovative drugs is anticipated to grow due to aging populations and increased health awareness, with significant revenue from new overseas licensing agreements expected to support future growth [17][16]

Core Viewpoint - The pharmaceutical investment sector is experiencing a significant resurgence driven by multiple factors including aging population, policy support, technological advancements, and globalization, with a notable performance in 2023 [1][14]. Group 1: Market Performance - The Wind data indicates that as of July 11, 2023, the Wind Pharmaceutical Index has risen over 30% year-to-date, while the Hang Seng Hong Kong Stock Connect Innovative Drug Index has surged nearly 70% [1]. - Longcheng Fund's pharmaceutical investment team has demonstrated exceptional performance, with several funds achieving impressive returns, reflecting deep insights into industry trends and professional expertise [1][3]. Group 2: Fund Performance - Longcheng Fund's pharmaceutical products have shown remarkable results, with an average increase of 36.95% year-to-date as of June 30, 2023 [3]. - Specific fund performances include: - Longcheng Pharmaceutical Industry Selected A: 75.18% [4] - Longcheng Health A: 42.94% [4] - Longcheng Pharmaceutical Technology A: 41.40% [4] - Longcheng Medical Care A: 32.19% [4] - Longcheng Health Life A: 20.33% [4] - Longcheng Consumer Value A: 9.67% [4] Group 3: Investment Strategy - The investment strategy combines top-down industry trend analysis with bottom-up stock selection, focusing on innovation in the pharmaceutical sector while balancing volatility through cross-sector investments [6][11]. - The team emphasizes a collaborative approach, fostering efficient communication and information sharing among fund managers and researchers [12]. Group 4: Future Outlook - The pharmaceutical sector is expected to continue its growth trajectory, driven by increasing demand for innovative drugs due to aging populations and heightened health awareness [16]. - The core drivers for the current market momentum include the opening of overseas markets and the realization of revenue from previous overseas authorizations, which are anticipated to support the ongoing performance of the innovative drug sector [15][16].

Market Review - The equity market indices rebounded collectively last week, with the CSI 300 index showing the largest increase of 1.54% [4][5] - The bond market saw a decline in both short and long-term interest rates, with the 10-year government bond yield decreasing by 0.29 basis points to 1.643% [9][12] - The fund market experienced gains in equity funds and secondary bond indices, with the equity fund index rising by 1.25% [14] Equity Product Allocation Strategy - Event-driven strategy includes focusing on funds related to the newly released policy supporting high-quality development of innovative drugs, such as ICBC Medical Health A (006002) and Penghua Medical Technology A (001230) [16] - The asset allocation strategy suggests a balanced core plus a barbell strategy, emphasizing dividend and technology sectors, with recommended funds including Anxin Dividend Select (018381) and Jiashi Hong Kong Internet Core Assets (011924) [18][20] Stable Product Allocation Strategy - Market analysis indicates a net withdrawal of 13,753 billion yuan in central bank operations, maintaining a loose monetary balance [21] - The June PMI data suggests the economy is in a recovery phase, with the manufacturing PMI at 49.7% and the non-manufacturing PMI at 50.5% [21] - Convertible bonds are highlighted as having allocation value, with a median price around 1200, but caution is advised due to potential volatility risks [23][26]