Investing in stocks requires viewing Jin Qilin analyst research reports, which are authoritative, professional, timely, and comprehensive, helping you uncover potential thematic opportunities! On January 21st, China Merchants Medicine Quantitative Stock Selection Mixed Initiation, Hongde Medicine Selection Mixed Initiation, and Changjiang Medicine Health Selection Mixed Initiation—three healthcare-themed funds—simultaneously issued announcements of their establishment. Concurrently, numerous mutual fund institutions have applied to launch healthcare and medical-themed funds this year. Announcements reveal that the fundraising scales for China Merchants Medicine Quantitative Stock Selection Mixed Initiation, Hongde Medicine Selection Mixed Initiation, and Changjiang Medicine Health Selection Mixed Initiation were 168 million yuan, 75.8686 million yuan, and 10.0128 million yuan, respectively. An initiation fund refers to a fund where the management company, during the fundraising period, uses capital from company shareholders, corporate固有资金, or funds from senior management or fund managers to subscribe to an amount of no less than 10 million yuan, with a holding period of no less than three years. A researcher from Beijing Geshang Fuxin Fund Sales Co., Ltd. commented: "Compared to ordinary open-end funds, initiation funds have two core advantages. First, they have a lower fundraising threshold, facilitating quicker fund establishment and allowing precise capture of market windows; second, they feature tight interest alignment. Through a 'lenient entry, strict exit' mechanism design, the interests of the fund company and managers are deeply tied to investor returns, effectively compelling managers to proactively enhance management capabilities and genuinely safeguard investor interests." Since the beginning of the year, mutual fund institutions have accelerated their deployment in healthcare and medical-themed funds. The website of the China Securities Regulatory Commission (CSRC) shows that several institutions, including HFT Investment Management Co., Ltd., Hongyi Yuanfang Fund, Rongtong Fund, GF Fund, and HuaBao Fund, have applied to launch such funds this year. For instance, on January 16th, three funds—HFT Shanghai-Hong Kong-Shenzhen Medical Innovation Mixed Securities Investment Fund, Hongyi Yuanfang Medical Innovation Mixed Initiation Securities Investment Fund, and Rongtong Medical Innovation Premium Selection Mixed Securities Investment Fund—were submitted on the same day. As of January 21st, applications for funds like Fullgoal Hong Kong Stock Connect Medicine Preferred Mixed Securities Investment Fund have been accepted by the CSRC. Furthermore, some funds have already entered the issuance phase. Funds such as the Hong Kong Stock Connect Healthcare ETF (ICBC), E Fund Hong Kong Stock Connect Medicine Mixed, and Ping An Hong Kong Stock Connect Healthcare Preferred Stock (QDII) are currently being issued. Looking back at 2025, performance within the healthcare sector was significantly divergent, with innovative drugs and export-related industries achieving notable excess returns. From the current perspective, many fund managers are optimistic about the structural investment opportunities in the healthcare sector, with areas like innovative drugs, innovative medical devices, and traditional Chinese medicine drawing attention. "Overall, we maintain a relatively optimistic attitude towards the healthcare sector," said Zhu Mingrui, a fund manager at Nuode Fund. Looking ahead to 2026, the operating performance of the healthcare industry is expected to gradually emerge from the bottom, with overall revenue growth potentially stabilizing and rebounding. Breaking it down by sector, we may focus on the innovative drug industry chain, the CXO (Contract Research Organization) sector, and the field of innovative medical consumables. "Currently, the innovative drug sector is at a critical stage of transitioning from rapid imitation to differentiated innovation. Since 2020, the number of overseas licensing deals by domestic pharmaceutical companies has risen significantly, with transactions involving innovative drugs and related technology platforms becoming increasingly active. Simultaneously, the proportion of out-licensing deal value from Chinese pharmaceutical companies in the global total licensing deal value has also increased rapidly, reflecting the broad recognition of Chinese innovative drug assets by the international market," analyzed Zhu Mingrui. "In 2026, the main investment themes in healthcare will still revolve around two lines of thought: innovation/upgrading and improvement in domestic demand," said Fan Jie, a fund manager at Qianhai开源 Fund. Regarding innovation and upgrading, investment opportunities surrounding innovative drugs and innovative devices will not cease, but investors will increasingly seek certainty, which, reflected at the investment level, means the importance and difficulty of stock selection are both rising. Concerning the improvement in domestic demand, unfavorable fundamental factors in industries such as traditional Chinese medicine, consumer healthcare, and medical devices are being gradually digested. Among these, the overall valuation of the traditional Chinese medicine industry is at a historical low, offering long-term allocation value as a dividend-like asset; segments within consumer healthcare and medical devices are also gradually recovering their景气度, entering a range worthy of allocation.