The pharmaceutical and healthcare industry, as a long-term sector combining defensive and growth characteristics, consistently evolves in sync with demographic trends, technological innovation, and policy directions. Zhang Xiao, Portfolio Manager of the HuaShang Healthcare Industry Stock Fund, stated that the narrative for innovative drugs has shifted from business development (BD) storytelling to genuine clinical data storytelling. With overseas clinical data for major drug candidates being progressively released, this transition will continue to drive the development of domestic innovative drugs. For the CXO sector, leading indicators from order flows suggest an inflection point may have been established this year, supporting continued optimism for earnings and valuation recovery across the entire industrial chain.
Zhang Xiao joined HuaShang Fund in 2015, serving successively as an industry researcher, assistant fund manager, and fund manager. By the end of 2025, she had accumulated over 10 years of experience in the securities industry, including 4.2 years in securities investment. She specializes in tracking industry cyclical changes and the pace of demand recovery, aiming to achieve dual value discovery in growth stocks and value stocks within her focus areas.
Through long-term investment research practice, Zhang Xiao has developed a clear investment philosophy, categorizing companies into two main types: growth stocks and value stocks. For growth stocks, she employs a top-down approach filtered by industry momentum, selecting sub-sectors within high-growth trends that align with social development and are policy-driven. She then conducts layout at appropriate times through validation across the industry chain and logical analysis of financial data. For value stocks, she primarily seeks opportunities from a bottom-up perspective, focusing on aspects such as the certainty of a listed company's earnings, stability of management, and valuation matching, with greater emphasis on competitive barriers.
In the latest fund periodic report, reviewing the market in the fourth quarter of 2025, Zhang Xiao noted that the global environment maintained loose monetary and fiscal policies, with slow improvement in global economic expectations and a short-term easing of geopolitical conflicts. Domestically, economic resilience in terms of volume was relatively evident, and export pressures had passed. The technology and upstream sectors performed well in the quarter, including commercial aerospace, optical modules, liquid cooling within the overseas AI chain, and upstream sectors such as non-ferrous metals, steel, petroleum, petrochemicals, and chemicals, which saw significant gains. The pharmaceutical sector underperformed in the fourth quarter, mainly due to substantial prior gains in innovative drugs, a cooling of BD expectations, and a subsequent correction in the innovative drug segment.
Regarding the HuaShang Healthcare Industry Stock Fund under her management, Zhang Xiao stated that the fund's allocation focus remains on the innovation industrial chain, including innovative drugs and CXO. She believes that for innovative drugs, the industry logic has shifted from BD storytelling to a genuine clinical data narrative. The ongoing release of overseas clinical data for major drug candidates will continue to drive domestic innovative drug development. For the CXO sector, leading indicators from order flows suggest an inflection point may have been established, supporting continued optimism for earnings and valuation recovery across the entire industrial chain.
Data note: The fund manager's views and fund strategy information are sourced from fund periodic reports. The fund manager's focus areas only represent judgments made by the fund manager and may adjust with market conditions; they do not represent the fund's actual investment allocations. Specific investment strategies and targets are detailed in the fund's legal documents and periodic reports.
As of December 31, 2025, Zhang Xiao had 10.5 years of experience in the securities industry, including 6.3 years in securities research and 4.2 years in securities investment. Zhang Xiao's历任基金：HuaShang Healthcare Industry Stock (from May 19, 2022, to present), HuaShang HengYi Wen Mixed (from March 12, 2025, to present), HuaShang ShuangQing LingHang Mixed (from October 26, 2021, to present).
The subscription fee rate for the HuaShang Healthcare Industry Stock Fund for non-pension clients is tiered based on subscription amount: for amounts less than 500,000 yuan, the fee is 1.5%; for amounts between 500,000 yuan and 2 million yuan, 1.2%; for amounts between 2 million yuan and 5 million yuan, 0.8%; for amounts of 5 million yuan or more, a flat fee of 1,000 yuan per subscription applies. The redemption fee rate is: for holding periods less than 7 days, 1.5%; for 7 days to less than 30 days, 0.75%; for 30 days to less than 1 year, 0.5%; for 1 year to less than 2 years, 0.25%; for holding periods of 2 years or more, the redemption fee is 0. This fund does not charge a sales service fee. The fund implements differentiated subscription rates for pension clients subscribing through the fund manager's direct sales center versus other investors; details are available in the fund's prospectus and other legal documents.
Risk提示：The above views do not constitute investment advice. Market risks exist, and fund investment requires caution. The fund manager is committed to managing and utilizing fund assets with honesty, integrity, diligence, and prudence but does not guarantee fund profitability or a minimum return. Past performance and net asset value of the fund do not indicate future results. The performance of other funds managed by the fund manager does not guarantee the performance of this fund. The fund manager's past performance does not guarantee the performance of new funds. If the fund invests in Hong Kong Connect stocks, it is also subject to exchange rate risk and risks associated with overseas markets. Investors should carefully read the fund contract, prospectus, and product summary before purchasing fund units. The above content does not constitute investment advice. Market risks exist, and fund investment requires caution. Investors are advised to choose products that match their risk tolerance and investment objectives.