"Her Power" | Shin-Yin Fund's Yang Jiannan: Deeply Cultivating the Pharmaceutical Sector and Committing to Long-Term Growth

In traditional perception, strength is often associated with rigidity and sharpness, but the capital market is never short of edge. Female fund managers are redefining professional strength by combining firmness and flexibility. The current “her power” breaks this binary opposition—firmness means sticking to principles and bottom lines, while flexibility signifies wisdom and guidance. Together, they forge an investment path that balances intensity and warmth, reflected in net value curves and long-term value.

Yang Jiannan, fund manager of the Equity Investment Department at Shanghai Silver Fund, has 9.5 years of experience in securities, including 3.5 years in public fund investment. She focuses on pharmaceutical investments and research, adhering to industry trend investing, seeking opportunities driven by policy changes, demand shifts, or technological innovations.

Yang Jiannan holds a degree in pharmaceuticals. Since entering the secondary market, she has been dedicated to deepening her expertise in niche sectors with a long-term perspective. She maintains a steady mindset, upholds independent research and judgment, and is not easily swayed by short-term emotions or external noise. She responds to complex market environments with a stable investment rhythm.

“In terms of investment style, I adhere to sustainable growth investing, focusing on high-quality opportunities during the ‘1-10’ and ‘10-100’ growth phases of companies, balancing growth potential with risk control,” she believes.

Driven by Technology and Research

By 2025, the A-share pharmaceutical sector shows structural differentiation.

Yang Jiannan, who specializes in pharmaceuticals, states that the investment opportunities in the pharmaceutical industry in 2026 are clear. Innovation drugs remain the core focus, with close tracking of global clinical development progress. Upstream sectors like CXO and scientific services are entering a boom cycle with performance realization, while some medical device companies are improving domestic operations and rapidly expanding overseas.

In the field of innovative drugs, Chinese companies leverage high efficiency and low costs to build solid competitive barriers. Leading in new targets and technological layouts, they are worth watching for breakthroughs in clinical data and small nucleic acid technologies. Overseas expansion of BD products will open up sector space, and domestic markets are expected to continue growing with more companies turning profitable.

The recovery of upstream CXO and scientific services is confirmed, with strong orders in the CDMO segment. CRO is expected to bottom out and improve, and upstream scientific services are showing positive performance.

Policy adjustments in medical devices have cleared out disruptions. Domestic demand is recovering, and the logic of going global is materializing. High-end and equipment sectors are leading the rebound, with sufficient growth momentum.

She also points out that in 2026, attention should be paid to geopolitical risks, R&D failure risks, and increased competition in certain fields within the innovative drug and related industry chains.

Maintaining the Core Framework of Pharmaceutical Investment

In the pharmaceutical investment field, rapid developments in AI and quantitative technology have attracted widespread attention. Yang Jiannan emphasizes that AI and quant are industry-wide technological revolutions at the information level, helping improve information processing and research efficiency, providing references for investment decisions. However, they are not paradigmatic revolutions in decision-making and do not alter individual investment frameworks.

“Technological iteration is the core driving force. As AI technology advances rapidly, the industry is expected to see breakthroughs in technology and business model innovation,” she says. The Shanghai Silver Fund equity team continuously tracks cutting-edge developments, actively learns and applies AI tools, significantly enhancing research efficiency and depth.

Meanwhile, the team advocates open communication, deeply researching within the pharmaceutical industry while engaging with cross-disciplinary experts to stay abreast of market cognition and logical changes.

In team management, she always centers on primary research and actively promotes the use of AI tools, regularly exchanging views with peers in both pharmaceutical and non-pharmaceutical sectors.

Finally, regarding what she wants to say to investors, Yang Jiannan hopes that through investing, they can early grasp the “Dao” of life. She strives to do her best to generate investment returns for holders.

Text / Xu Nannan Editing / Xu Nian