On April 22, Zhongou Fund disclosed the first quarter report of the Zhongou Medical Health Hybrid Securities Investment Fund 2026, managed jointly by Gelan and Zhao Lei. In terms of holdings, the top ten heavy stocks held by the Zhongou Medical Health Hybrid Fund are: Pharmaron (603259.SH), Hengrui Medicine (600276.SH), Kanglong Huacheng (300759.SZ), Kailaiying (002821.SZ), Hisun Pharma (002653.SZ), Bailitienheng (688506.SH), Kelun Pharmaceutical (002422.SZ), Xintai (002294.SZ), Tiger Pharmaceutical (300347.SZ), and Ailis (688578.SH). Gelan stated that in the first quarter, based on a long-term value investment approach, they continued to focus on innovative pharmaceuticals and their industry chain, as well as consumer healthcare. Innovative drugs and their industry chain remain the core focus. In terms of portfolio changes, compared to the fourth quarter of 2025, the Zhongou Medical Health Hybrid Fund reduced positions in stocks such as Kanglong Huacheng and Tiger Pharmaceutical in the first quarter, while increasing positions in Kailaiying, Xintai, Hisun Pharma, Kelun Pharmaceutical, and Ailis newly entered the top ten holdings. In terms of performance, the net asset value growth rate of Fund A class shares in the period was -0.22%, while the benchmark return rate for the same period was -0.69%; the net asset value growth rate of Fund C class shares was -0.41%, with the benchmark return rate being -0.69%. Gelan mentioned in the report that in the first quarter, the innovative drug industry continued its strong trend, with total outlicensing transactions exceeding $60 billion, reaching a historic high. The outlook for the second quarter still favors the innovation industry chain, while also focusing on opportunities for medical equipment going global and domestic substitutes, as well as the recovery of consumer healthcare. The report points out that in the second quarter, the innovative drug industry is expected to continue its high level of prosperity, with a focus on AACR, ASCO, and other important academic conferences that will likely be key points for the sector. The CXO sector is expected to continue its upward trend in the second quarter, with clinical pre-CRO seeing rapid growth. In terms of configuration, the focus will be on companies with continuous innovative pipeline capabilities and strong performance certainty in the CXO sub-leaders. Overall, Gelan believes that the pharmaceutical industry is continuing its transformation from "price competition" to "quality + innovation", with companies standing out in the adjustment cycle based on core product competitiveness and efficient management. The fund maintains a long-term value investment framework, focusing on core areas such as innovative pharmaceuticals, the healthcare industry chain, and consumer healthcare, and dynamically evaluates based on enterprise profit cycles, valuation attractiveness, and operational trends to strive for long-term stable returns for investors.