泰康新机遇灵活配置混合：2025年第二季度利润6699.42万元 净值增长率4.53%

Core Viewpoint - The report highlights the performance and strategy of the TaiKang New Opportunities Flexible Allocation Mixed Fund (001910) for Q2 2025, indicating a profit of 66.99 million yuan and a net asset value growth rate of 4.53% [3]. Fund Performance - As of July 17, the fund's unit net value was 1.219 yuan, with a three-month return of 7.43%, a six-month return of 7.37%, a one-year return of 2.77%, and a three-year return of -2.46% [4]. - The fund's Sharpe ratio over the past three years is 0.0046, ranking 473 out of 875 comparable funds [9]. - The maximum drawdown over the past three years is 23.98%, with the largest single-quarter drawdown occurring in Q1 2022 at 24.41% [12]. Fund Strategy - The fund manager emphasizes a strategy focused on low valuation and high dividend stocks, prioritizing companies with strong free cash flow and sustainable dividends [3]. - The fund has adjusted its portfolio by reducing exposure to overvalued cyclical and resource stocks while increasing allocation to H-shares in the financial, utilities, and automotive sectors [3]. - The fund aims to maintain resilience during challenging market conditions by holding quality companies with cash flow advantages and stable growth potential [3]. Fund Composition - As of June 30, the fund's average stock position over the past three years was 82.03%, compared to the industry average of 80.32% [15]. - The fund's top holdings include major banks and companies such as China Construction Bank, Industrial and Commercial Bank of China, and China Mobile [20]. - The fund's total size as of the end of Q2 2025 was 1.546 billion yuan [17].