工银养老产业股票A：2025年第二季度利润2348.63万元 净值增长率1.28%

Core Viewpoint - The AI Fund ICBC Pension Industry Stock A (001171) reported a profit of 23.4863 million yuan for Q2 2025, with a weighted average profit per fund share of 0.0195 yuan, and a net asset value growth rate of 1.28% during the reporting period [3][14]. Fund Performance - As of July 18, the fund's unit net value was 1.531 yuan, with a fund size of 1.667 billion yuan [3][14]. - The fund's performance over different time frames includes a 10.38% growth rate over the past three months, 16.34% over the past six months, and 17.05% over the past year, ranking 50/54, 51/54, and 46/53 among comparable funds respectively [3]. - The fund's three-year Sharpe ratio is -0.1879, ranking 38/46 among comparable funds [9]. - The maximum drawdown over the past three years is 34.09%, with the largest single-quarter drawdown occurring in Q1 2021 at 22.75% [10]. Investment Strategy - The fund manager indicated a strategy of moderately increasing holdings in small and mid-cap medical device and upstream research service companies, which are expected to show performance inflection points or accelerated marginal growth, with valuations remaining reasonable [3]. - The fund continues to reduce its allocation in the traditional Chinese medicine sector due to weak short-term demand and significant operational pressure on leading companies [3]. Portfolio Composition - As of June 30, the fund's average stock position over the past three years was 84.97%, compared to the industry average of 88.19% [13]. - The top ten holdings of the fund include companies such as Heng Rui Medicine, Kelun Pharmaceutical, and Mindray Medical [18].