上银医疗健康混合A：2025年第二季度利润1359.41万元 净值增长率14.18%

Core Viewpoint - The AI Fund Shangyin Medical Health Mixed A (011288) reported a profit of 13.59 million yuan for Q2 2025, with a net value growth rate of 14.18% during the period, and a total fund size of 107 million yuan as of the end of Q2 2025 [2][16]. Fund Performance - As of July 21, the fund's three-month cumulative net value growth rate was 28.23%, ranking 53 out of 138 comparable funds; the six-month growth rate was 49.20%, ranking 52 out of 138; the one-year growth rate was 49.76%, ranking 49 out of 133; and the three-year growth rate was 15.15%, ranking 33 out of 107 [3]. - The fund's Sharpe ratio over the past three years was 0.1767, ranking 35 out of 105 comparable funds [9]. - The maximum drawdown over the past three years was 35.07%, with the highest single-quarter drawdown occurring in Q1 2024 at 20.49% [11]. Investment Strategy - The fund manager indicated that the pharmaceutical sector performed well, ranking in the top third among all sectors during the reporting period. The strategy involved purchasing high-quality companies at reasonable prices, focusing on sectors aligned with industry trends, performance growth, and valuation [2]. - The fund maintained allocations in innovative drugs, high-value consumables, and medical services, particularly in upstream scientific services and AI [2]. Fund Holdings - As of June 30, the fund's average stock position over the past three years was 85.22%, compared to the industry average of 86.95%. The fund reached a peak stock position of 89.37% by the end of Q3 2024, with a minimum of 69.83% in mid-2021 [14]. - The top ten holdings of the fund as of Q2 2025 included Kelun-Botai Biological, Yifang Biological, Xinlitai, Sanofi Pharmaceutical, Hengrui Medicine, Kelun Pharmaceutical, Xinda Biological, Zejing Pharmaceutical, Huitai Medical, and Haise Co. [19].