Zheng Quan Zhi Xing·2025-08-27 15:49Core Viewpoint - The report provides an overview of the performance and management of the Penghua CSI Pharmaceutical Health Index Securities Investment Fund (LOF) for the first half of 2025, highlighting the fund's investment strategy, financial performance, and market outlook. Fund Overview - Fund Name: Penghua CSI Pharmaceutical Health Index Securities Investment Fund (LOF) [2] - Fund Manager: Penghua Fund Management Co., Ltd. [2] - Fund Custodian: China Construction Bank Co., Ltd. [2] - Fund Operation Type: Listed Contractual Open-End Fund (LOF) [2] - Fund Code: 160635 [2] - Investment Objective: To closely track the benchmark index with minimal tracking deviation [2] - Investment Strategy: Passive index investment method, adjusting the portfolio based on changes in the benchmark index [2][9] Financial Performance - Total Fund Shares at Period End: 135,864,260.94 [2] - A Class Fund Net Value Growth Rate: -11.64% [5] - C Class Fund Net Value Growth Rate: -41.14% [5] - Realized Income for A Class: -4,254,323.33 [4] - Realized Income for C Class: -1,340,414.02 [4] - Period Profit for A Class: 2,269,546.78 [4] - Period Profit for C Class: 804,689.26 [4] Investment Strategy and Adjustments - The fund aims to minimize tracking error and maintain a close correlation with the benchmark index [2][9] - Adjustments to the investment portfolio are made based on changes in the benchmark index components and their weights [2][9] - The fund may also invest in financial derivatives such as stock index futures and warrants to manage risks and enhance returns [2][9] Market Outlook - The pharmaceutical sector is expected to benefit from supportive policies and an increase in innovative drug approvals [12] - The high-value consumables and medical equipment sectors are projected to recover in the second half of 2025 due to low base effects from the previous year [12] - The overall economic environment is anticipated to improve, driven by strong domestic demand and fiscal policy support [12]