融通健康产业灵活配置混合A/B：2025年上半年利润1.51亿元 净值增长率7.62%

Core Viewpoint - The AI Fund for Health Industry Flexible Allocation Mixed A/B (000727) reported a profit of 151 million yuan for the first half of 2025, with a weighted average profit per fund share of 0.1739 yuan, and a net asset value growth rate of 7.62% [2] Fund Performance - As of September 2, the fund's unit net value was 2.939 yuan, with a fund size of 2.074 billion yuan [2][32] - The fund's performance over various time frames includes a 14.05% growth rate over the last three months, 23.75% over the last six months, and 44.14% over the last year, ranking it 124/138, 113/138, and 98/135 among comparable funds respectively [5] - The fund's three-year Sharpe ratio is 0.1159, ranking 48/105 among comparable funds [25] Investment Strategy - The fund focuses on long-term investments in pharmaceutical and medical stocks, with a strategy of selecting sectors and stocks with good growth potential and relatively low valuations [2] - The fund has gradually liquidated its positions in innovative drug-related assets while increasing allocations in innovative medical devices [2] - The current investment focus includes innovation (innovative drug industry chain, innovative devices) and recovery (consumer healthcare, retail, and traditional Chinese medicine) [2] Valuation Metrics - As of June 30, 2025, the fund's weighted average price-to-earnings (P/E) ratio is approximately 105.27, below the industry average of 120.96 [10] - The weighted average price-to-book (P/B) ratio is about 2.01, compared to the industry average of 4.07 [10] - The weighted average price-to-sales (P/S) ratio is approximately 1.81, while the industry average is 6.52 [10] Growth Metrics - For the first half of 2025, the weighted revenue growth rate of the fund's held stocks is -0.01%, and the weighted net profit growth rate is -0.56% [17] Fund Composition - As of June 30, 2025, the fund had 227,400 holders, with a total of 798 million shares held [36] - The top ten holdings include Yixin Hall, Aibo Medical, Sanyou Medical, Jianzhijia, Kaili Medical, Sunshine Nuohe, Dongfang Biological, Puri Eye Hospital, Meihao Medical, and Meinian Health [41]