汇添富医疗积极成长一年持有混合A：2025年上半年末股票仓位提升14.48个百分点

Core Viewpoint - The report highlights the strong performance of the Huatai-PineBridge Medical Active Growth One-Year Holding Mixed A Fund, with a net profit of 510 million yuan in the first half of 2025 and a net asset value growth rate of 35.06% [2]. Fund Performance - As of September 2, the fund's unit net value was 0.847 yuan, with a one-year cumulative net value growth rate of 79.72%, the highest among its peers [2][5]. - The fund's performance over the last three months showed a growth rate of 31.99%, ranking 32 out of 138 comparable funds [5]. - The fund's three-year Sharpe ratio was -0.1852, ranking 85 out of 105 comparable funds [24]. Investment Focus - The fund manager expressed optimism about opportunities in the medical device and innovative drug sectors, emphasizing the importance of self-sufficiency in investments [2]. - The report noted that domestic medical device companies are closing the technological gap with international counterparts, supported by policies encouraging domestic replacements [2]. Valuation Metrics - As of June 30, 2025, the fund's weighted average price-to-earnings (P/E) ratio was approximately 118.27, slightly below the industry average of 120.96 [10]. - The weighted average price-to-book (P/B) ratio was about 5.93, compared to the industry average of 4.07 [10]. - The weighted average price-to-sales (P/S) ratio was around 10.01, while the industry average was 6.52 [10]. Growth Metrics - For the first half of 2025, the weighted revenue growth rate of the fund's stock holdings was 0.17%, while the weighted net profit growth rate was -11.96% [17]. - The fund's average stock position over the last three years was 75.13%, lower than the industry average of 86.95% [29]. Fund Composition - As of June 30, 2025, the fund had a total of 51,000 holders, with individual investors holding 99.64% of the shares [33]. - The top ten holdings included companies such as Sangfor Technologies, Innovent Biologics, and BeiGene [39].