AI基金博时医疗保健混合A（050026）披露2025年半年报，上半年基金利润1.08亿元，加权平均基金份额本期利润0.1206元。报告期内，基金净值增长率为 5.27%，截至上半年末，基金规模为20.65亿元。 该基金属于偏股混合型基金，长期投资于医药医疗股票。截至9月3日，单位净值为2.714元。基金经理是陈西铭，目前管理的3只基金近一年均为正收益。其 中，截至9月3日，博时健康生活混合A近一年复权单位净值增长率最高，达43.81%；博时医疗保健混合A最低，为25.24%。 基金管理人在半年报中表示，报告期内港股创新药走势偏强，一方面在弱美元的背景下，港股自身流动性占优；另一方面，港股市场的创新药企业整体质地 更优。创新药行业仍然是医药板块较为景气的子行业，我们认为向外授权的趋势仍有望持续，能在窗口期拿到好的合作的企业将迎来新的发展期。此外，我 们认为医药行业整体仍然有较多机会，尤其是国内政策回暖后，部分医药企业的盈利预测有望上修。虽然市场的关注点目前在创新药上，但我们认为其他子 行业也有一定机会。我们认为，政策的回摆大概率不是短期行为，相关企业的报表修复也有望在后续持续体现。 截至9月3日，博时医疗保健 ...

Group 1 - On September 5, 2023, Heng Rui Medicine announced an exclusive licensing agreement with Braveheart Bio for its self-developed cardiac myosin small molecule inhibitor HRS-1893, granting Braveheart Bio rights to develop, produce, and commercialize HRS-1893 globally, excluding Greater China [1] - Braveheart Bio will pay a total of $75 million to Heng Rui Medicine, which includes a $65 million upfront payment (comprising $32.5 million in cash and $32.5 million in Braveheart Bio equity) and a $10 million milestone payment upon completion of technology transfer [1] - Heng Rui Medicine could receive up to $1.013 billion in milestone payments related to clinical development and sales, along with corresponding sales royalties [1] Group 2 - Braveheart Bio was established in 2024 in Delaware, USA, with major investors including Forbion Capital and OrbiMed, both of which are influential in the life sciences investment sector [2] - The partnership with top-tier life sciences investment institutions highlights Heng Rui Medicine's international competitiveness and accelerates the global development of innovative therapies in the cardiovascular field [2] - HRS-1893 is a significant innovation in Heng Rui Medicine's cardiovascular portfolio, currently in Phase III clinical trials, with over 10 innovative products in clinical research stages targeting cardiovascular diseases [3] Group 3 - Heng Rui Medicine emphasizes a dual approach of independent research and open collaboration to enhance its global innovation footprint, actively exploring partnerships with multinational pharmaceutical companies, innovative startups, and leading regional pharmaceutical firms [3]

Group 1 - The People's Bank of China will conduct a 10 billion yuan reverse repurchase operation to maintain liquidity in the banking system, with a term of 3 months [1] - DeepSeek aims to release a new AI agent by the end of the year, designed to perform multi-step operations with minimal user instructions and learn from previous behaviors [1] - NVIDIA plans to launch a new chip named B30A in the Chinese market, which is expected to be six times more powerful than its predecessor H20 and priced at approximately $20,000 [1] Group 2 - The State Council aims to cultivate a number of world-class sports enterprises and events by 2030, with the sports industry expected to exceed 7 trillion yuan in total scale [2] Group 3 - XianDao Intelligent has successfully established a complete production line for all-solid-state batteries, achieving multiple technological breakthroughs and receiving repeat orders from leading domestic and international companies [3] - Zhongwei Company has launched six new semiconductor equipment products, which are expected to positively impact the company's market expansion and performance growth [3] - Shenghong Technology is advancing the research and certification of 10-layer 30-layer HDI technology [4] Group 4 - Heng Rui Pharmaceutical has received approval for clinical trials of its HRS-4729 injection, a triple receptor agonist aimed at improving metabolic regulation and weight loss [7] - Wuhan Holdings plans to acquire 100% equity of Wuhan Municipal Institute for 1.6 billion yuan, which will enhance its business scope and revenue [9] - Beijing Lier has signed a strategic cooperation agreement with SenseTime and Xiwang Technology to explore AI computing power collaboration [10] Group 5 - Hangzhou High-tech has experienced a change in control, with several board members resigning due to a share transfer agreement [11] - Guoxin Technology has successfully tested a new high-performance chip for automotive electronics, which aims to address the MCU chip shortage in the domestic automotive industry [12] - Tianhua New Energy has sent samples of its solid-state electrolyte materials to leading companies, receiving positive feedback [13] Group 6 - Shiyun Circuit has entered mass production supply for its AI glasses product for a major overseas client, and has achieved mass production for various server and communication PCBs [14] - Kewang Technology primarily supplies precision cable connection components to Yushu Technology, with a low sales proportion [15] - Junsheng Electronics collaborates with leading clients to provide key components and solutions for robotics and energy management [16] Group 7 - Bowei Alloy is a key supplier of VC thermal materials for an upcoming AI smartphone model [17] - Baoxin Technology has subscribed to an 18 million yuan capital increase in Suzhou Jicui Intelligent Manufacturing Robot Co., Ltd., acquiring an 81.82% stake [18]

Core Viewpoint - HengRui Medicine has entered into an exclusive licensing agreement with Braveheart Bio for the development of the Myosin small molecule inhibitor HRS-1893, indicating a strategic move to enhance its product pipeline and potential revenue streams [1] Financial Summary - Braveheart Bio will pay HengRui Medicine a total of $75 million, which includes an upfront payment of $65 million (comprising $32.5 million in cash and $32.5 million in equity) and a $10 million milestone payment upon completion of technology transfer [1] - HengRui Medicine is eligible to receive additional milestone payments related to clinical development and sales, potentially amounting to $1.013 billion [1]

Core Viewpoint - Heng Rui Medicine has entered into an exclusive licensing agreement with Braveheart Bio for its self-developed cardiac drug HRS-1893, which is currently in Phase III clinical trials, utilizing the "NewCo" model to expand internationally [1][2]. Group 1: Licensing Agreement Details - The agreement allows Braveheart Bio to develop, produce, and commercialize HRS-1893 globally, excluding China, with Heng Rui receiving a total of $75 million upfront, including $32.5 million in cash and $32.5 million in equity [1]. - Heng Rui is also entitled to receive up to $1.013 billion in milestone payments related to clinical development and sales, along with corresponding sales royalties, bringing the total potential value of the agreement to $1.088 billion [1]. Group 2: Product Information - HRS-1893 is a highly selective Myosin small molecule inhibitor that normalizes myocardial contractility, reduces left ventricular hypertrophy, and improves diastolic compliance [2]. - The drug has undergone multiple clinical trials, with Phase I data recently presented at the 2025 European Society of Cardiology (ESC) Congress, and Phase III trials for obstructive hypertrophic cardiomyopathy have been initiated in China [2]. Group 3: Company Strategy and Performance - Heng Rui Medicine emphasizes a dual approach of independent research and open collaboration, aiming to strengthen international partnerships to enhance the efficient translation of research outcomes into the global drug innovation network [2]. - The company has completed a total of 16 licensing agreements to date, contributing nearly 2 billion yuan in revenue from licensing transactions in the first half of the year [3].

Core Viewpoint - The AI Fund Dachen Quality Medical Stock A (014121) reported a profit of 6.5526 million yuan for the first half of 2025, with a weighted average profit per fund share of 0.0276 yuan, and a net value growth rate of 6.35% during the reporting period [3] Fund Performance - As of September 3, the fund's unit net value was 0.935 yuan, with a three-month net value growth rate of 19.29%, a six-month growth rate of 24.72%, and a one-year growth rate of 34.08% [6] - The fund's three-year net value growth rate was 0.23%, ranking 36 out of 47 among comparable funds [6] Valuation Metrics - As of June 30, 2025, the fund's weighted price-to-earnings (P/E) ratio was approximately 18.39 times, while the average for comparable funds was -135.64 times; the weighted price-to-book (P/B) ratio was about 1.68 times, compared to the average of 4.24 times; and the weighted price-to-sales (P/S) ratio was around 1.22 times, against an average of 6.53 times [11] Growth Metrics - For the first half of 2025, the fund's weighted revenue growth rate was 0.02%, and the weighted net profit growth rate was -0.02%, with a weighted annualized return on equity of 0.09% [19] Risk and Return Metrics - As of June 30, the fund's three-year Sharpe ratio was -0.1888, ranking 39 out of 46 among comparable funds [27] - The maximum drawdown over the past three years was 30.52%, with the largest single-quarter drawdown occurring in Q3 2022 at 22.78% [29] Fund Composition - As of June 30, 2025, the fund had a total of 5,454 holders, with a total of 158 million shares held. Institutional investors held 66.66% of the shares, while individual investors accounted for 33.34% [36] - The fund's top ten holdings included companies such as Kangzhe Pharmaceutical, Mayinglong, and Hengrui Medicine, with a concentration exceeding 60% for the top ten holdings over the past two years [40]

AI基金嘉实医疗保健股票（000711）披露2025年半年报，上半年基金利润1.28亿元，加权平均基金份额本期利润0.2917元。报告期内，基金净值增长率为 17.67%，截至上半年末，基金规模为8.25亿元。 该基金属于标准股票型基金，长期投资于医药医疗股票。截至9月3日，单位净值为2.349元。基金经理是郝淼，目前管理的3只基金近一年均为正收益。其 中，截至9月3日，嘉实互融精选股票A近一年复权单位净值增长率最高，达118.85%；嘉实医疗保健股票最低，为54.44%。 基金管理人在中期报告中表示，展望下半年，我们认为全球经济韧性较强，国内宏观预期改善的势头仍会持续，资本市场投资仍有可为空间。关于医药板 块，我们认为经过 3 年多的下跌和近半年的上涨，板块估值仍属于合理区间，有不少个股机会值得发掘。虽然板块年初至今的相对涨幅较大，板块后续的波 动可能会加大。但是中长期来看，我们认为中国创新药产业全球化发展的新周期才刚刚开始，优质企业仍有较大的成长空间。 截至9月3日，嘉实医疗保健股票近三个月复权单位净值增长率为22.73%，位于同类可比基金31/54；近半年复权单位净值增长率为31.38%，位于同类可比基 ...

Core Viewpoint - Heng Rui Medicine has signed a significant licensing agreement with Braveheart Bio for the HRS-1893 project, which could yield up to $1.013 billion in milestone payments [4][5]. Group 1: Licensing Agreement Details - Heng Rui Medicine will license the innovative drug HRS-1893, which has independent intellectual property rights, to Braveheart Bio for development, production, and commercialization outside of Greater China [5]. - The agreement includes an upfront payment of $65 million, consisting of $32.5 million in cash and $32.5 million in Braveheart Bio equity, along with an additional $10 million milestone payment after technology transfer [5]. - The total potential milestone payments related to clinical development and sales could reach $1.013 billion [4][5]. Group 2: Product Information - HRS-1893 is a Myosin selective inhibitor aimed at treating obstructive hypertrophic cardiomyopathy (oHCM) and is currently in Phase III clinical development [5]. - The drug works by inhibiting myocardial ATPase activity, reducing excessive myocardial contraction, and improving diastolic relaxation [5]. Group 3: Market and Financial Impact - The licensing agreement is expected to broaden the overseas market for HRS-1893, enhancing the company's innovative brand and international performance [6]. - Heng Rui Medicine reported a revenue of 15.76 billion yuan for the first half of 2025, a year-on-year increase of 15.88%, with net profit rising by 29.67% to 4.45 billion yuan [8]. - The growth in revenue is attributed to the sales of innovative drugs and significant licensing fees received from Merck Sharp & Dohme and IDEAYA [8]. Group 4: Stock Buyback and Clinical Trials - Heng Rui Medicine has initiated its first stock buyback, acquiring 270,000 shares at an average price of 67.86 yuan per share, totaling approximately 18.31 million yuan [7]. - The company’s subsidiary has received approval for clinical trials of HRS-4729, a novel peptide drug with no similar products currently approved in the market [7].

Core Viewpoint - Heng Rui Medicine has signed a significant licensing agreement with Braveheart Bio for the HRS-1893 project, which could yield up to $1.013 billion in milestone payments [5][9]. Group 1: Licensing Agreement Details - Heng Rui Medicine has granted Braveheart Bio exclusive rights to develop, produce, and commercialize the HRS-1893 project globally, excluding certain regions in Greater China [7]. - HRS-1893 is a selective Myosin inhibitor currently in Phase III clinical development for treating obstructive hypertrophic cardiomyopathy (oHCM) [7]. - The agreement includes an upfront payment of $65 million, consisting of $32.5 million in cash and $32.5 million in Braveheart Bio equity, plus an additional $10 million in milestone payments after technology transfer [8]. Group 2: Financial Implications - The total potential milestone payments from the agreement could reach $1.013 billion, contingent on clinical development and sales performance [5][9]. - Heng Rui Medicine's recent performance includes a revenue of 15.88% year-on-year growth, reaching 15.761 billion yuan in the first half of 2025, with a net profit increase of 29.67% [14]. Group 3: Market Context - Despite the active innovation drug sector in A-shares, Heng Rui Medicine's stock price fell by 4.63% to 68.65 yuan per share as of September 4 [11]. - The company has initiated a share buyback program, repurchasing 270,000 shares at a total cost of approximately 18.314 million yuan [13].

Core Viewpoint - HengRui Medicine has entered into an exclusive licensing agreement with Braveheart Bio for the development and commercialization of its proprietary Myosin small molecule inhibitor HRS-1893 outside of Greater China [1] Group 1: Licensing Agreement Details - HengRui Medicine grants Braveheart Bio exclusive rights to develop, manufacture, and commercialize HRS-1893 globally, excluding mainland China, Hong Kong, Macau, and Taiwan [1] - Braveheart Bio will pay a total of $75 million, which includes a $65 million upfront payment ($32.5 million in cash and $32.5 million in Braveheart Bio equity) and a $10 million milestone payment upon completion of technology transfer [1] Group 2: Potential Financial Gains - HengRui Medicine is eligible to receive up to $1.013 billion in milestone payments related to clinical development and sales, along with corresponding sales royalties [1]