Core Insights - Fosun International reported a total revenue of RMB 87.28 billion for the first half of 2025, with a net profit attributable to shareholders of RMB 660 million [1] - The four core subsidiaries—Fosun Pharma, Yuyuan, Fosun Portugal Insurance, and Fosun Tourism—accounted for 73% of the group's total revenue, generating RMB 63.61 billion [1] - The company emphasized its strategic focus on innovation and globalization, leading to robust business development [1] Financial Performance - Fosun Pharma achieved a net profit of RMB 1.7 billion, marking a year-on-year increase of 38.96% [1] - Yuyuan's jewelry and fashion segment reported revenue of RMB 12.9 billion, with a significant quarter-on-quarter increase in Q2 [1] - Fosun Portugal Insurance's net profit reached EUR 133 million, reflecting a 27.6% year-on-year growth [1] - Fosun Tourism's revenue hit a record high of RMB 9.53 billion, with an adjusted net profit growth of 42.0% [1] Innovation and R&D - The company invested RMB 3.6 billion in innovation, with several breakthroughs in innovative drugs, including the approval of a new drug for rare tumors [2] - The potential total for the overseas authorization of a small molecule oral DPP-1 inhibitor is USD 645 million [2] - The PD-L1 targeted ADC HLX43 has entered global Phase II clinical trials, showing significant competitive advantages [2] - The innovative anti-HER2 monoclonal antibody HLX22 became the first globally to receive orphan drug designation in both the EU and the US for gastric cancer [2] Global Operations - Fosun's overseas revenue reached RMB 46.67 billion, accounting for 53% of total revenue, with a significant increase in profits from overseas products [2] - The overseas product profits of Fosun Pharma surged over 200%, with expectations for substantial growth in 2025 and continued high growth in 2026 [2] Market Outlook - Club Med's global performance reached a new high with revenue of RMB 9.25 billion and an operating profit of RMB 1.27 billion, reflecting an 11.0% year-on-year growth [3] - The company maintains a healthy debt-to-capital ratio of 53%, with a stable outlook confirmed by S&P [3] - The chairman highlighted the successful execution of the core business strategy, particularly in the pharmaceutical and health sectors, and the commitment to creating greater value for shareholders and society [3]

Core Insights - Fosun International reported a total revenue of RMB 87.28 billion for the first half of 2025, with a net profit attributable to shareholders of RMB 0.66 billion [1] - The company focuses on strategic areas such as healthcare, tourism, and financial insurance, achieving significant growth in innovative pharmaceuticals [3] Financial Performance - Total revenue for the first half of 2025 reached RMB 87.28 billion, with an operating profit of RMB 3.15 billion and a net profit of RMB 0.66 billion [1] - The four core subsidiaries contributed RMB 63.61 billion in total revenue, accounting for 73% of the group's total revenue [1] - Fosun Pharma's net profit increased by 38.96% year-on-year to RMB 1.70 billion [1] - The overseas revenue reached RMB 46.67 billion, representing 53% of the total revenue [2] Innovation and Development - Fosun invested RMB 3.6 billion in innovation, with several new drugs achieving significant milestones, including the launch of a rare disease treatment [2] - The company’s PD-L1 targeted ADC entered global Phase II clinical trials, showing strong competitive potential [2] - The innovative anti-HER2 monoclonal antibody became the first globally to receive orphan drug designation in both the EU and the US for gastric cancer [2] Market Outlook - Club Med's global performance reached a record high with revenue of RMB 9.25 billion and an operating profit of RMB 1.27 billion, reflecting a year-on-year growth of 11% [3] - The company anticipates sustainable growth in bookings for the second half of 2025 and the first half of 2026 due to strong demand [3] - The company maintains a healthy debt-to-capital ratio of 53%, with a stable outlook confirmed by S&P [3]

Market Overview - The A-share market experienced a collective decline, with the Shanghai Composite Index dropping by 1.76%, and the Shenzhen Component and ChiNext Index falling by 1.43% and 0.69% respectively [1] - A total of 633 stocks rose while 4,764 stocks fell, marking the lowest number of rising stocks since April 8 [1][9] - The market sentiment is shifting, with defensive sectors showing strength and speculative styles changing [1][2] Historical Context - Historical analysis indicates that when the Shanghai Composite Index approaches significant high point connections, it often experiences short-term adjustments [4][5] - Past instances show that adjustments near high points typically do not exceed 1.5% and are followed by recoveries within a few trading days [4][5] Current Market Dynamics - The current market has surpassed both the October 2022 and 2021 peaks, which now serve as support levels [6] - Potential adjustments may either be shallow and prolonged or steep and brief, but the exact nature of the upcoming adjustments remains uncertain [7][8] Sector Performance - Only five sectors saw gains today, with the communication equipment sector rising over 1% while others experienced slight increases [10] - Technology growth stocks, particularly in AI, continue to perform well, with several stocks reaching new highs [10] - The AI sector is identified as the primary theme of the current market, with recommendations to focus on stocks with expected earnings growth and product supply increases [10][11] Investment Strategy - Investors are advised to consider ETF funds related to core sectors during market corrections, as these have historically outperformed the market [12] - Upcoming earnings reports, particularly from Nvidia, are highlighted as significant events that could influence market sentiment and stock performance [11]

Fund Overview - The fund is named "TaiKang National Public Health and Medical Health Exchange-Traded Open-Ended Index Securities Investment Fund" and is managed by TaiKang Fund Management Co., Ltd. [2] - The fund's main code is 159760, and it was established on December 6, 2021, with trading commencing on December 20, 2021 [2]. - The fund aims to closely track the performance of its benchmark index, the National Public Health and Health Index, with a goal of minimizing tracking deviation and error [2][3]. Financial Performance - As of June 30, 2025, the fund's total net asset value was approximately 80.06 million RMB, with a net asset value per share of 0.5871 RMB [3][19]. - The fund reported a realized loss of approximately 11.16 million RMB for the period, with a profit of 1.25 million RMB [3][19]. - The weighted average net profit rate for the period was 1.50%, and the net value growth rate was 1.63% [3][19]. Investment Strategy - The fund primarily employs a full replication strategy to construct its stock investment portfolio based on the composition and weight of the benchmark index [2][11]. - The fund may also invest in fixed-income instruments to ensure liquidity and enhance investment returns [2][11]. - The fund's investment strategy includes hedging through stock index futures to improve investment efficiency while controlling risks [2][11]. Market Context - The macroeconomic environment in the first half of 2025 showed structural differentiation, with resilience in certain sectors like exports and manufacturing, while real estate cooled down after an initial recovery [10][14]. - The overall equity market experienced fluctuations, with the Shanghai Composite Index rising by 2.76% and the Hang Seng Index increasing by 20.18% during the same period [10][14]. - The pharmaceutical sector is expected to benefit from a series of policy incentives aimed at supporting the development of innovative drugs, marking a significant opportunity for investment in this area [14][10]. Management and Compliance - TaiKang Fund Management Co., Ltd. has been compliant with relevant laws and regulations, ensuring fair treatment of all funds under its management [9][10]. - The fund management has established a fair trading system and monitoring processes to prevent any conflicts of interest [9][10]. - The fund's valuation process is overseen by a dedicated valuation team, ensuring transparency and adherence to regulatory standards [14][15].

融通领先成长混合型证券投资基金(LOF) 基金管理人：融通基金管理有限公司 基金托管人：中国建设银行股份有限公司 送出日期：2025 年 8 月 28 日 融通领先成长混合型证券投资基金(LOF)2025 年中期报告 基金管理人的董事会、董事保证本报告所载资料不存在虚假记载、误导性陈述或重大遗漏， 并对其内容的真实性、准确性和完整性承担个别及连带的法律责任。本中期报告已经三分之二以 上独立董事签字同意，并由董事长签发。 基金托管人中国建设银行股份有限公司根据融通领先成长混合型证券投资基金(LOF)（以下简 称"本基金"）基金合同规定，于 2025 年 8 月 26 日复核了本报告中的财务指标、净值表现、利润 分配情况、财务会计报告、投资组合报告等内容，保证复核内容不存在虚假记载、误导性陈述或 者重大遗漏。 基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈利。 基金的过往业绩并不代表其未来表现。投资有风险，投资者在作出投资决策前应仔细阅读本 基金的招募说明书及其更新。 本报告中财务资料未经审计。 本报告期自 2025 年 1 月 1 日起至 6 月 30 日止。 第 2页 共 53 ...

Core Viewpoint - The company, WuXi AppTec, is experiencing a decline in stock price while maintaining a strong position in the CRO and CMO sectors, benefiting from the depreciation of the RMB and showing significant revenue growth in recent reports [1][3][7]. Company Overview - WuXi AppTec is a leading international open-access capability and technology platform providing comprehensive and integrated new drug research and production services for the global biopharmaceutical industry [2]. - The company is a domestic leader in the pharmaceutical outsourcing industry and has been involved in CRO and CMO services since its inception, holding over 200 authorized and pending patents [2]. - The main business focuses on the discovery, research, and production of small molecule chemical drugs, offering a full range of integrated platform services to global pharmaceutical companies [2][7]. Financial Performance - For the first half of 2025, WuXi AppTec achieved revenue of 20.799 billion yuan, representing a year-on-year growth of 20.64%, and a net profit attributable to shareholders of 8.561 billion yuan, which is a 101.92% increase year-on-year [7]. - The company's overseas revenue accounted for 78.67% of total revenue, benefiting from the depreciation of the RMB [3]. Shareholder Information - As of July 15, the number of shareholders in WuXi AppTec was 235,500, with no change in the average circulating shares per person [7]. - The company has distributed a total of 13.027 billion yuan in dividends since its A-share listing, with 9.373 billion yuan distributed over the past three years [8]. Market Activity - On August 27, WuXi AppTec's stock price fell by 1.45%, with a trading volume of 6.037 billion yuan and a turnover rate of 2.50%, resulting in a total market capitalization of 282.705 billion yuan [1]. - The stock has seen a net outflow of 441 million yuan from major funds today, with a continuous reduction in holdings over the past two days [4][5].

Core Insights - The Chinese government is prioritizing the development of innovative drugs as a key strategic emerging industry, with significant policy support and a comprehensive support system established for the entire drug development chain [1][4]. - Baiaosaitu (02315.HK) stands out in the industry due to its "dual business line" strategy, positioning itself as a representative of high-tech barrier products [2][6]. Business Lines - The first business line, "Baiao Animals," focuses on humanized animal models, addressing industry pain points by offering over 4,000 innovative animal models, significantly improving research efficiency and controllability for pharmaceutical companies [4][7]. - The second business line, "Thousand Mice, Ten Thousand Antibodies," centers on the development of fully human antibody molecules, utilizing the RenMice® platform to create a vast library of antibody candidates, thus shortening the research and development cycle [5][8]. Competitive Advantages - Baiaosaitu has established a complete integrated research and development platform, breaking foreign technology monopolies and creating a closed-loop system from target validation to molecular discovery [7][9]. - The company’s model allows for sustainable output of standardized and scalable products, differentiating it from traditional biotech firms reliant on single drug pipelines [7][9]. Impact on Healthcare - The innovative drug value ultimately benefits patients, with Baiaosaitu's dual business lines accelerating the global development of innovative drugs, aligning with national health strategies [8][9]. - The company aims to transform China from a "follower" to a "leader" in the innovative drug sector, contributing to global healthcare advancements [8][9]. Future Vision - Baiaosaitu envisions becoming a global source of new drugs, expanding its animal product line and enhancing the RenMice platform with AI and automation technologies [9]. - The company plans to embed itself in multinational pharmaceutical research pipelines through various collaboration models, ensuring long-term growth [9].

Market Overview - The market experienced a significant drop in the afternoon, with both the Shanghai Composite Index and Shenzhen Component Index falling over 1% [1] - The Shanghai Composite Index closed down 1.76% at 3800.35, while the Shenzhen Component Index decreased by 1.43% to 12295.07 [2] - The total trading volume for the day reached 3.17 trillion, an increase of 486.5 billion compared to the previous trading day [1][5] Sector Performance - Key sectors showing strength included computing power and semiconductor stocks, with over 4700 stocks declining overall [2][3] - CPO and rare earth permanent magnet stocks performed well, with companies like North Mining Technology hitting the daily limit [2] - Real estate stocks faced adjustments, with Shen Shen Fang A hitting the daily limit down [2][3] Stock Movement - The market saw a high limit-up rate of 48% and a high opening rate of 70% for stocks [4] - A total of 633 stocks rose, while 4764 stocks declined, indicating a bearish market sentiment [5]

Core Viewpoint - The Hong Kong stock market for innovative drugs is experiencing a pullback, with the Hang Seng Hong Kong Stock Connect Innovative Drug Selective Index down by 2.31%, and most constituent stocks also declining [1]. Group 1: Market Performance - The Hang Seng Hong Kong Stock Connect Innovative Drug ETF (520880) opened high but fell by 1.97% during the session, indicating a downward trend despite a positive buying attitude reflected in a real-time premium rate of 0.4% [1]. - Year-to-date until July 31, the Hang Seng Hong Kong Stock Connect Innovative Drug Selective Index has increased by 101.58%, outperforming the Hang Seng Index (23.50%) and the Hang Seng Technology Index (22.05%) by 78.08 and 79.53 percentage points respectively [5]. Group 2: Future Outlook - Despite recent volatility in innovative drug sentiment, there are continuous catalysts for the sector, including mid-year performance reports, industry conference data, potential business development transactions, and the advancement of commercial insurance directories [3]. - With expectations of interest rate cuts in the U.S., the valuation framework for innovative drugs is likely to improve [3]. - The improvement in liquidity narratives suggests that the Hong Kong stock market may experience a phase of rebound, narrowing the gap with the rapidly rising A-share market [3]. Group 3: Investment Strategy - The current earnings forecast rate for the Hong Kong stock market is at its highest since 2022, suggesting a favorable environment for investment [3]. - It is recommended to focus on innovative drugs first, followed by the internet sector, and finally new consumption, as the latter awaits macroeconomic and profit turning points [3].

Group 1 - The innovative drug sector is experiencing localized weakness, with Yuyuan Pharmaceutical falling over 10% [1] - Guangshengtang and Lifang Pharmaceutical both dropped over 7% [1] - Other companies such as Saili Medical and Shutaishen also saw declines [1]