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].

Core Viewpoint - The recent announcement by the U.S. government to impose "reciprocal tariffs" on Chinese goods has prompted a swift response from several medical device companies, which have indicated they have comprehensive plans and measures in place to address the situation. Despite the complex impacts on the supply chain, the long-term trend towards self-sufficiency and international expansion in the medical device sector remains optimistic [1][2][7]. Company Responses - Multiple medical device companies have reported minimal impact from the U.S. tariff policy, citing pre-existing contingency plans. For instance, Mindray Medical has proactively stocked products in the U.S. ahead of previous tariff increases, ensuring that current sales are unaffected by the new tariffs [2][8]. - Kaili Medical stated that the U.S. market contributes only 1%-2% to its revenue, and prior inventory preparations have mitigated the tariff impact. The company has a well-established overseas market presence [3][8]. - Dirui Medical anticipates that its direct exports to the U.S. will be around $150,000 in 2024, representing a negligible portion of its overall revenue. The company has also identified measures to minimize the tariff's effects [3]. - Leshi Medical indicated that the tariff impact is manageable, as its U.S. operations focus on digital chronic disease management solutions, which have established long-term customer relationships [3][8]. - Weili Medical reported that its exports to the U.S. account for about 15% of total revenue, with a stable business model due to long-term partnerships and necessary certifications [4]. Industry Trends - The Chinese medical device industry is experiencing a push towards domestic production and innovation, particularly in high-end medical imaging and core components, where reliance on imports has been significant. Recent advancements in domestic R&D are enabling some companies to gain competitive advantages [4][6]. - The Ministry of Commerce has initiated anti-dumping investigations into imported medical CT tubes, which may benefit domestic suppliers and manufacturers [5]. - The Chinese government continues to support the medical device sector, promoting high-quality development and encouraging companies to expand internationally. This includes backing for high-end medical devices and innovative technologies [6][7]. - Analysts suggest that despite the tariff challenges, there is a strong potential for domestic companies to increase market share and reduce reliance on imports, particularly in high-value consumables and in vitro diagnostics (IVD) sectors [7]. Long-term Outlook - The long-term export potential for Chinese medical device companies remains positive, with a focus on expanding into developing markets outside the U.S. Companies like Mindray Medical are looking to enhance their brand presence in these regions [8]. - Companies are diversifying their international strategies, with plans for local production and sales in emerging markets such as Mexico, which is expected to commence operations by early 2026 [8].