Core Viewpoint - The AI Fund Galaxy State-Owned Enterprise Theme Mixed Initiation A (019797) reported a profit of 192,400 yuan in Q2 2025, with a weighted average profit per fund share of 0.0192 yuan, and a net value growth rate of 1.87% during the reporting period [3][4]. Fund Performance - As of July 17, the fund's unit net value was 1.063 yuan, with a three-month net value growth rate of 3.82%, ranking 565 out of 615 comparable funds [4]. - The fund's six-month net value growth rate was 3.23%, ranking 534 out of 615, and the one-year growth rate was 5.06%, ranking 521 out of 584 [4]. - Since inception, the fund's Sharpe ratio is 0.4429 [9]. - The maximum drawdown since inception is 17.06%, with the largest quarterly drawdown occurring in Q4 2024 at 11.61% [12]. Fund Management Strategy - The fund manager, Zhu Jianhui, emphasizes adherence to the fund's style contract, focusing investments on state-owned listed companies, prioritizing dividend and low-volatility industry assets [3]. - The strategy includes identifying growth or innovative opportunities in specific sub-industries under economic pressure, particularly in new consumer sectors driven by domestic demand, export companies that can avoid tariffs, and innovative pharmaceutical and technology sectors [3]. Fund Holdings - As of Q2 2025, the fund's total assets amounted to 10.4612 million yuan [16]. - The top ten holdings include Agricultural Bank of China, China Merchants Bank, China International Capital Corporation, China Mobile, New Hope Liuhe, AVIC Optoelectronics, Tencent Holdings, Jiangsu Bank, CITIC Securities, and Industrial and Commercial Bank of China [19]. Investment Positioning - The average stock position since inception is 86.7%, compared to the industry average of 83.12%, with a peak stock position of 91.85% at the end of H1 2025 and a low of 81.91% at the end of H1 2024 [15].

Core Viewpoint - The report outlines the performance and investment strategy of the Changcheng Pharmaceutical Technology Six-Month Mixed Securities Investment Fund for the second quarter of 2025, emphasizing its focus on high-quality companies in the pharmaceutical technology sector and its aim for long-term stable asset appreciation [3][12]. Fund Overview - Fund Name: Changcheng Pharmaceutical Technology Six-Month Mixed Fund - Fund Manager: Changcheng Fund Management Co., Ltd. - Fund Custodian: Agricultural Bank of China Co., Ltd. - Total Fund Shares at Period End: 638,750,694.60 shares [3]. - Investment Objective: To select high-quality enterprises in the pharmaceutical technology field for portfolio investment while controlling risks [3]. Investment Strategy - Asset Allocation Strategy: The fund actively analyzes macroeconomic conditions, policy trends, and market movements to determine investment ratios across various asset classes, including stocks and bonds [3]. - Thematic Definition: The fund focuses on sub-industries with strong technological attributes, such as new drug development, biovaccines, and health-tech sectors [3]. - Stock Selection: Qualitative and quantitative analyses are employed to identify companies with strong market prospects and growth potential [3]. - Hong Kong Stock Connect Strategy: The fund seeks investment opportunities in high-quality Hong Kong-listed pharmaceutical companies [3]. - Derivative Investments: The fund uses index futures for hedging purposes to manage systemic risk [4][9]. Financial Performance - Fund A's Net Value Growth Rate: 23.06% over the past three months, 41.40% over the past six months, and 45.86% over the past year [12]. - Fund C's Net Value Growth Rate: 22.91% over the past three months, 41.06% over the past six months, and 45.14% over the past year [12]. - Performance Benchmark: The fund's performance is compared against a composite benchmark consisting of various indices [4]. Investment Composition - Total Investment in Stocks: 421,251,820.90 RMB, accounting for 82.19% of total fund assets [13]. - Investment in Hong Kong Stocks: 173,764,795.14 RMB, representing 35.43% of the fund's net asset value [13]. - Sector Allocation: The fund has significant investments in the healthcare sector, amounting to 167,030,117.35 RMB, which is 34.06% of the net asset value [15]. Management Report - The fund manager has adhered to legal regulations and internal policies, ensuring fair treatment of different investors and no violations of investment guidelines [10][11]. - Market Performance: The second quarter saw a recovery after an initial decline, with strong performance in sectors such as military, fintech, and innovative pharmaceuticals [11].