Core Viewpoint - The report provides an overview of the performance and management of the招商国证生物医药指数证券投资基金 for the second quarter of 2025, highlighting its investment strategy, financial indicators, and market conditions affecting the fund's performance [1][5]. Fund Product Overview - The fund is a passive index fund that aims to track the国证生物医药指数, utilizing a complete replication method to construct its stock portfolio based on the index's components and their weights [1][5]. - As of the end of the reporting period, the total fund shares amounted to approximately 24.03 billion [1]. Financial Indicators and Fund Performance - For the reporting period from April 1, 2025, to June 30, 2025, the A class share net value growth rate was 1.46%, while the C class share net value growth rate was 1.44%, both outperforming the benchmark growth rate of 0.90% [3][7]. - The fund's asset allocation included approximately 94.36% in stocks and 0.19% in bonds, indicating a strong focus on equity investments [5][8]. Investment Strategy - The fund employs a disciplined investment approach with quantitative risk management to achieve returns similar to the benchmark index [1][5]. - The management team actively monitors the fund's tracking deviation from the benchmark and adjusts the portfolio accordingly to optimize performance [1][5]. Market Conditions - The report notes significant market volatility influenced by factors such as overseas trade tensions and geopolitical conflicts, with the国证生物医药指数 increasing by 0.90% during the reporting period [7][8]. - The fund maintained a position of approximately 94.5% during the reporting period, effectively tracking the benchmark [7].