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].