Core Viewpoint - The AI Fund Zhonghai Medicine Mixed A (000878) reported a profit of 19.9481 million yuan for Q2 2025, with a weighted average profit per fund share of 0.1045 yuan, and a net value growth rate of 9.21% during the reporting period [3][15]. Fund Performance - As of July 18, the fund's unit net value was 1.386 yuan, with a one-year cumulative net value growth rate of 31.62%, the highest among its peers [3]. - The fund's performance over different time frames includes a three-month growth rate of 23.97%, a six-month growth rate of 34.70%, and a three-year growth rate of -10.89% [4][11]. Investment Strategy - The fund focuses on innovative drugs, medical devices, and healthcare services driven by consumer upgrades, aiming to identify quality stocks with growth potential and matching valuation levels [3]. - The fund employs a bottom-up stock selection strategy, maintaining quality assets while exploring undervalued stocks to reduce portfolio volatility and provide stable long-term returns [3]. Fund Characteristics - The fund's average stock position over the past three years was 91.39%, with a peak of 93.86% by Q3 2024 [14]. - The fund has a high concentration of holdings, with the top ten stocks consistently exceeding 60% concentration over the past two years [17]. Risk Metrics - The fund's three-year Sharpe ratio is -0.0175, ranking 59 out of 105 comparable funds [9]. - The maximum drawdown over the past three years was 41.52%, with the largest single-quarter drawdown occurring in Q1 2022 at 26.04% [11].

Core Viewpoint - The AI Fund Zhonghai Healthcare Theme Stock A (399011) reported a profit of 3.327 million yuan for Q2 2025, with a weighted average profit per fund share of 0.007 yuan, and a net asset value growth rate of 0.56% during the period [2]. Fund Performance - As of July 18, the fund's unit net value was 1.15 yuan, with a fund size of 493 million yuan [2][15]. - The fund's one-year return rate was 14.88%, ranking 48 out of 53 comparable funds [3]. - Over the past three months, the fund's return rate was 9.42%, ranking 51 out of 54 comparable funds [3]. Investment Strategy - The fund focuses on innovative drugs, medical devices, and healthcare services driven by consumer upgrades, aiming to identify quality stocks with growth potential and matching valuation levels [2]. - The fund employs a bottom-up stock selection strategy, maintaining quality assets while exploring undervalued stocks to reduce portfolio volatility and provide stable long-term returns [2]. Risk and Volatility - The fund's three-year maximum drawdown was 42.54%, ranking 17 out of 46 comparable funds [10]. - The fund's Sharpe ratio over the past three years was -0.2182, ranking 40 out of 46 comparable funds [8]. Portfolio Composition - The fund has a high concentration of holdings, with the top ten stocks consistently exceeding 60% over the past two years [17]. - As of Q2 2025, the top ten holdings included companies such as Heng Rui Pharmaceutical, Zai Lab, and BeiGene [17].