Core Viewpoint - The establishment of the Zhangzhou Gaoxin Runxin Health Industry Investment Partnership Fund, with a total scale of 1 billion yuan, aims to invest in the healthcare sector, focusing on equity investments in non-listed companies, particularly in growth and early-stage projects [1]. Group 1 - The fund is initiated by CITIC Jin Investment Management Co., Ltd. along with several other investment and development companies [1]. - The primary investment areas include pharmaceuticals, medical devices, healthcare supply chains, health food and supplements, synthetic biology, chemical materials, and consumer healthcare [1]. - The fund is particularly focused on equity investments in non-listed enterprises, emphasizing growth-stage and early-stage entrepreneurial projects [1].

Fund Overview - The fund is named "TaiKang National Public Health and Medical Health Exchange-Traded Open-Ended Index Securities Investment Fund" and is managed by TaiKang Fund Management Co., Ltd. [2] - The fund's main code is 159760, and it was established on December 6, 2021, with trading commencing on December 20, 2021 [2]. - The fund aims to closely track the performance of its benchmark index, the National Public Health and Health Index, with a goal of minimizing tracking deviation and error [2][3]. Financial Performance - As of June 30, 2025, the fund's total net asset value was approximately 80.06 million RMB, with a net asset value per share of 0.5871 RMB [3][19]. - The fund reported a realized loss of approximately 11.16 million RMB for the period, with a profit of 1.25 million RMB [3][19]. - The weighted average net profit rate for the period was 1.50%, and the net value growth rate was 1.63% [3][19]. Investment Strategy - The fund primarily employs a full replication strategy to construct its stock investment portfolio based on the composition and weight of the benchmark index [2][11]. - The fund may also invest in fixed-income instruments to ensure liquidity and enhance investment returns [2][11]. - The fund's investment strategy includes hedging through stock index futures to improve investment efficiency while controlling risks [2][11]. Market Context - The macroeconomic environment in the first half of 2025 showed structural differentiation, with resilience in certain sectors like exports and manufacturing, while real estate cooled down after an initial recovery [10][14]. - The overall equity market experienced fluctuations, with the Shanghai Composite Index rising by 2.76% and the Hang Seng Index increasing by 20.18% during the same period [10][14]. - The pharmaceutical sector is expected to benefit from a series of policy incentives aimed at supporting the development of innovative drugs, marking a significant opportunity for investment in this area [14][10]. Management and Compliance - TaiKang Fund Management Co., Ltd. has been compliant with relevant laws and regulations, ensuring fair treatment of all funds under its management [9][10]. - The fund management has established a fair trading system and monitoring processes to prevent any conflicts of interest [9][10]. - The fund's valuation process is overseen by a dedicated valuation team, ensuring transparency and adherence to regulatory standards [14][15].