Core Insights - The article provides a ranking of open-end funds based on their net asset value growth as of August 20, 2025, highlighting the top and bottom performers in the market [2][4][6]. Fund Performance Summary - The top 10 funds with the highest net value growth include: 1. 嘉实绿色主题股票发起式A with a net value of 1.1888, up from 1.1232 [2] 2. 嘉实绿色主题股票发起式C with a net value of 1.1712, up from 1.1066 [2] 3. 宏利领先中小盘混合 with a net value of 0.9990, up from 0.9500 [2] 4. 中航远见领航混合发起C with a net value of 1.3618, down from 1.2951 [2] 5. 中航远见领航混合发起A with a net value of 1.3704, down from 1.3033 [2] 6. 国联安科创芯片设计ETF with a net value of 1.3214, up from 1.2581 [2] 7. 东方阿尔法优势产业混合A with a net value of 1.7251, up from 1.6440 [2] 8. 东方阿尔法优势产业混合C with a net value of 1.6814, up from 1.6024 [2] 9. 永赢半导体产业智选混合发起C with a net value of 1.4539, up from 1.3865 [2] 10. 永赢半导体产业智选混合发起A with a net value of 1.4715, up from 1.4033 [2] - The bottom 10 funds with the lowest net value growth include: 1. 申万赛信医药先锋股票C with a net value of 0.6109, down from 0.6369 [4] 2. 申万菱信医药先锋股票A with a net value of 0.6196, down from 0.6459 [4] 3. 华富健康文娱灵活配置混合C with a net value of 1.4777, down from 1.5389 [4] 4. 华富健康文娱灵活配置混合A with a net value of 1.4886, down from 1.5502 [4] 5. 红十创新医疗保健股票 with a net value of 1.5397, down from 1.5957 [4] 6. 东方阿尔法健康产业混合发起C with a net value of 1.1568, down from 1.1961 [4] 7. 东方阿尔法健康产业混合发起A with a net value of 1.1578, down from 1.1971 [4] 8. 恒生新药 with a net value of 2.0024, down from 2.0690 [4] 9. 金鹰责任投资混合A with a net value of 0.5689, down from 0.5876 [4] 10. 景顺长城医疗产业股票C with a net value of 1.6703, down from 1.7251 [4] Market Trends - The Shanghai Composite Index opened lower but rebounded, closing higher, while the ChiNext Index showed a W-shaped recovery with a slight increase [6]. - The total trading volume reached 2.44 trillion, with a market breadth of 3,676 gainers to 1,587 losers [6]. - Leading sectors included chemical fiber, semiconductors, and hotel catering, each with gains exceeding 3% [6].

Core Viewpoint - The report outlines the performance and investment strategy of the Dongfang Alpha Health Industry Mixed Initiation Fund for the second quarter of 2025, emphasizing its focus on the health industry and innovative pharmaceuticals, while detailing its financial metrics and investment allocations [1][3][5]. Fund Overview - The fund is managed by Dongfang Alpha Fund Management Co., Ltd. and is designed as a mixed-type open-end fund with a total share of 10,671,548.05 at the end of the reporting period [1][6]. - The fund employs a combination of top-down and bottom-up investment strategies, focusing on fundamental analysis to select securities related to the health industry [2][3]. Investment Strategy - The fund's investment strategy includes 11 key aspects, such as qualitative and quantitative analysis of economic trends, risk assessment, and asset allocation among stocks, bonds, and cash [1][2]. - It aims to capture sub-industry rotation opportunities within the health sector, particularly focusing on innovative pharmaceuticals and related stocks [2][10]. Financial Performance - As of June 30, 2025, the net asset value (NAV) for the Dongfang Alpha Health Industry Mixed Initiation A class was 0.9499, with a net value growth rate of -5.01%, while the C class had an NAV of 0.9496 and a growth rate of -5.04% [10][11]. - The performance benchmark for the fund is composed of various indices, including the CSI Medical and Health Index and the Hang Seng Index, with a target return that reflects a diversified approach [4][11]. Investment Composition - The fund's asset allocation at the end of the reporting period included 89.58% in stocks and 5.86% in bonds, with a significant portion of investments made through the Hong Kong stock market [13][14]. - The fund's top holdings are primarily in the manufacturing sector, particularly in healthcare, which accounted for 44.24% of the fund's net asset value [13][14]. Market Trends - The report highlights a strong performance in the pharmaceutical sector, particularly in innovative drugs, which have seen significant growth due to overseas business development (BD) collaborations [9][10]. - The Chinese innovative drug market is projected to exceed 150 billion yuan in total revenue for 2025, with a year-on-year growth rate of over 30% [10][11]. Regulatory Compliance - The fund management adheres to the Securities Investment Fund Law of the People's Republic of China and maintains compliance with all relevant regulations, ensuring the protection of investors' interests [8][9].

Core Insights - On June 20, 231 funds achieved a net value growth exceeding 1%, with the highest return at 2.57% [1] - The average net value growth rate for stock and mixed funds was -0.27%, with 37.19% of funds reporting positive growth [1] - The Shanghai Composite Index fell by 0.07%, closing at 3359.90 points, while the Shenzhen Component Index and the ChiNext Index dropped by 0.47% and 0.83%, respectively [1] Fund Performance - The top-performing fund was the Green Steady Value Mixed A, with a net value growth rate of 2.57%, followed closely by Green Steady Value Mixed C and Yongying Semiconductor Industry Smart Selection Mixed A, both at 2.40% [2] - Among the funds with a net value growth rate exceeding 1%, 109 were index stock funds, 65 were equity-oriented funds, and 37 were standard stock funds [2] - The funds with the largest net value drawdown included the Oriental Alpha Health Industry Mixed Initiation C, which saw a decline of 6.60% [2][4] Fund Company Statistics - Among the funds with a net value growth rate exceeding 1%, 19 funds were from Huaxia Fund, with the same number from Penghua Fund and Southern Fund [1] - The funds with the highest drawdown were primarily from the Oriental Alpha Fund and Wanji Fund, indicating significant volatility in certain sectors [4][5]