Group 1 - The core viewpoint of the news is that Baili Tianheng's stock has experienced a significant increase, with a 5.09% rise on September 3, reaching a price of 379.98 yuan per share, and a cumulative increase of 11.57% over three consecutive days [1] - Baili Tianheng Pharmaceutical Co., Ltd. is located in Chengdu, Sichuan Province, and was established on August 17, 2006, with its listing date on January 6, 2023. The company focuses on the research, production, and sales of pharmaceuticals [1] - The company's main business revenue is composed of 99.57% recognized at a specific point in time and 0.43% recognized over a specific period [1] Group 2 - From the perspective of fund holdings, the Jiao Yin Schroder Fund has a significant position in Baili Tianheng, with the Jiao Yin Medical Health Mixed Fund A (019345) holding 5,086 shares, accounting for 2.96% of the fund's net value, ranking as the tenth largest holding [2] - During the three-day increase, the fund has realized a floating profit of approximately 19.07 thousand yuan, with a current floating profit of about 9.36 thousand yuan [2] - The Jiao Yin Medical Health Mixed Fund A (019345) was established on October 11, 2023, with a latest scale of 31.87 million yuan and has achieved a year-to-date return of 71.33% [2]

Core Viewpoint - The AI Fund, Jiaoyin Healthcare Mixed Fund A, reported a profit of 2.9479 million yuan for Q2 2025, with a weighted average profit per fund share of 0.1684 yuan, and a net value growth rate of 17.76% for the period [2] Fund Performance - As of July 17, 2025, the fund's unit net value was 1.537 yuan, with a fund size of 31.8706 million yuan [2][14] - The fund's net value growth rates over different periods are as follows: 39.70% over the last three months (ranked 19 out of 138), 61.76% over the last six months (ranked 27 out of 138), and 56.19% over the last year (ranked 33 out of 133) [2] Investment Strategy - The fund manager anticipates that the innovative drug market will continue to thrive, citing the absence of negative factors that could undermine industry trends and the lack of significant valuation bubbles among leading companies [2] - The strategy will focus on maintaining a core position in innovative drugs while also considering sectors and stocks expected to show performance inflection points in the second half of the year [2] Fund Metrics - The fund's Sharpe ratio since inception is 0.9484 [7] - The maximum drawdown since inception is 17.28%, with the largest quarterly drawdown occurring in Q4 2024 at 13.72% [9] - The average stock position since inception is 78.84%, with a peak of 90.79% at the end of H1 2025 and a low of 37.61% at the end of 2023 [12] Top Holdings - As of Q2 2025, the fund's top ten holdings include companies such as Innovent Biologics, Kelun-Biotech, Zai Lab, Hengrui Medicine, and others [17]