Group 1 - The core viewpoint of the news highlights the performance of Qianhai Kaiyuan Medical Health A and C funds, which experienced declines of 1.82% and 1.83% respectively in August, while the Shanghai Composite Index rose by 7.97% during the same period [1][2] - Since their inception on January 19, 2018, the cumulative returns for Qianhai Kaiyuan Medical Health A and C funds are 37.51% and 36.47% respectively, with a decline of 10.71% and 10.98% over the past three years [1] - As of June 30, 2025, the total scale of Qianhai Kaiyuan Medical Health A and C funds is 1.011 billion yuan [1] Group 2 - The top ten holdings of Qianhai Kaiyuan Medical Health A/C funds include companies such as Sanofi, Dizh Medical, Innovent Biologics, and others [1] - The fund is currently managed by Fan Jie, who has been with Qianhai Kaiyuan Fund Management Company since 2014 and has held various positions including research analyst and investment manager [1]

Core Insights - The AI Fund Qianhai Kaiyuan Medical Health A (005453) reported a profit of 57.04 million yuan for Q2 2025, with a weighted average profit per fund share of 0.123 yuan. The fund's net value growth rate was 12.63%, and the fund size reached 498 million yuan by the end of Q2 2025 [2][15]. Fund Performance - As of July 18, 2025, the fund's one-year cumulative net value growth rate was 47.58%, ranking 52 out of 133 comparable funds. Over the past three months, the growth rate was 39.80%, ranking 25 out of 138 [3]. - The fund's three-year Sharpe ratio was -0.3238, ranking 99 out of 105 comparable funds [8]. - The maximum drawdown over the past three years was 51.82%, with the highest quarterly drawdown occurring in Q3 2021 at 27.66% [10]. Investment Strategy - The fund focuses on flexible allocation, primarily investing in pharmaceutical and healthcare stocks. In Q2 2025, it emphasized investments in high-growth biotech companies and traditional pharmaceutical firms entering a harvest phase for innovative drugs. The fund manager anticipates continued demand for innovative drugs from overseas pharmaceutical companies due to the overseas patent cliff, alongside a surge in domestic supply of innovative drugs [2]. - The fund aims to enhance its research on industry fundamentals and macro trends, employing both top-down and bottom-up analysis methods for sector allocation and individual stock valuation assessments [2]. Fund Holdings - As of Q2 2025, the top ten holdings of the fund included companies such as Sanofi Pharmaceutical, Diligent Pharma, Innovent Biologics, and BeiGene, among others [18]. Fund Positioning - The average stock position over the past three years was 90.14%, with a peak of 93.11% at the end of H1 2025 and a low of 65.37% at the end of H1 2019 [13].