Group 1 - The BoShi Hang Seng Healthcare ETF Initiated Link (QDII) C has experienced a decline of 3.01% on June 19, with a latest net value of 0.85 yuan, marking a cumulative drop of 9.01% over five consecutive trading days [1] - Established in December 2021, the fund has a total size of 675 million yuan and has recorded a cumulative return of -14.93% since inception [1] - As of the end of 2024, institutional investors hold 4.7 million shares, accounting for 3.91% of the total shares, while individual investors hold 116.5 million shares, representing 96.09% of the total [1] Group 2 - The current fund manager, Wan Qiong, has a master's degree and has been with BoShi Fund Management since 2011, managing multiple funds including the BoShi Hang Seng Healthcare ETF [2] - Wan Qiong has held various positions and managed several funds, demonstrating extensive experience in fund management [2] Group 3 - As of December 31, 2024, the top two holdings of the BoShi Hang Seng Healthcare ETF Initiated Link (QDII) C account for a combined 0.04%, consisting of 24 National Bonds [3]

Core Viewpoint - The Hang Seng Healthcare Index (HSHCI) has shown strong performance, with significant increases in constituent stocks and the Hang Seng Healthcare ETF, indicating positive market sentiment in the healthcare sector [1][4]. Group 1: Market Performance - As of April 1, 2025, the HSHCI rose by 2.09%, with notable gains in stocks such as Genscript Biotech (8.36%) and Haijia Medical (7.74%) [1]. - The Hang Seng Healthcare ETF (513060) opened high and increased by 2.53%, with a latest price of 0.49 HKD and a trading volume of 1.28 billion HKD, achieving a turnover rate of 0.97% [1]. Group 2: ETF Growth and Performance Metrics - The Hang Seng Healthcare ETF has seen a significant growth of 2.648 billion HKD in size over the past year, ranking in the top third among comparable funds [4]. - The ETF's financing buy-in amount reached 322 million HKD, with a financing balance of 545 million HKD [4]. - Since its inception, the ETF recorded a highest monthly return of 28.34% and an average monthly return of 7.01% [4]. - The ETF's Sharpe ratio for the past year is 1.40, indicating strong risk-adjusted returns [4]. Group 3: Valuation and Industry Outlook - The latest price-to-earnings ratio (PE-TTM) for the HSHCI is 25.11, placing it in the 2.17% percentile over the past year, suggesting it is undervalued compared to historical levels [5]. - The National Medical Products Administration reported that 48 innovative drugs were approved in 2024, covering various therapeutic areas, indicating a robust pipeline for the pharmaceutical industry [5]. - Recent policies are shifting from cost control to encouraging innovation, with a focus on leading companies with strong international capabilities [5]. Group 4: Index Composition - As of March 31, 2025, the top ten weighted stocks in the HSHCI include WuXi Biologics, BeiGene, and Innovent Biologics, collectively accounting for 56.21% of the index [6].