Core Insights - Zhao Bei, known as the "Queen of ICBC Credit Suisse," manages funds totaling 16.428 billion yuan, with a significant focus on healthcare and innovative medical sectors [1] - The ICBC Frontier Medical Fund reported a net value growth rate of 15.58% for its A shares and 15.26% for its C shares, significantly outperforming the benchmark return of 2.17% [1] - The fund's top holdings include major pharmaceutical companies, with a notable shift in the portfolio as Rongchang Biopharmaceutical entered the top ten holdings while Yuyue Medical exited [1] Fund Performance - The ICBC Growth Selected Mixed Fund A shares achieved a net value growth rate of 34.63%, while C shares recorded a growth rate of 34.23%, both exceeding the benchmark return of 4.06% [3] - The fund's strategy involved increasing positions in innovative drug companies with strong R&D capabilities and potential for international expansion, while reducing exposure to small-cap innovative drug companies with excessive valuations [4] Portfolio Adjustments - In the second quarter, Zhao Bei increased holdings in pharmaceutical stocks such as Kelun Pharmaceutical, Haizhi Pharmaceutical, and East China Pharmaceutical, while reducing positions in companies like Xinlitai and Zaiqi Pharmaceutical [2][4] - The top ten holdings of the ICBC Growth Selected Mixed Fund include companies like Xinda Biopharmaceutical, Xinlitai, and Zaiqi Pharmaceutical, reflecting a strategic shift towards companies with strong growth potential [4] Market Outlook - The report indicates a positive outlook for the medical device sector, with expectations of a turning point beginning in the second half of 2025 [4] - The innovative drug sector is transitioning from an expectation-driven phase to one focused on actual orders, supported by favorable national policies [4]