Core Viewpoint - The article highlights the active repositioning of high-performing funds in the second quarter, with a focus on technology and healthcare sectors for future investments [2][6]. Fund Performance and Adjustments - Several high-performing funds have significantly increased their scale in the second quarter. For instance, the scale of Yongying Technology Select Mixed Fund reached 1.166 billion yuan, an increase of 910 million yuan, representing a growth of 364% [3]. - After attracting substantial capital, fund managers quickly adjusted their portfolios. By the end of the second quarter, Yongying Technology Select Mixed Fund had a stock investment ratio of 94.67%, up from 77.62% at the end of the first quarter, with a focus on the A-share market [3]. - The top ten holdings of Yongying Technology Select Mixed Fund underwent significant changes, with new stocks like Xin Yisheng and Zhongji Xuchuang becoming prominent [3]. Sector Focus and Investment Strategies - The Longcheng Pharmaceutical Technology Six-Month Holding Mixed Fund also saw a slight increase in scale, with a year-to-date net value increase of over 50%. Its stock investment ratio grew by nearly 10 percentage points in the second quarter [4][5]. - The fund managers are focusing on policy beneficiaries and innovative drugs that exceed expectations in overseas business development [5]. - Many equity funds increased their stock positions in the second quarter, with Yongying Medical Health Stock Fund's stock investment ratio reaching 92.35%, up by 2.79 percentage points from the previous quarter [5]. Market Outlook and Future Opportunities - Public funds generally remain optimistic about future equity investment opportunities, particularly in technology and healthcare sectors [7]. - The manager of Yin Hua Tai Li Mixed Fund believes that the risk-reward ratio for equity assets has improved, maintaining a positive outlook [7]. - The AI sector continues to attract attention, with expectations for advancements in models and applications, particularly in the context of global cloud computing opportunities [7].

Core Viewpoint - The recent quarterly reports of public funds indicate a significant growth in the scale of pharmaceutical-themed funds, highlighting the strong performance and potential of the innovative drug sector in China [1][3][5]. Fund Performance - As of July 14, five pharmaceutical-themed funds reported their Q2 results, showing varying degrees of growth in scale. Notably, the Longcheng Pharmaceutical Industry Select Mixed Fund saw its scale increase by over 30 times, from 0.36 billion to 11.32 billion [3][4]. - Other funds reported the following scales: Longcheng Health Mixed at 4.93 billion (up 7.24%), Longcheng Pharmaceutical Technology at 4.9 billion (up 17.37%), Longcheng Healthcare Mixed at 3.52 billion (up 3.83%), and Yongying Pharmaceutical Health at 1 billion (up 57.82%) [3][4]. Top Holdings - Yongying Pharmaceutical Health Fund underwent a complete overhaul of its top ten holdings, which now include companies like Shutaishen and Rejing Biology [4]. - The Longcheng Pharmaceutical Industry Select Fund saw minor adjustments, adding three new stocks while removing others, maintaining a relatively stable portfolio [4]. Market Outlook - The innovative drug sector is experiencing strong momentum, with several leading stocks hitting their upper limits. For instance, stocks like Laimei Pharmaceutical and Lianhuan Pharmaceutical saw significant gains [5]. - The recent policy announcement from the National Medical Insurance Administration regarding the adjustment of the national basic medical insurance drug catalog is expected to further boost the innovative drug sector [5][6]. - Analysts emphasize that the upgrade of China's innovative drugs is not optional but essential, with a focus on companies that possess strong technological capabilities and can continuously create clinical value [5][6].