AI基金融通健康产业灵活配置混合A/B（000727）披露2025年中期报告，上半年基金利润1.51亿元，加权平均基金份额本期利润0.1739元。报告期内，基金 净值增长率为7.62%，截至上半年末，基金规模为20.74亿元。 该基金属于灵活配置型基金，长期投资于医药医疗股票。截至9月2日，单位净值为2.939元。基金经理是万民远，目前管理的5只基金近一年均为正收益。其 中，截至9月2日，融通价值成长混合A近一年复权单位净值增长率最高，达73.25%；融通医疗保健行业混合A/B最低，为34.29%。 基金管理人在中期报告中表示，本基金按照基金合同规定要求，精选赛道及成长性较好且估值相对较低的板块及个股进行重点配置，并适时调整组合结构。 上半年组合逐步清仓了创新药相关资产，逢低增配了创新器械。我们依然坚持顺着中国医药产业结构升级和医疗需求修复的方向寻找投资机会。重点从创新 引领的产业升级及进口替代、院内医疗复苏及足够悲观定价等几个角度精选个股。目前本基金重点配置创新（创新药产业链、创新器械）+复苏（消费医 疗、零售及中药等）及低 PB 类资产。 截至9月2日，融通健康产业灵活配置混合A/B近三个月复权单位净值增 ...

Group 1 - KANGYUAN Pharmaceutical (600557.SH) released its semi-annual report for 2025 on August 28, 2025, showing that as of August 27, 2025, 19 institutional investors disclosed holding A-shares, totaling 275 million shares, which accounts for 48.54% of the total share capital [1] - The top ten institutional investors include Jiangsu Kangyuan Group Co., Ltd., Lianyungang Kangbeier Medical Equipment Co., Ltd., Central Huijin Asset Management Co., Ltd., Hong Kong Central Clearing Limited, and several funds managed by major financial institutions, with the top ten investors holding a combined 48.13% of shares, a decrease of 1.28 percentage points from the previous quarter [1] Group 2 - In the public fund sector, five new public funds were disclosed this period compared to the previous quarter, including Penghua Value Advantage Mixed (LOF), Traditional Chinese Medicine ETF, and others [2] - Three public funds were not disclosed this period compared to the previous quarter, including Qianhai United National Health Mixed A and others [2]

Summary of Key Points Core Viewpoint - Tianyi Medical (301097.SZ) reported a decrease in institutional investor holdings in its A-shares, with a total of 1.559 million shares held by seven institutions, representing 2.64% of the total share capital, down by 0.38 percentage points from the previous quarter [1]. Institutional Holdings - As of August 27, 2025, seven institutional investors disclosed their holdings in Tianyi Medical, totaling 1.559 million shares, which is 2.64% of the company's total equity [1]. - The institutional investors include notable funds such as China Merchants Bank - Penghua Hongjia Flexible Allocation Mixed Fund and China Construction Bank - Yuanxin Yongfeng聚优 Equity Fund [1]. - The total institutional holding percentage decreased by 0.38 percentage points compared to the previous quarter [1]. Public Fund Holdings - Two public funds reduced their holdings compared to the previous quarter, specifically Yuanxin Yongfeng Medical Health A and Yuanxin Yongfeng聚优 A, with a total reduction of 0.12% [1]. - One new public fund disclosed its holdings during this period, which is the Rongtong Health Industry Flexible Allocation Mixed A/B [1]. - One public fund, Penghua Quality Governance Mixed (LOF) A, was not disclosed in this quarter compared to the previous one [1].

Group 1 - The core viewpoint of the news is that Baicheng Pharmaceutical (301096.SZ) reported its semi-annual results for 2025, revealing significant institutional investor activity and changes in shareholding [1] - As of August 27, 2025, a total of 10 institutional investors disclosed holdings in Baicheng Pharmaceutical A-shares, with a combined holding of 14.74 million shares, accounting for 13.50% of the total share capital [1] - The top ten institutional investors include various management partnerships and funds, with their combined holding percentage decreasing by 1.07 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, one fund, Rongtong Health Industry Flexible Allocation Mixed A/B, reported a slight decrease in holdings compared to the previous quarter [2] - Two new public funds were disclosed during this period, namely Caitong Technology Innovation Mixed A and Caitong Fusheng Mixed Initiation (LOF) A [2] - Two public funds, including Everbright Baodexin Credit Enhancement Bond Class A and Everbright Baodexin Anqi Bond Class A, were not disclosed in this period compared to the previous quarter [2]

Group 1 - Meihao Medical has experienced a decline for four consecutive trading days, with a cumulative drop of -5.30% [1] - Meihao Medical is a leading global provider of medical device research and production services [1] - Rongtong Fund's Rongtong Health Industry Flexible Allocation Mixed A/B has entered the top ten shareholders of Meihao Medical, marking a new investment in Q2 of this year [1] Group 2 - The Rongtong Health Industry Flexible Allocation Mixed A/B fund has achieved a year-to-date return of 22.76%, ranking 602 out of 2282 in its category [2] - The fund's performance over various periods includes a 1-week increase of 1.47%, a 1-month increase of 11.13%, a 3-month increase of 20.23%, and a 6-month increase of 24.31% [2] - The fund manager, Wan Minyuan, has extensive experience in the investment industry, having held various research and management positions since 2011 [3][4]

Core Viewpoint - The article discusses the performance and management of the Rongtong Health Industry Flexible Allocation Mixed Fund A/B, highlighting its net asset growth and the background of its fund manager, Wan Minyuan [1][2]. Fund Performance - As of June 30, 2025, the net assets of the Rongtong Health Industry Flexible Allocation Mixed Fund A/B reached 2.074 billion yuan, reflecting a 1.92% increase from the previous period [1]. - The fund's recent performance includes a 15.0% return over the last three months and a 19.86% return over the past year, with a cumulative return of 166.1% since inception [2]. Fund Manager Background - Wan Minyuan, the fund manager, holds a PhD in Biomedical Science from Sichuan University and has extensive experience in the investment sector, having worked at various securities firms and investment management companies since 2011 [1]. Fund Holdings - The top ten stock holdings of the fund include Yixin Tang, Aibo Medical, Sanyou Medical, Jianzhijia, Kaili Medical, Yangguang Nuohuo, Dongfang Biological, Puri Eye Care, Meihua Medical, and Meinian Health, with a combined holding percentage of 57.00% [2]. Company Overview - Rongtong Fund Management Co., Ltd. was established in May 2001 and is based in Shenzhen, focusing on capital market services, with a registered capital of 125 million yuan [2].

Core Viewpoint - The AI Fund for Health Industry Flexible Allocation Mixed A/B (000727) reported a profit of 179 million yuan in Q2 2025, with a net asset value growth rate of 8.97% for the period [2] Fund Performance - As of July 17, the fund's unit net value was 2.661 yuan, with a recent three-month growth rate of 15.00%, ranking 108 out of 138 comparable funds [3] - The fund's six-month growth rate was 16.45%, ranking 117 out of 138, and the one-year growth rate was 19.86%, ranking 107 out of 133 [3] - Over the past three years, the fund's growth rate was -9.89%, ranking 64 out of 106 [3] Risk and Return Metrics - The fund's Sharpe ratio over the past three years was 0.1159, ranking 48 out of 105 comparable funds [8] - The maximum drawdown over the past three years was 45.79%, with the highest quarterly drawdown occurring in Q1 2024 at 26.05% [11] Investment Strategy - The fund focuses on selecting sectors and stocks with good growth potential and relatively low valuations, aligning with the structural upgrades in China's pharmaceutical industry and the recovery of medical demand [2] - Key investment areas include innovation-driven industry upgrades, import substitution, and recovery in hospital medical services, with a focus on innovative drugs, medical devices, and low price-to-book (PB) assets [2] Fund Composition - As of June 30, the fund maintained an average stock position of 92.67% over the past three years, with a peak of 94.13% at the end of Q1 2024 [14] - The fund's total assets reached 2.074 billion yuan as of the end of Q2 2025 [15] - The top ten holdings include Yixin Hall, Aibo Medical, Sanyou Medical, Jianzhijia, Kaili Medical, Sunshine Nuohuo, Dongfang Biological, Puri Eye Hospital, Meihao Medical, and Meinian Health [18]

Group 1 - Kanyuan Pharmaceutical (600557.SH) released its 2024 annual report on April 3, 2025, indicating that 125 institutional investors disclosed holding A-shares, totaling 292 million shares, which accounts for 50.25% of the total share capital [1] - The top ten institutional investors include Jiangsu Kanyuan Group Co., Ltd., Lianyungang Kangbeier Medical Equipment Co., Ltd., Central Huijin Asset Management Co., Ltd., and others, with a combined holding ratio of 47.38%, showing a decrease of 1.85 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, five funds reported a decrease in holdings compared to the previous quarter, with a total reduction of 1.49% [2] - A total of 111 new public funds were disclosed this period, including funds such as Rongtong Health Industry Flexible Allocation Mixed A/B and Southern CSI 1000 ETF [2] - Four public funds were not disclosed this period, including various funds under the Fangzheng Fubang brand [2]