ICBC Credit Suisse Asset Management's Zhao Bei's mid-term report is out! INNOVENT BIO and ZAI LAB have entered the top ten heavy positions

According to Zhitong Finance APP, on August 29, Zhao Bei, known as the "sister of ICBC Credit Suisse," announced the mid-term report for 2025 for the funds she manages. Zhao Bei currently manages products including ICBC Medical Healthcare, ICBC Frontier Medical, ICBC Pension Industry, and ICBC Growth Select, with a total management scale of 16.428 billion yuan. Among them, the scale of ICBC Frontier Medical exceeds 10 billion, with A share scale of 9.33 billion and C share scale of 1.26 billion.

During the reporting period, the net value growth rate of ICBC Frontier Medical Stock A shares was 15.58%, while the performance benchmark return rate for the fund's A shares was 2.17%; the net value growth rate for C shares was 15.26%, with the performance benchmark return rate for the fund's C shares also at 2.17%.

ICBC Frontier Medical mainly holds A-share pharmaceutical stocks. From the latest key holdings, as of the end of the second quarter, the top ten heavy holdings of the ICBC Frontier Medical Stock Fund were Heng Rui Medicine (600276.SH), Ke Lun Pharmaceutical (002422.SZ), Xin Li Tai (002294.SZ), Hai Si Ke (002653.SZ), Bai Ji Shen Zhou (688235.SH), Xin Nuo Wei (300765.SZ), Ze Jing Pharmaceutical (688266.SH), WuXi AppTec (603259.SH), Hua Dong Pharmaceutical (000963.SZ), and Rong Chang Bio (688331.SH). Among them, Rong Chang Bio entered the top ten heavy holdings in the second quarter, while Yu Yued Medical exited the top ten heavy holdings.

Regarding the increase in chemical pharmaceuticals, Zhao Bei increased her positions in pharmaceutical stocks such as Ke Lun Pharmaceutical, Hai Si Ke, and Hua Dong Pharmaceutical in the second quarter, while simultaneously reducing her holdings in Xin Li Tai and Ze Jing Pharmaceutical.

ICBC Growth Select Mixed Fund mainly heavily invests in Hong Kong medical stocks. During the reporting period, the net value growth rate of ICBC Growth Select Mixed Fund A shares was 34.63%, with the performance benchmark return rate for the fund's A shares at 4.06%; the net value growth rate for C shares was 34.23%, with the performance benchmark return rate for the fund's C shares also at 4.06%.

In terms of portfolio adjustment, as of the end of the second quarter, INNOVENT BIO (01801), Xin Li Tai, Zai Lab (09688), and Xian Sheng Pharmaceutical (02096) entered the top ten heavy holdings of ICBC Growth Select Mixed Fund, while Tencent Holdings (00700) and SMIC (00981) exited the top ten heavy holdings.

In the mid-term report, Zhao Bei pointed out that during the reporting period, she continued to increase allocations to innovative pharmaceutical companies with strong R&D capabilities and potential for overseas expansion, but reduced holdings in some small-cap innovative pharmaceutical companies that had risen too much in the short term and were overvalued She stated that the excess returns achieved in the first half of the year were mainly due to a significant overweight in the innovative drug sector. With the substantial rise in the innovative drug sector in the secondary market and the active support of national policies, the sector is gradually transitioning from an expected inflection point to an order inflection point, which is why some upstream research companies were added in the first half of the year. Additionally, she expects that medical device companies may reach an inflection point starting in the second half of 2025