Core Viewpoint - The report highlights the performance and management of the Yongying CSI All-Share Medical Device ETF Fund for the second quarter of 2025, emphasizing its investment strategy, financial metrics, and market outlook for the medical device industry. Fund Overview - The fund aims to closely track the performance of the CSI All-Share Medical Device Index, with a total fund share of 470,599,906.92 as of the report date [1]. - The fund operates as an open-ended ETF and was established on November 22, 2021 [1]. Financial Performance - The net asset value (NAV) for the Yongying CSI All-Share Medical Device ETF Initiating Link A was 0.6086 RMB, with a net value growth rate of -0.26% during the reporting period [5]. - For the same period, the performance benchmark yielded a return of -0.89% [5]. - The NAV for the Yongying CSI All-Share Medical Device ETF Initiating Link C was 0.6043 RMB, with a net value growth rate of -0.31% [5]. Investment Strategy - The fund primarily employs an index investment strategy, investing in the target ETF to achieve close tracking of the benchmark index [5]. - The fund's investment strategy includes stock investment, bond investment, and asset-backed securities investment, among others [1]. Market Outlook - The medical device sector is expected to see significant performance improvements in the third quarter, driven by high growth rates in bidding data since November 2024 and supportive government policies for high-end medical devices [4]. - The integration of AI technologies in medical devices is anticipated to enhance innovation and market competitiveness [4]. Management Report - The fund management adheres to strict compliance with investment regulations and maintains a disciplined investment research and decision-making process [3]. - The management emphasizes fair trading practices and has not encountered any significant violations of fair trading during the reporting period [4]. Fund Share Changes - The total shares for Yongying CSI All-Share Medical Device ETF Initiating Link A increased from 131,880,539.89 to 133,505,066.16 during the reporting period [7]. - For Initiating Link C, shares rose from 328,466,280.74 to 337,094,840.76 [7]. Other Important Information - There were no single investors holding more than 20% of the fund shares during the reporting period [7].

Core Viewpoint - The report outlines the performance and investment strategy of the Yongying Shanghai Stock Exchange Science and Technology Innovation Board 100 Index Enhanced Fund for the second quarter of 2025, highlighting its focus on achieving returns that exceed the benchmark while managing risks effectively [1][4]. Fund Overview - Fund Name: Yongying Shanghai Stock Exchange Science and Technology Innovation Board 100 Index Enhanced Fund - Fund Manager: Yongying Fund Management Co., Ltd. - Fund Custodian: China Merchants Bank Co., Ltd. - Total Fund Shares at Period End: 25,789,800.27 shares [1][2]. Performance Metrics - Net Asset Value Growth Rate for Class A: 2.12% with a benchmark return of 2.53% - Net Asset Value Growth Rate for Class C: 2.02% with a benchmark return of 2.53% - Performance over the past three months: Class A 2.12%, Class C 2.02%, with respective benchmark returns of 2.53% [5][6]. Investment Strategy - The fund employs an index-enhanced strategy, focusing on stock selection based on fundamental analysis, particularly targeting companies with good growth potential. - The fund aims to maintain an average tracking deviation of no more than 0.5% and an annualized tracking error of no more than 8% [1][4]. Asset Allocation - Total Assets: 30,670,925.18 CNY - Equity Investments: 90.93% of total assets - Bond Investments: 2.70% of total assets - Major sectors include Manufacturing (80.06%) and Information Technology Services (13.51%) [5][6]. Management and Compliance - The fund management adheres to strict compliance with investment regulations and maintains a disciplined investment process to ensure fair treatment of all investment portfolios. - No significant violations of fair trading practices were reported during the period [3][4]. Fund Share Changes - Class A Fund Shares at Period Start: 12,402,699.80 - Class C Fund Shares at Period Start: 8,738,539.10 - Total Subscription for Class A: 1,852,450.65, Total Redemption: 1,059,975.64 - Total Subscription for Class C: 12,009,021.05, Total Redemption: 8,152,934.69 [6][7]. Key Personnel - Fund Managers: Zhang Lu and Qian Houxiang, both with 10 years of experience in the securities industry [2][4].

Core Viewpoint - The report provides an overview of the performance and investment strategy of the Ruiyuan Growth Value Mixed Securities Investment Fund, highlighting its focus on value investment in growth-oriented companies while maintaining a high level of asset allocation in equities. Fund Overview - Fund Name: Ruiyuan Growth Value Mixed Fund - Fund Manager: Ruiyuan Fund Management Co., Ltd. - Fund Custodian: China Merchants Bank Co., Ltd. - Total Fund Shares at Period End: 14,443,991,288.58 shares [1] - Investment Objective: To achieve long-term, sustainable, and stable excess returns through in-depth research and analysis of listed companies [1]. Financial Indicators and Fund Performance - Ruiyuan Growth Value Mixed A Fund Net Value Growth Rate: 5.80% for the past three months, 8.39% for the past six months, and 17.21% for the past year [3][8]. - Ruiyuan Growth Value Mixed C Fund Net Value Growth Rate: 5.70% for the past three months, 8.18% for the past six months, and 16.73% for the past year [2][8]. - The fund's performance benchmark is a composite of 60% CSI 800 Index, 20% CSI Hong Kong Stock Connect Composite Index, and 20% Shanghai Government Bond Index [1]. Investment Strategy - The fund employs a strategy of selecting stocks from companies with growth potential while controlling risks [1]. - The fund's asset allocation strategy is adjusted based on macroeconomic trends, market conditions, and industry cycles [1]. - The fund maintains a high equity allocation, with over 92% of assets in stocks during the reporting period [7]. Portfolio Composition - Total Value of Stock Assets: 17,202,390,429.11 RMB, accounting for 91.48% of total fund assets [5]. - Total Value of Bond Assets: 924,048,980.83 RMB, accounting for 4.91% of total fund assets [5]. - The fund has significant investments in sectors such as electronics, internet technology, precision manufacturing, and pharmaceuticals [7]. Market Context - The report discusses the impact of U.S.-China trade negotiations on the market, noting fluctuations in tariffs and their effects on global markets [6]. - It highlights the resilience of domestic exports despite challenges and anticipates a potential decline in exports due to demand and inventory factors [6]. - The report also mentions the acceleration of special bond issuance and infrastructure investment as potential drivers for economic growth in the second half of the year [7].

Core Viewpoint - The report outlines the performance and investment strategy of the Yongying Rui Jian Progressive Mixed Securities Investment Fund for the second quarter of 2025, highlighting a focus on long-term asset value appreciation while managing risks through diversified investment strategies [1][3]. Fund Product Overview - Fund Name: Yongying Rui Jian Progressive Mixed - Fund Code: 022717 - Total Fund Shares at Period End: 140,963,027.99 shares - Investment Objective: Long-term stable appreciation of net asset value while controlling investment portfolio risks [2]. - Investment Strategies: Includes macroeconomic analysis, asset allocation, stock investment, fixed income strategies, convertible bonds, and various derivatives [2]. - Performance Benchmark: 70% CSI 800 Index, 10% Hang Seng Index (converted by valuation exchange rate), and 20% China Bond Composite Index [2]. Financial Indicators and Fund Performance - Fund A Net Value Growth Rate (Last Three Months): 13.25%, Benchmark Return: 1.46% [3]. - Fund C Net Value Growth Rate (Last Three Months): 13.08%, Benchmark Return: 1.46% [3]. - Fund A Net Value at Period End: 1.1216 CNY, Fund C Net Value at Period End: 1.1187 CNY [5]. Investment Portfolio Report - Total Value of Stocks: 146,645,935.96 CNY (83.45% of total assets) [6]. - Total Value of Bonds: 6,921,321.95 CNY (3.94% of total assets) [6]. - Value of Hong Kong Stocks via Stock Connect: 42,115,095.09 CNY (26.68% of net value) [7]. Management Report - The fund manager adheres to legal regulations and maintains a disciplined investment research and decision-making process to ensure fair treatment of different investment portfolios [4]. - No significant violations of fair trading practices were reported during the period [4]. Changes in Fund Shares - Fund A Initial Shares: 56,426,195.51, Final Shares: 52,633,871.37 [8]. - Fund C Initial Shares: 231,101,907.25, Final Shares: 88,329,156.62 [8].

Core Viewpoint - The report highlights the performance and investment strategy of the Yongying High-end Equipment Select Mixed Fund, focusing on the satellite internet sector as a key investment opportunity in the high-end equipment industry, with a notable net value growth during the second quarter of 2025 [1][2]. Fund Overview - The fund is managed by Yongying Fund Management Co., Ltd. and is a mixed-type open-end fund that primarily invests in high-end equipment-related assets [1]. - As of the end of the reporting period, the total fund shares amounted to 691,393,948.39 [1]. Financial Performance - The net value growth rate for Class A shares was 4.80% during the reporting period, while Class C shares saw a growth rate of 4.69% [4][5]. - The performance benchmark for Class A shares yielded a return of 0.67% during the same period [4]. Investment Strategy - The fund aims to achieve medium to long-term stable appreciation of net asset value while controlling risks through diversified asset allocation strategies, including stocks, fixed income, and derivatives [1][2]. - The fund's investment focus is on the satellite internet sector, which is seen as a critical area for future growth and technological advancement [2][4]. Sector Analysis - The report indicates that the satellite internet sector is gaining traction due to increased military orders and the normalization of satellite launches, with significant developments in low Earth orbit satellite networks [2][4]. - The fund's investment strategy includes monitoring the progress of satellite internet projects and the advancement of key technologies within the industry [2]. Portfolio Composition - As of the reporting period, the fund's assets were primarily allocated to the manufacturing sector (84.04%) and information technology services (10.28%), with a total equity investment of approximately 529.14 million yuan [5]. - The fund did not hold any bonds or asset-backed securities during the reporting period [5]. Shareholder Information - The report details the changes in fund shares, with Class A shares totaling 138,536,669.50 and Class C shares totaling 552,857,278.89 at the end of the reporting period [5][6]. - The fund management did not utilize proprietary funds for investment in the fund during the reporting period [6].

Core Viewpoint - The report provides an overview of the performance and management of the Yongying Huiying One-Year Holding Period Bond Fund of Funds (FOF) for the second quarter of 2025, highlighting its investment strategies, financial indicators, and compliance with regulations [1][3]. Fund Product Overview - Fund Name: Yongying Huiying One-Year Holding Period Bond FOF - Fund Code: 013668 - Total Fund Shares at Period End: 288,922,395.96 shares - Investment Objective: To achieve returns exceeding the performance benchmark while strictly controlling portfolio risks [1][2]. Financial Indicators and Fund Performance - FOF A Net Value Growth Rate for the past three months: 1.20%, with a benchmark return of 1.07% - FOF C Net Value Growth Rate for the past three months: 1.10%, with a benchmark return of 1.07% - FOF A Net Value at Period End: 1.0730 CNY - FOF C Net Value at Period End: 1.0574 CNY [1][8]. Management Report - The fund manager adheres to the Securities Investment Fund Law and maintains a disciplined investment research and decision-making process to ensure fair treatment of different investment portfolios [3][4]. - The fund management has implemented strict investment authorization and monitoring systems to prevent conflicts of interest [3][4]. Economic Environment - The macroeconomic environment shows a "strong production, weak demand" structure, with a decline in real estate investment affecting overall investment [4]. - The consumer retail sales have shown signs of recovery due to policy support, but overall inflation remains low, indicating ongoing pressure on corporate profits [4]. Market Conditions - In the second quarter, bond market yields generally declined, influenced by U.S.-China tariff negotiations and monetary policy [5]. - The credit environment improved, with a decrease in credit spreads and increased demand for credit bonds [5][6]. Investment Strategy - The fund maintained a stable allocation strategy, actively participating in opportunities arising from rapid declines in bond yields [6]. - The fund's structure allowed for flexible allocation across different types of bonds to capture narrowing yield spreads [6]. Fund Holdings - At the end of the reporting period, the fund held 17,491,343.49 CNY in bonds, representing 5.70% of total assets, with no holdings in stocks or asset-backed securities [8].

永赢惠添益混合型证券投资基金 基金管理人：永 赢 基 金管理有限公司 基金托管人：招商银行股份有限公司 报告送出日期：2025 年 07 月 17 日 永赢惠添益混合型证券投资基金 2025 年第 2 季度报告 §1 重要提示 基金管理人的董事会及董事保证本报告所载资料不存在虚假记载、误导性陈述或重大遗漏，并对其内 容的真实性、准确性和完整性承担个别及连带责任。 基金托管人招商银行股份有限公司根据本基金合同规定，于 2025 年 07 月 15 日复核了本报告中的财 务指标、净值表现和投资组合报告等内容，保证复核内容不存在虚假记载、误导性陈述或者重大遗漏。 基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈利。 基金的过往业绩并不代表其未来表现。投资有风险，投资者在作出投资决策前应仔细阅读本基金的招 募说明书。 本报告中财务资料未经审计。 本报告期自 2025 年 04 月 01 日起至 2025 年 06 月 30 日止。 §2 基金产品概况 基金简称 永赢惠添益混合 基金主代码 011203 基金运作方式 契约型开放式 基金合同生效日 2021 年 03 月 16 日 报告期末 ...

Group 1 - The core viewpoint of the articles highlights a significant reduction in credit card benefits across various banks, driven by cost pressures and a shift in the banking industry's strategy towards high-value customers [1][3][4] - The changes in benefits have led to customer dissatisfaction, with many users expressing their frustration on social media and even canceling their cards [5][6] - The credit card market is entering a phase of stock competition, with many banks experiencing negative growth in card issuance and a decline in transaction volumes [4][6] Group 2 - Banks are facing cost pressures due to narrowing interest margins, declining transaction amounts, and rising customer acquisition costs, prompting a need for efficiency [3][4] - The reduction in benefits is seen as a short-term cost-cutting measure, but it risks losing high-net-worth customers who are sensitive to service quality [5][6] - To retain high-value clients, banks are encouraged to offer personalized services and higher-yield products, moving away from traditional benefits [6][7] Group 3 - The industry is transitioning towards "data-driven services and scenario-based benefits," with banks innovating through co-branded cards and tailored offerings to enhance customer loyalty [7][8] - By leveraging big data, banks can provide customized products and services, increasing credit card usage frequency and overall customer satisfaction [8]

Core Viewpoint - The report indicates that the medical device sector is experiencing a narrow fluctuation, with the benchmark index for medical devices declining by 0.98% in the second quarter of 2025. However, there are signs of potential recovery in the third quarter due to high growth rates in bidding data and supportive policies for high-end medical devices [4]. Group 1: Fund Overview - The fund is named "Yongying CSI All-Index Medical Device ETF" and operates as an open-ended index fund, with a total of 3,780,037,843 shares at the end of the reporting period [2]. - The fund aims to closely track the performance of its benchmark index, with a target annual tracking error of less than 2% and an average daily tracking deviation of no more than 0.2% [2][5]. Group 2: Financial Performance - The fund's net asset value per share at the end of the reporting period was 0.4806 RMB, with a net value growth rate of -0.17% during the quarter, compared to a benchmark return of -0.98% [5]. - Over the past three months, the fund's net value growth rate was -0.17%, while the benchmark's was -0.98%. For the past six months, the fund's return was -0.89% against the benchmark's -1.71% [3][5]. Group 3: Investment Strategy - The fund employs a full replication strategy, investing in each stock according to the composition and weight of the benchmark index, and rebalancing the portfolio as necessary [5]. - The fund's investment is primarily in stocks, with 99.67% of total assets allocated to equities, specifically in the manufacturing sector, which accounts for 94.58% of the fund's net asset value [6][7]. Group 4: Market Outlook - The medical device industry is expected to see significant performance improvements in the third quarter, driven by high growth in bidding data and supportive government policies for high-end medical devices [4]. - The integration of AI technologies in medical devices is anticipated to enhance the sector's growth potential, with many companies adopting AI models to accelerate innovation [4].

Core Viewpoint - The international silver price has surged significantly this year, with a cumulative increase of 35%, surpassing gold's performance, and reaching a 14-year high of over $39 per ounce on July 14 [1][12]. Group 1: Market Trends - Multiple banks have launched various silver investment products to capitalize on the rising silver prices [2][3]. - The Industrial and Commercial Bank of China (ICBC) has prominently featured a silver investment product called "Wealthy Blessing Silver Ingot" priced at 755 yuan for 50 grams, and a popular "Panda Silver Coin" set priced at 5,317 yuan for 30 grams each, achieving sales of over 7,000 sets [3][7]. - China Bank has introduced commemorative silver bars, with prices ranging from 598 yuan for 10 grams to 3,980 yuan for 200 grams [7]. Group 2: Investor Sentiment - Many investors are eager to invest in silver, but there is a noticeable disparity between the high demand for silver and the actual sales at bank branches, which remain relatively low [9][10]. - Despite the high price increase in silver, gold products continue to be more popular among investors, leading to limited inventory of silver products at banks [9][10]. Group 3: Market Dynamics - The recent surge in silver prices is attributed to several factors, including a tight supply of silver, significant inflows into silver ETFs, and a growing industrial demand that has resulted in a supply deficit of over 4,000 tons this year [12][13]. - Market analysts suggest that the rising risk appetite and expectations of interest rate cuts by the Federal Reserve have contributed to the bullish sentiment in the silver market [13].