Core Viewpoint - The Tianhong Advanced Manufacturing A Fund (011851) reported a profit of 300,400 yuan for Q2 2025, with a net value growth rate of 0.26% and a fund size of 147 million yuan as of the end of Q2 2025 [2][17]. Fund Performance - The fund's weighted average profit per share for the reporting period was 0.002 yuan [2]. - As of July 18, 2025, the fund's unit net value was 1.059 yuan [2]. - The fund's performance over different time frames includes: - 3-month net value growth rate: 10.59%, ranking 100 out of 171 comparable funds [4]. - 6-month net value growth rate: 4.78%, ranking 112 out of 171 comparable funds [4]. - 1-year net value growth rate: 16.01%, ranking 97 out of 166 comparable funds [4]. - 3-year net value growth rate: -11.88%, ranking 26 out of 125 comparable funds [4]. - The fund's Sharpe ratio over the past three years was 0.0736, ranking 26 out of 120 comparable funds [10]. - The maximum drawdown over the past three years was 40.31%, ranking 112 out of 122 comparable funds [12]. Investment Strategy and Outlook - The fund manager anticipates a more optimistic market in the second half of the year, contingent on a stable external environment [3]. - Key investment directions for the second half include: - Cyclical sectors benefiting from domestic economic improvement, extending from consumption to manufacturing and from downstream to upstream [3]. - High-tech sectors benefiting from domestic industrial restructuring, including new energy, AI applications, computing power construction, aerospace manufacturing, and innovative pharmaceuticals [3]. Fund Holdings - As of June 30, 2025, the fund's top ten holdings included: - Geely Automobile, CATL, Air China, China Power, Zhongtian Technology, Shantui, Guangdong Hongda, Xiamen Tungsten, AVIC Shenyang Aircraft, and Torch Electronics [20]. Fund Positioning - The fund maintained an average stock position of 87.59% over the past three years, with a peak of 93.24% at the end of 2024 and a low of 70.32% in mid-2021 [15].

Core Viewpoint - The latest holdings of Zhu Shaoxing's fund, FuGuo TianHui Selected Growth Mixed Fund, show significant changes in stock positions and reflect the current market conditions and investment strategies [1][2][3][4]. Group 1: Fund Performance and Holdings - As of the end of Q2 2025, Zhu Shaoxing's stock position is at 94.05%, with the top ten holdings accounting for 34.98% of the fund's net value [2]. - The top ten holdings include Guizhou Moutai, Ningbo Bank, Spring Power, Midea Group, Ruifeng New Materials, CATL, Jerry Holdings, Binjiang Group, Guangdong Hongda, and Blue Sky Technology [2]. - New entries in the top ten holdings for Q2 include Jerry Holdings, Guangdong Hongda, and Blue Sky Technology, while positions in Ningbo Bank, Spring Power, Midea Group, CATL, and Binjiang Group were reduced [2]. Group 2: Market Analysis - In Q2, the CSI 300 Index rose by 1.25%, and the ChiNext Index increased by 2.34%, following a period of significant market volatility due to escalating trade tensions [3]. - The market experienced a recovery after a sharp decline caused by trade conflicts, with expectations of a negotiated resolution to the trade issues [3]. - The current A-share market is viewed as attractive in terms of long-term valuation, with equity assets positioned well in terms of risk-reward [4]. Group 3: Investment Strategy - The fund aims to focus on high-quality stocks with strong corporate governance and management, believing these companies are more likely to create value for investors in the future [4]. - The investment strategy emphasizes patience in collecting shares of companies with significant growth potential, rather than attempting to predict short-term market trends [4]. - The fund's performance is linked to sharing the capital market gains derived from the growth of the underlying companies [4].

Group 1 - The establishment of China Yajiang Group and the commencement of the Yarlung Tsangpo River downstream hydropower project inject new growth momentum into the hydropower industry [1] - The Yarlung Tsangpo River downstream hydropower project involves the construction of five cascade power stations with a total investment of approximately 1.2 trillion yuan, aiming for an annual power generation of about 300 billion kilowatt-hours [1] - The project is expected to enhance the long-term growth potential of the hydropower sector, with installed capacity projected between 60 to 70 million kilowatts [1] Group 2 - Central state-owned enterprises in the construction sector, particularly China Power Construction Corporation, are poised to benefit significantly from hydropower engineering projects [2] - China Power Construction Corporation is responsible for over 80% of river planning and more than 65% of the construction tasks for large and medium-sized hydropower stations in China, holding over 50% of the global market share in this area [2] - The demand for cement in Tibet is expected to rise, with a projected cement production of 13.1 million tons in 2024, primarily driven by six leading companies [2] Group 3 - The demand for explosives in Tibet is anticipated to increase due to the scale of the hydropower projects, with an estimated usage of approximately 139,300 tons of explosives for the Yarlung Tsangpo River downstream project [3] - Major players in the explosives market in Tibet include Gaozheng Minexplosion, Yipuli, and Guangdong Hongda, which hold significant market shares [3]

Investment Rating - Industry Rating: Recommended [4] Core Insights - The establishment of China Yajiang Group marks the orderly advancement of major engineering projects, with significant investment opportunities in geotechnical engineering and civil explosives [1][8] - The demand for civil explosives is expected to concentrate further, benefiting companies like Guangdong Hongda and Xuefeng Technology [1] - The traditional industry is experiencing a "anti-involution" trend, with recommendations for cement leaders such as Conch Cement and Huaxin Cement [1][9] - Domestic substitution is gaining momentum, with recommendations for companies like Maijia Xincai and Songjing Co., which are expected to benefit from tariff relief and increased shipping demand [1][10] Summary by Sections 1. Market Trends - In the 29th week, new housing and second-hand housing market transaction volumes showed a downward trend, with new housing transaction area in 30 major cities down by 25% year-on-year [2][23] - The average price of cement in the national market is 356 RMB/ton, continuing to decline with a drop of 1% [3][27] 2. Investment Opportunities - Major water conservancy and hydropower projects are expected to generate substantial demand for engineering, building materials, and civil explosives, with total investment in the Yarlung Hydropower Project estimated at approximately 1.2 trillion RMB [8] - The civil explosives industry is undergoing consolidation, with the Ministry of Industry and Information Technology aiming to reduce the number of production enterprises to 50 by 2025 [8] 3. Cement Industry Analysis - Cement prices are under downward pressure, particularly in East and Southwest China, with average shipment rates around 43.2% [3][27] - The cement market is expected to continue experiencing price fluctuations due to weak overall demand and high inventory levels [27][54] 4. Recommendations - Recommended companies include Conch Cement, Huaxin Cement, and companies in the waterproofing sector like Dongfang Yuhong and Keshun Co. [1][9] - For domestic substitution, companies like Maijia Xincai and Songjing Co. are highlighted for their growth potential in the ship coating sector [1][10]

Investment Rating - The report maintains an "Outperform" rating for the basic chemical industry [2] Core Viewpoints - The basic chemical sector has outperformed the market, with the industry index rising by 1.8% from July 11 to July 18, compared to a 0.7% increase in the Shanghai Composite Index [9][20] - The report highlights significant price increases in TDI, glyphosate, and glufosinate due to supply disruptions and rising demand, particularly in South America [6][31][33] Summary by Sections 1. Core Viewpoints - The basic chemical sector is expected to benefit from supply-side reforms and improved demand due to recent government policies aimed at stabilizing the economy [17] - The report emphasizes the potential for long-term investment in core assets as the profitability of chemical products has likely bottomed out, suggesting a recovery in valuations [17][18] 2. Overall Performance of the Chemical Sector - The basic chemical industry index has shown a year-to-date increase of 10.8%, outperforming both the Shanghai Composite and ChiNext indices by 5.4% and 4.5%, respectively [20][26] 3. Individual Stock Performance in the Chemical Sector - Among 424 stocks in the basic chemical sector, 251 stocks rose while 162 fell during the reporting week, with notable gainers including Shangwei New Materials (+148.8%) and Dongcai Technology (+33.2%) [29][30] 4. Key News and Company Announcements - A fire at Covestro's TDI plant in Germany has led to significant supply disruptions, creating opportunities for price increases in TDI [31][32] - Glyphosate prices have increased to 25,500 CNY per ton, reflecting a 7.16% month-over-month rise, driven by reduced inventory levels [33] - New regulations on glufosinate are expected to constrain supply, potentially leading to price increases as the market adjusts [34]

Core Viewpoint - The report highlights significant adjustments in the heavy holdings of Liu Gesong's six funds managed by GF Fund, particularly in the new energy vehicle and semiconductor sectors, with a notable shift towards new consumption, internet, and military industries [1][2]. Fund Holdings Adjustment - Liu Gesong's funds have reduced their positions in several previously favored stocks, including: - North Huachuang: Holdings decreased by approximately 17.69% to 161,240 shares [2]. - Seres: Holdings reduced by 9.14% [6]. - EVE Energy: Holdings decreased by 4.16% [6]. - JinkoSolar: Holdings down by 10.77% [6]. - Conversely, there has been a significant increase in holdings of stocks such as: - DeYe Co.: Increased by 40% [3][8]. - Xichuang Data: Increased by nearly 76% [3]. - Xiaomi Group-W: Increased by 25.66% [7]. Fund Performance - The overall performance of Liu Gesong's funds in Q2 was underwhelming, with all funds experiencing net redemptions: - The best-performing fund, GF Multi-Dimensional Emerging, recorded a net value growth rate of 7.91% [4]. - Other funds, such as GF Small Cap Growth A and C, reported growth rates of 2.38% and 2.28%, respectively [4]. - GF Innovation Upgrade and GF Technology Pioneer recorded negative returns [4]. Market Context - The A-share market saw mixed performance in Q2, with the Shanghai Composite Index rising by 3.26% and the Shenzhen Component Index slightly declining by 0.37% [5]. - Key sectors such as military, banking, and telecommunications showed significant gains, while sectors like food and beverage, home appliances, and steel performed poorly [5]. - Liu Gesong remains optimistic about the domestic economy's resilience, citing factors such as the easing of geopolitical tensions and supportive domestic policies [5].

2、本次被担保对象宏大爆破工程集团有限责任公司、湖南涟邵 建设工程(集团)有限责任公司最近一期资产负债率超过 70%。 敬请投资者注意相关风险。 一、担保情况概述 广东宏大控股集团股份有限公司（以下简称"公司"）分别于 2025 年 2 月 12 日和 2025 年 2 月 28 日召开了第六届董事会 2025 年 第二次会议和 2025 年第二次临时股东会，审议通过了《关于 2025 年 度担保额度预计的议案》，同意 2025 年度为合并报表范围内的下属 子公司（含下属子公司之间互相担保）的新增担保额度为不超过 49 亿元，其中向资产负债率为 70%以上的担保对象的新增担保额度为不 超过 46.5 亿元（其中为全资子公司宏大爆破工程集团有限责任公司 证券代码：002683 证券简称：广东宏大 公告编号:2025-046 广东宏大控股集团股份有限公司 关于为子公司提供担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 特别提示： 1、本次提供担保后，公司对合并报表范围内子公司提供的担保 余额预计提升至 524,476.85 万元，占公司 2024 ...

Investment Rating - The report maintains an "Outperform" rating for the basic chemical industry [2] Core Viewpoints - The basic chemical sector has shown better performance than the market, with a year-to-date increase of 8.9%, outperforming the Shanghai Composite Index by 4.2 percentage points [4][16] - The global potash market is characterized by oligopoly, with major producers controlling supply and prices. Recent production cuts by key players are expected to sustain potash market conditions [5][27] - Phosphate supply remains tight, with stable prices and potential improvements in export opportunities as demand increases [5][27] Summary by Sections 1. Core Viewpoints - Policies are expected to improve supply-demand dynamics in the chemical sector, with a focus on cyclical investment opportunities [13] - The chemical industry is entering a new long-term prosperity cycle, driven by improved fundamentals and reduced risks [13][14] 2. Overall Performance of the Chemical Sector - The basic chemical industry index increased by 1.5% during the week, outperforming the Shanghai Composite Index by 0.4 percentage points [16] - Year-to-date, the basic chemical industry index has increased by 8.9%, significantly outperforming both the Shanghai Composite and ChiNext indices [16][18] 3. Individual Stock Performance in the Chemical Sector - Among 424 stocks in the basic chemical sector, 298 stocks rose while 123 fell during the week [25] - The top performers included companies like Shangwei New Materials (+72.9%) and Hongbo New Materials (+24.7%) [25][26] 4. Key News and Company Announcements - The autumn fertilizer preparation has begun, with a focus on investment opportunities in potash and phosphate fertilizers [27] - Major potash producers have announced production cuts, which are expected to tighten supply and support prices [5][27] - Phosphate prices remain stable, with potential for improved export conditions as demand increases [5][27] 5. Product Price Changes - The report highlights significant price increases in various chemical products, with notable gains in dimethylamine (+16.7%) and fatty alcohol (+8.2%) [6] - Conversely, urea prices have seen a significant decline (-15%) [6]

Investment Rating - The report maintains a "Positive" investment rating for the defense and military industry [2] Core Insights - The military electronics components sector is expected to continue its demand growth, driven by the "14th Five-Year Plan" and preparations for the "15th Five-Year Plan" [6][30] - The report highlights the potential for sustained industry prosperity, particularly in the second half of 2025, as military equipment orders are anticipated to peak [35] - The report emphasizes the importance of product quality improvement, penetration rate enhancement, and average transaction value increase as core investment targets [96] Summary by Sections Military Electronics Components - The demand for military electronic components is projected to remain robust, with a focus on overcoming challenges during the "14th Five-Year Plan" and preparing for the "15th Five-Year Plan" [8][30] - The industry is characterized by high entry barriers and a reliance on self-raised funds for R&D, which necessitates reasonable profit margins from the supply chain [23][24] Guangdong Hongda - Guangdong Hongda operates in three main sectors: civil explosives, mining services, and military equipment, with a stable foundation in civil explosives and mining services [38][41] - The military equipment segment is expected to see significant growth, particularly with the integration of Jiangsu Hongguang, leading to a projected revenue increase of 104% in 2024 [41] Filihua - Filihua is focusing on high-performance materials for the electronics industry, including quartz electronic cloth and photomask precision processing, to meet the growing demand in the semiconductor and display sectors [58][81] - The company aims to enhance its production capabilities and market presence in the high-end electronic materials sector, with significant investments planned for new projects [81][86]

Investment Rating - The report maintains a positive outlook on the chemical industry, with specific buy and hold recommendations for various companies [2][20]. Core Insights - The report highlights the closure of Dow's organic silicon production capacity in Barry, UK, which is expected to increase domestic export demand and support the upstream industrial silicon costs, indicating a potential reversal in the organic silicon industry [4][5]. - The demand for high-end AI PCBs is projected to surge due to the continuous growth in computing power requirements, driven by GPU, ASIC, and 800G switch technologies [4]. - The report notes that the recent tariff announcements from the US on imports from Southeast Asia are lower than expected, stabilizing pessimistic market sentiments [4]. Industry Dynamics - The macroeconomic outlook for the chemical industry indicates a significant increase in oil supply led by non-OPEC countries, with a stable global GDP growth rate of 2.8% [5]. - The report mentions that coal prices are expected to decline in the medium to long term, alleviating pressure on downstream sectors [5]. - Natural gas exports from the US are anticipated to accelerate, potentially lowering import costs [5]. Company Recommendations - Companies to watch in the organic silicon sector include Dongyue Silicon Materials, Xin'an Chemical, and Xingfa Group [4]. - In the PCB sector, recommended companies include Shengquan Group, Dongcai Technology, Lianrui New Materials, Yake Technology, Tiancheng Technology, and Jiuri New Materials [4]. - For traditional cyclical stocks, the report suggests focusing on leading companies in various segments such as Wanhu Chemical, Hualu Hengsheng, and Baofeng Energy [4]. Price Trends - The report provides specific price movements for various chemical products, such as PTA prices decreasing by 2.8% to 4715 RMB/ton, while MEG prices increased by 0.7% to 4409 RMB/ton [11]. - Urea prices rose by 2.9% to 1800 RMB/ton, while phosphate prices remained stable [12]. - The report notes that the price of DMC increased by 1.9% to 11000 RMB/ton, indicating a recovery in the organic silicon market [15].