银华泰利A,银华泰利C: 银华泰利灵活配置混合型证券投资基金2025年第2季度报告

Core Viewpoint - The report provides an overview of the performance and strategy of the Yinhua Taili Flexible Allocation Mixed Securities Investment Fund for the second quarter of 2025, highlighting its investment objectives, strategies, and financial performance metrics [2][3][19]. Fund Overview - Fund Name: Yinhua Taili Flexible Allocation Mixed Fund - Fund Manager: Yinhua Fund Management Co., Ltd. - Fund Custodian: Industrial and Commercial Bank of China Ltd. - Total Fund Shares at Period End: 73,615,512.91 shares [2][4]. Investment Strategy - The fund employs a combination of quantitative and qualitative analysis to evaluate market trends, expected risk-return levels, and timing for asset allocation, focusing on equities, fixed income, and cash [3][19]. - The fund's investment portfolio requires that stock investments account for 0%-95% of the fund's assets, with a minimum of 5% in cash or government bonds maturing within one year [13][19]. Financial Performance - As of the end of the reporting period, the net asset value (NAV) per share for Class A was 1.6876 RMB, with a growth rate of 1.55%, while Class C had an NAV of 1.5132 RMB and a growth rate of 1.48% [20]. - The performance benchmark for the fund is the one-year RMB time deposit rate (after tax) plus 1.00% [3][20]. Market Conditions - The report notes that external risks, such as trade wars and geopolitical conflicts, have influenced global capital market volatility, but the impact has gradually weakened, leading to a recovery in global risk assets [19]. - Domestic policies aimed at addressing trade challenges and optimizing capital markets have improved market confidence and risk appetite, contributing to a rebound in the stock market [19]. Asset Allocation - The fund's asset allocation at the end of the reporting period included approximately 3.38% in equities and 15.90% in bonds [21]. - The fund's investment strategy focuses on maintaining a certain level of equity exposure while emphasizing pricing advantages and excess return capabilities in specific strategies [19][21]. Shareholder Information - The total shares for Class A increased from 16,170,269.36 to 17,604,127.46 during the reporting period, while Class C shares rose from 968,546.66 to 56,011,385.45 [22].