Zheng Quan Zhi Xing·2025-08-29 09:29Core Viewpoint - The report provides an overview of the performance and management of the Guangfa Active Advantage Mixed Fund of Funds (FOF-LOF) for the first half of 2025, highlighting its investment strategies, financial performance, and market conditions impacting the fund's operations [1]. Fund Overview - Fund Name: Guangfa Active Advantage Mixed Fund of Funds (FOF-LOF) - Fund Manager: Guangfa Fund Management Co., Ltd. - Fund Custodian: Shanghai Pudong Development Bank Co., Ltd. - Total Fund Shares at Period End: 105,518,922.20 shares [1][2]. Financial Performance - The fund's A class shares achieved a net value growth rate of 5.69%, while the C class shares had a growth rate of 5.48% during the reporting period [7]. - The fund's total net asset value at the end of the reporting period was 101,876,446.88 RMB, with a net asset value per share of 0.9664 RMB for A class and 0.9547 RMB for C class [10]. - The fund reported a total profit of 5,126,814.51 RMB for A class and 410,509.34 RMB for C class during the reporting period [2]. Investment Strategy - The fund employs a combination of quantitative and qualitative methods to select high-quality funds across different asset classes, aiming for long-term stable appreciation of fund assets [1]. - Investment strategies include major asset allocation, fund investment, stock investment, bond investment, and asset-backed securities investment [1]. - The fund's performance benchmark is based on a composite of the CSI 800 Index return (70%), the Hang Seng Index return (5%), and the China Bond Composite Index return (25%) [1]. Market Conditions - The report notes a strong performance in the Hong Kong stock market driven by technological advancements and a recovery in valuations within the technology growth sector [7]. - The report highlights a complex global economic environment with ongoing uncertainties, particularly regarding trade tensions and geopolitical risks, but maintains that the domestic equity market shows resilience [8]. - The bond market is characterized by stable liquidity and a weak recovery in the economic fundamentals, suggesting limited room for significant interest rate declines [8]. Compliance and Governance - The fund management adheres to relevant laws and regulations, ensuring that all operations are compliant and do not harm the interests of fund shareholders [4][10]. - The fund management has established a scientific and balanced investment decision-making system, enhancing internal controls and monitoring to ensure fair trading practices [5][6].