Core Viewpoint - The differences in fund contracts between new and old products have led to a significant performance divergence in public funds, particularly influenced by the inclusion of Hong Kong stocks in investment strategies [1][2][4]. Group 1: Performance Impact of Fund Contracts - A-shares funds that have incorporated Hong Kong stock investments into their contracts have significantly outperformed the market, with all top 20 A-share funds achieving over 70% returns year-to-date as of August 10 [3]. - The top-performing funds, established mostly after 2018, allow for up to 50% of their stock positions to be allocated to Hong Kong stocks, which has been a key factor in their success [3]. - Conversely, funds that do not permit Hong Kong stock investments have generally underperformed, with over 90% of the bottom 10 A-share funds lacking such provisions in their contracts [3]. Group 2: Manager Performance and Contract Limitations - Star fund managers have shown a stark performance split between their new and old funds, with new funds performing well while older funds lag behind due to restrictive contracts [5][6]. - Many of these older funds, established between 2004 and 2014, do not include Hong Kong stocks in their investment scope, limiting their ability to adapt to market opportunities [6]. - For instance, fund managers like Wu Yuanyi have seen their newer products, which include Hong Kong stocks, perform significantly better than older products that do not [6]. Group 3: Contract Modification Considerations - Modifying fund contracts to include Hong Kong stocks could address performance disparities, but this approach is contentious and not universally beneficial for all fund managers [7][8]. - Some fund managers express reluctance to modify contracts, citing unfamiliarity with the Hong Kong market and potential risks associated with expanding investment scopes [8]. - The decision to modify contracts often depends on the individual fund manager's expertise and investment strategy, leading some firms to prefer launching new Hong Kong-themed funds instead of altering existing contracts [7][8].

Group 1 - The announcement details the addition of Huatai Securities Co., Ltd. as a distribution agency for the Huabao ChiNext AI ETF Fund starting from July 23, 2025, allowing investors to manage various fund-related activities through this agency [1][2][3] - Investors can consult specific business inquiries through the provided contact details of Huatai Securities and Huabao Fund Management [1][2] Group 2 - The second notice for the fund holders' meeting of the Huabao Shenzhen Innovation 100 ETF is issued, indicating that the first meeting failed to meet the required quorum [2][3][4] - The new meeting will be held via communication methods, with voting scheduled from August 4 to August 22, 2025, and the record date for eligible voters remains March 27, 2025 [4][6][11] Group 3 - The agenda for the upcoming meeting includes the proposal to transform the fund and amend the fund contract, which requires a two-thirds majority approval from participating fund holders [5][23][24] - The fund's name will change from "Huabao Shenzhen Innovation 100 ETF" to "Huabao Shenzhen 100 ETF," and the underlying index will be modified from "Shenzhen Innovation 100 Index" to "Shenzhen 100 Index" [26][27] Group 4 - The fund aims to closely track the new underlying index, with a minimum of 90% of its assets invested in the index's constituent stocks [27][40] - The fund will employ a combination of replication strategies and alternative strategies to achieve its investment objectives, including the use of stock index futures and convertible bonds [28][30][36] Group 5 - The fund management will ensure that the investment strategy aligns with regulatory requirements and market conditions, with a focus on minimizing tracking error and maintaining liquidity [37][42] - The fund's performance benchmark will be the return of the Shenzhen 100 Index, and the management fees will be set at 0.50% of the fund's net asset value [45][46][47]

Meeting Overview - The meeting will be held via communication method to protect the interests of fund unit holders [1][3] - Voting period is from June 12, 2025, to June 23, 2025, 17:00 [1][4] - The counting date for votes is June 24, 2025 [2] Agenda Items - The main agenda is to review the proposal to amend the fund contract of the Debon Quantitative Preferred Stock Fund (LOF) [3][31] - Detailed explanation of the proposal is provided in the attached document [3][31] Rights Registration - The rights registration date for fund unit holders is May 21, 2025 [4] Voting Process - Fund unit holders can obtain the voting ballot from the fund management website or related newspapers [5] - Specific requirements for filling out and submitting the voting ballot are outlined [6][8] Authorization - Fund unit holders can authorize others to vote on their behalf [9][10] - Various methods of authorization include paper, phone, and SMS, specifically for individual investors [12][15] Counting and Validity of Votes - Votes will be counted by authorized supervisors under the supervision of the fund custodian [21] - Each fund unit holder has one vote per unit held [22] - Validity criteria for voting ballots are specified, including conditions for invalid votes [23][24] Resolution Conditions - The proposal requires at least two-thirds of the voting rights to pass [25] - The resolution will be effective upon approval and must be reported to the China Securities Regulatory Commission [26] Subsequent Meetings - If the meeting does not meet the required quorum, a second meeting may be convened within three to six months [27] Contact Information - The fund management company is Debon Fund Management Co., Ltd., located in Shanghai [28][29]