Core Viewpoint - The Morgan Anyu Return Mixed Securities Investment Fund aims to achieve stable returns through strict risk control and dynamic asset allocation based on macroeconomic analysis and market conditions [2][3]. Fund Product Overview - Fund Name: Morgan Anyu Return Mixed - Fund Code: 004823 - Fund Type: Contractual open-end fund - Effective Date of Fund Contract: September 13, 2018 - Total Fund Shares at Reporting Period End: 122,437,254.25 shares [2]. Investment Strategy - The fund employs a comprehensive analysis of macroeconomic conditions, fiscal and monetary policies, and market sentiment to determine asset allocation among stocks, bonds, and money market instruments [2][3]. - The fund utilizes various investment strategies, including duration strategy, credit bond strategy, and convertible bond strategy, to actively manage the portfolio [3][4]. Performance Metrics - For the reporting period from April 1, 2025, to June 30, 2025, the fund's net value growth rates were as follows: - Morgan Anyu Return Mixed A: 0.54% (benchmark: 1.60%) - Morgan Anyu Return Mixed C: 0.42% (benchmark: 1.60%) [12][13]. - Over the past year, the net value growth rate for Morgan Anyu Return Mixed A was 6.53%, while for Mixed C it was 6.00% [5][12]. Financial Indicators - The fund's total assets were allocated as follows: - Stocks: 31,817,490.49 RMB (17.56%) - Bonds: 68,855,405.68 RMB (37.99%) [16]. - The fund's investment in policy financial bonds amounted to 10,329,104.11 RMB (5.71%) [18]. Market Analysis - The domestic real estate data showed a weak trend, while consumer spending improved due to fiscal support [9]. - The U.S. economy is oscillating between stagnation and recession, with potential impacts on global risk appetite [10]. - The bond market remained stable despite negative factors, with a decline in the ten-year government bond yield by 16 basis points [11]. Fund Management - The fund management team has adhered to fair trading practices and has not engaged in any actions detrimental to the interests of fund shareholders [6][9]. - The fund manager's investment decisions comply with relevant laws and regulations, ensuring fair treatment across different investment portfolios [6][9].

Core Viewpoint - The report outlines the performance and investment strategy of the Great Wall Cycle Preferred Mixed Initiated Securities Investment Fund for the second quarter of 2025, emphasizing its focus on long-term asset appreciation through a combination of top-down and bottom-up approaches in asset allocation and stock selection [1][2]. Fund Product Overview - The fund was established on July 2, 2024, with a total share of 13,028,226.17 at the end of the reporting period [1]. - The investment objective is to achieve long-term stable appreciation of assets based on fundamental research [1]. - The fund employs a dynamic asset allocation strategy, adjusting investment proportions in stocks, bonds, and other asset classes based on market conditions [1][3]. A-Share Investment Strategy - The fund focuses on sector allocation based on mid-term perspectives, investing in high-quality companies at reasonable or low prices during periods of improving industry conditions [2]. - The investment strategy aims to capture excess returns by constructing a core pool of companies with long-term value, considering industry cycles and corporate strategies [2]. Financial Indicators and Fund Performance - For the reporting period from April 1, 2025, to June 30, 2025, the net value growth rate for the Great Wall Cycle Preferred Mixed Initiated Fund A was 4.98%, while Fund C recorded a growth rate of 4.84% [11]. - The performance benchmark for the funds was 0.57% during the same period [11]. Investment Portfolio Report - As of the reporting period, the fund's total assets included 84.50% in stocks, with a significant portion (27.88%) invested in Hong Kong stocks through the Stock Connect mechanism [12]. - The fund's major holdings were concentrated in cyclical industries such as non-ferrous metals and chemicals, with increased positions in gold and rare earth sectors to enhance risk resilience [11][12]. Management Report - The fund manager has adhered to relevant laws and regulations, ensuring the fair treatment of different investors and maintaining a focus on risk management [10]. - The fund manager has not engaged in any abnormal trading activities during the reporting period [10].

Group 1 - The foundation of investment is based on solid knowledge of funds, emphasizing the importance of understanding fund basics for successful investment [1] - When evaluating funds managed by the same fund manager, key aspects to consider include investment scope, strategy, and whether the fund is co-managed [2] Group 2 - Different funds may have varying investment restrictions, such as the ability to invest in Hong Kong stocks or whether they are classified as equity mixed or flexible allocation funds [2]