Core Viewpoint - The report provides an overview of the performance and management of the Dongcai Food and Beverage Index Enhanced Fund, highlighting its investment strategy, financial indicators, and net asset value performance during the reporting period from April 1, 2025, to June 30, 2025 [1][2]. Fund Product Overview - Fund Name: Dongcai Food and Beverage Index Enhanced Fund - Fund Code: 012340 - Fund Type: Contractual open-end fund - Effective Date of Fund Contract: November 2, 2021 - Total Fund Shares at Reporting Period End: 76,102,528.41 shares - Investment Objective: To effectively track the benchmark index while striving for higher investment returns through enhanced active investment strategies [2]. - Investment Strategy: Utilizes index-based investment methods and quantitative strategies to achieve excess returns while controlling tracking errors [2]. - Performance Benchmark: 95% of the return of the China Securities Food and Beverage Index plus 5% of the after-tax return of bank demand deposits [2]. Financial Indicators and Fund Net Value Performance - The fund's net value performance for different periods is as follows: - Last three months: -3.20% for Class A, -3.25% for Class C, -3.26% for Class E, with benchmark return of -4.61% [4][9]. - Last six months: -3.73% for Class A, -3.86% for Class C, -3.86% for Class E, with benchmark return of -6.31% [4][9]. - Last year: -1.29% for Class A, -1.58% for Class C, -1.58% for Class E, with benchmark return of 2.18% [4][9]. - Since fund contract inception: -39.57% for Class A, -40.22% for Class C, -39.57% for Class E, with benchmark return of -37.35% [4][9]. Investment Portfolio Report - As of June 30, 2025, the fund's total assets included: - Stocks: 43,104,672.76 yuan, accounting for 93.74% of total assets [11]. - The fund did not hold any bonds or asset-backed securities during the reporting period [12]. - The manufacturing sector represented the largest portion of the investment portfolio, with a fair value of 41,897,367.76 yuan, accounting for 91.68% of the fund's net asset value [11].

Core Viewpoint - The report outlines the performance and investment strategy of the Yongying Shanghai Stock Exchange Science and Technology Innovation Board 100 Index Enhanced Fund for the second quarter of 2025, highlighting its focus on achieving returns that exceed the benchmark while managing risks effectively [1][4]. Fund Overview - Fund Name: Yongying Shanghai Stock Exchange Science and Technology Innovation Board 100 Index Enhanced Fund - Fund Manager: Yongying Fund Management Co., Ltd. - Fund Custodian: China Merchants Bank Co., Ltd. - Total Fund Shares at Period End: 25,789,800.27 shares [1][2]. Performance Metrics - Net Asset Value Growth Rate for Class A: 2.12% with a benchmark return of 2.53% - Net Asset Value Growth Rate for Class C: 2.02% with a benchmark return of 2.53% - Performance over the past three months: Class A 2.12%, Class C 2.02%, with respective benchmark returns of 2.53% [5][6]. Investment Strategy - The fund employs an index-enhanced strategy, focusing on stock selection based on fundamental analysis, particularly targeting companies with good growth potential. - The fund aims to maintain an average tracking deviation of no more than 0.5% and an annualized tracking error of no more than 8% [1][4]. Asset Allocation - Total Assets: 30,670,925.18 CNY - Equity Investments: 90.93% of total assets - Bond Investments: 2.70% of total assets - Major sectors include Manufacturing (80.06%) and Information Technology Services (13.51%) [5][6]. Management and Compliance - The fund management adheres to strict compliance with investment regulations and maintains a disciplined investment process to ensure fair treatment of all investment portfolios. - No significant violations of fair trading practices were reported during the period [3][4]. Fund Share Changes - Class A Fund Shares at Period Start: 12,402,699.80 - Class C Fund Shares at Period Start: 8,738,539.10 - Total Subscription for Class A: 1,852,450.65, Total Redemption: 1,059,975.64 - Total Subscription for Class C: 12,009,021.05, Total Redemption: 8,152,934.69 [6][7]. Key Personnel - Fund Managers: Zhang Lu and Qian Houxiang, both with 10 years of experience in the securities industry [2][4].

Core Viewpoint - The article emphasizes that the China Securities 1000 Index Enhanced Products (referred to as "指增产品") are a popular choice for investors due to their dual return logic of index beta (β) and excess alpha (α) [2] Group 1: Characteristics of the China Securities 1000 Index - The China Securities 1000 Index consists of 1000 stocks that are smaller in size and have good liquidity, excluding stocks from the CSI 300 and CSI 500 [4] - The index covers all 31 first-level industries, with the top ten stocks accounting for only about 3.75%, effectively diversifying industry risk and enhancing anti-risk capabilities [4] - The index's component stocks are primarily small and medium-sized companies, particularly in technology, which are expected to benefit from China's transition to high-quality economic development [4][5] Group 2: Growth Potential and Elasticity - As of June 4, 2025, the index includes 147 national-level specialized "little giant" enterprises, a higher proportion than the CSI 300 and CSI 500 [5] - The top five industries by weight in the index are Electronics (14.67%), Pharmaceuticals (10.61%), Computers (8.14%), Power Equipment (8.03%), and Machinery (6.34%), collectively accounting for nearly 48% [5] - The historical maximum increase of the China Securities 1000 Index reached 342% during the rapid development of the smartphone and "Internet+" industries from 2013 to 2015, significantly outperforming other indices [7] Group 3: Performance and Valuation - Since its base date on December 31, 2004, the annualized growth rate of the China Securities 1000 Index has reached 9.57%, with a maximum increase of 2143%, indicating strong explosive potential during market rallies [8] - As of June 4, 2025, the price-to-earnings ratio (TTM) of the index is 26.16, positioned at approximately the 45th percentile historically, suggesting a relatively reasonable valuation and a good entry point for investors [8] Group 4: Performance of Enhanced Products - As of the end of May 2025, private equity products based on the China Securities 1000 Index have significantly outperformed the index across various time frames, highlighting their attractiveness for asset allocation [11] - The average returns of private equity China Securities 1000 Index Enhanced Products for 2025 year-to-date, the last six months, the last year, the last three years, and the last five years have all shown substantial outperformance compared to the index [12] Group 5: Top Performing Products - The article lists the top 20 private equity products based on excess returns over the past three years, indicating strong performance from several large private equity firms [13]