Group 1 - The report covers the performance and financial indicators of the Yongying Growth Voyage One-Year Holding Mixed Securities Investment Fund for the second quarter of 2025, highlighting its investment strategies and objectives [1][2][3] - The fund aims to achieve long-term stable growth of net asset value while controlling investment risks through various asset allocation strategies, including equity, fixed income, and convertible bonds [3][4] - The fund's performance benchmarks include a combination of the CSI 500 Index, Hang Seng Index, and the China Bond Composite Index [3][4] Group 2 - As of the end of the reporting period, the total fund shares amounted to approximately 344.82 million, with the A share net value at 0.9098 RMB and a net value growth rate of 8.04%, while the C share net value was 0.8866 RMB with a growth rate of 7.83% [10][11] - The fund's investment portfolio is heavily weighted towards the manufacturing sector, which constitutes 74.62% of the total asset value, with significant investments also in information technology and non-daily consumer goods [11][12] - The fund management emphasizes a disciplined investment research and decision-making process, ensuring compliance with relevant regulations and fair treatment of different investment portfolios [7][8]

Core Viewpoint - The report provides an overview of the performance and investment strategy of the Yongying Xincheng Mixed Securities Investment Fund for the second quarter of 2025, highlighting its focus on stable asset appreciation while managing risks effectively [1][2]. Fund Product Overview - Fund Name: Yongying Xincheng Mixed Securities Investment Fund - Fund Manager: Yongying Fund Management Co., Ltd. - Fund Custodian: Huaxia Bank Co., Ltd. - Total Fund Shares at Period End: 173,529,451.42 shares [2]. - Investment Objective: Long-term stable appreciation of net asset value [2]. - Investment Strategies: Includes major asset allocation strategies, stock investment strategies, convertible bond investment strategies, and futures investment strategies [2]. Financial Indicators and Fund Performance - As of the end of the reporting period, the net asset value of Yongying Xincheng Mixed A was 1.0466 RMB, with a net value growth rate of 1.05% against a benchmark return of 1.33% [10]. - The net asset value of Yongying Xincheng Mixed C was 1.0408 RMB, with a net value growth rate of 1.19% against a benchmark return of 1.33% [11]. - The fund's performance over the past three months showed a net value growth rate of 1.05% for Class A, 1.05% for Class C, and 1.19% for Class E [10][11]. Investment Portfolio Report - The fund's total assets included 192,186,502.32 RMB in bonds, representing 93.21% of total assets, with no stocks held at the end of the reporting period [12]. - The portfolio included 126,227,020.55 RMB in policy financial bonds, accounting for 69.70% of the fund's net assets [12]. Management Report - The fund management adhered to a strict fair trading system, ensuring equitable treatment of all investment portfolios without significant violations [9]. - The management team consists of experienced professionals, including Liu Xingyu with 11 years of experience and Yuan Xu with 15 years of experience in the securities industry [6][7].

Group 1 - The report covers the performance and financial indicators of Yongying Xinsong Mixed Securities Investment Fund for the second quarter of 2025, highlighting the fund's investment strategies and objectives [3][10]. - The fund aims for long-term stable appreciation of net assets while strictly controlling investment portfolio risks, employing various investment strategies including asset allocation, stock investment, fixed income, and convertible bonds [3][10]. - As of the end of the reporting period, the total fund shares amounted to 561,007,250.82, with a focus on maintaining a balanced investment approach [3][10]. Group 2 - The fund's net value growth rates for different periods are as follows: 0.72% for the past three months, 1.03% for the past six months, and 3.39% for the past year, with the performance benchmark yielding 1.30% during the same period [6][12]. - The fund's investment portfolio is heavily weighted towards bonds, with a total bond investment of 664,413,053.89, representing 99.76% of the total fund assets, and no holdings in stocks or asset-backed securities [12][13]. - The fund management has adhered to a fair trading system, ensuring no significant violations were reported during the period, and has maintained compliance with relevant laws and regulations [9][10]. Group 3 - The macroeconomic environment in China during the second quarter was stable, with resilient industrial production and high levels of infrastructure and manufacturing investment, although real estate sales showed a decline [10][11]. - The credit environment improved, with a general decrease in funding costs and a growth in the scale of broad funds, leading to enhanced credit bond allocations [11][12]. - The fund management team consists of experienced professionals, including Lu Qiting and Yi Weijun, who have extensive backgrounds in finance and investment management [4][8].

Core Viewpoint - The news highlights the significant losses incurred by Invesco Great Wall Fund over the past three years, totaling over 400 billion yuan, while the fund management fees collected exceeded 9 billion yuan, raising concerns among investors about the fund's performance and management practices [2][3][25]. Financial Performance - In 2024, Invesco Great Wall Fund reported operating income of 337.33 million yuan and a net profit of 95.11 million yuan [2]. - Over the past three years, the fund has achieved a net profit of over 3 billion yuan, despite the substantial losses in its non-money market funds [2]. - The fund's management fees collected from 2021 to 2024 amounted to 14.95 billion yuan, while the total losses for investors reached 37.44 billion yuan [25]. Fund Performance Analysis - The main contributors to the losses were the Invesco Great Wall Emerging Growth and Invesco Great Wall Dingyi funds, with the former losing 32.82% and the latter 32.91% over the past three years [3][6]. - The Invesco Great Wall Emerging Growth Mixed A fund has seen a cumulative loss of 25.50% since its inception [5]. - The Invesco Great Wall Dingyi Mixed A fund has also experienced a cumulative loss of 23.52% since its inception [7]. Investor Sentiment - Investor sentiment has turned negative, with many expressing frustration over the fund's performance and the management's ability to generate returns [8][9]. - Comments from investors indicate a strong desire for changes in fund management due to ongoing losses and poor performance [9]. Management and Strategy - The fund manager, Liu Yanchun, has been a central figure in the fund's performance issues, with a history of significant losses under his management [10][12]. - Liu's investment strategy has been characterized by heavy concentration in consumer stocks, which have faced substantial declines since 2021, leading to investor dissatisfaction [14]. - Despite the losses, Liu has continued to earn substantial management fees, which has further fueled investor discontent [14]. Leadership Changes - The fund has seen changes in its management team, including the departure of notable fund manager Bao Wuke, which raises questions about future performance and investor confidence [17][21]. - The company's chairman, Li Jin, also stepped down, with the general manager, Kang Le, taking over temporarily [22][24].

Core Viewpoint - The article introduces five recommended products for summer to help users cope with the heat and enhance their summer experience [2][3]. Group 1: Product Recommendations - The first product is a custom-designed poker set that serves as both a fun game and an educational tool for investment knowledge [5][9]. - The second product is the Xiaomi multifunctional charging table lamp, which offers various lighting modes suitable for reading or watching shows during long summer nights [11][13]. - The third product is the Xiaomi desktop mobile fan, designed to provide a comfortable and quiet cooling experience during hot days [15][17]. - The fourth product is a portable mosquito-repellent essential oil pendant, aimed at keeping mosquitoes away during outdoor activities while being stylish [19][21]. - The fifth product is the Xiaomi Mi Band 10 in pearl white ceramic, which offers high-precision health monitoring features [23][25]. Group 2: Additional Offerings and Services - The company continues to offer popular items from the previous quarter, including electronic membership rights, board games, drones, and e-readers [25]. - A new mini-program has been launched for easier access to the "Happy Plus" mall, allowing users to redeem rewards and check their fund account details conveniently [25]. - Weekly member discount days are introduced, featuring limited-time discounts on selected products [25].

Group 1: Fund Overview - Chunhou Xinxing A (Fund Code: 009931) is a mixed fund under Chunhou Fund, established on September 15, 2020, with a total management scale of 1.726 billion yuan [1] - The fund is managed by Chen Wen and Yang Yucheng, focusing on in-depth research of corporate fundamentals to identify companies with long-term growth potential and valuation advantages [1] - As of July 14, 2025, the fund achieved a one-year return of 36.94%, outperforming the benchmark growth rate of 15.66% and the CSI Mixed Fund Index return of 14.66%, ranking in the top 10 among mixed funds [1] Group 2: Performance Metrics - Over the past two years, the fund's return was 31.29%, significantly higher than the performance benchmark of 9.21% and the CSI Mixed Fund Index return of -0.93% [1] - The fund's maximum drawdown over the past three years was 29.94%, which is better than the average level of similar mixed funds [1] - The fund's maximum drawdown recovery days were 238, ranking in the top 15 among similar mixed funds [1] Group 3: Company Research - Ruimai Te, established in 2001, specializes in providing comprehensive treatment solutions for OSA and COPD patients, and is a leading domestic company in non-invasive ventilators and masks [3] - The company has a complete product line covering home, medical, consumables, and chronic disease management platforms, with significant R&D investment resulting in 633 valid patents in China and 202 overseas patents [3] - The company has achieved domestic supply chain localization for core components, enhancing its competitive edge and risk resilience [3] Group 4: Market Strategy and Brand Development - The rebranding to "Ruimai Te" signifies a strategic alignment between product and capital markets, enhancing brand value and investor confidence [3] - The company has made key adjustments in its domestic channel strategy, resulting in improved revenue and gross margin in the first quarter [3] - The company has a strong global market entry capability, having obtained CE and FDA certifications, and is actively pursuing overseas localization to enhance global operational capacity [3]

Group 1 - The company announced that its wholly-owned subsidiary DSBJ Pte. Ltd. (DSG) will acquire shares in the China Renewable Power Infrastructure LPF (CRPIF fund), which is being invested in by Hong Kong Dongshan Investment Holdings Limited [1] - The target scale of the CRPIF fund is set to not exceed 650 million USD, and DSG will invest up to 30 million USD to subscribe for fund shares [1] - The investment funds will be sourced from the company's own funds [1]

Group 1 - The company and its wholly-owned subsidiary, Donghu Investment, have jointly established the Donggao Frontier Phase II Fund with Xiachuang Xinghuo, with a total fund size of 500 million yuan [1] - The company has committed to invest 245 million yuan, accounting for 49% of the fund size [1] - The fund will focus on investing in high-quality enterprises in the fields of intelligent manufacturing and integrated circuits [1]

Core Viewpoint - The "Invest First, Equity Later" model is becoming a significant method for promoting the transformation of scientific and technological achievements and attracting investment, addressing the limitations of traditional financing methods in matching the needs of early-stage technology projects [1][2]. Group 1: Fiscal Support for Technology Transformation - In 2023, national fiscal science and technology expenditure reached nearly 1.2 trillion yuan, with local fiscal technology expenditure accounting for over 66% [2]. - Traditional subsidy models face challenges such as information asymmetry, low fund utilization efficiency, and insufficient motivation for transformation [2][3]. - Various forms of fiscal subsidy mechanisms have been established to stimulate R&D investment and the vitality of technology transformation [3]. Group 2: Types of Subsidy Funds - Subsidy funds include pre-subsidy, post-subsidy, and reward subsidies, differing in timing, basis, and purpose [4]. Group 3: Limitations of Subsidy Funds - Pre-subsidy funds lack flexibility in usage, often requiring strict adherence to predetermined plans, which may not adapt to market changes [8]. - The "scattergun" approach in subsidy distribution leads to insufficient targeting and precision in funding allocation [9][10]. - Current subsidy policies favor larger enterprises, leaving small and medium-sized enterprises with limited support [11]. - Subsidy funds often lack long-term support and empowerment for projects [14]. Group 4: Fund Investment - Fund investment enhances market-oriented operations and provides more precise support for high-potential projects, especially benefiting small technology enterprises [15]. - Fund investment offers flexibility in fund allocation, professional project selection, and additional support services [16]. Group 5: Limitations of Fund Investment - Local fiscal conditions significantly impact the support capacity of fund investments, with a notable decline in local government fund budgets [17]. - The lack of comprehensive due diligence and liability exemption clauses reduces the enthusiasm of all parties involved [18]. - Low participation from social capital complicates the establishment of early-stage funds [20]. - Performance evaluation and fund duration constraints limit long-term support for early-stage projects [21]. Group 6: "Invest First, Equity Later" Model - This model focuses on "technology-rich, capital-poor" startups, providing phased support for transforming research achievements into productive forces [22]. - The model allows for a sustainable cycle of fiscal fund usage, enhancing efficiency and management oversight throughout the enterprise lifecycle [22][23]. Group 7: Implementation of the Model - The operational process of the model is divided into project initiation, implementation, and equity management stages, creating a closed-loop management system [26]. - The project initiation phase is primarily managed by technology departments, while investment entities handle fund disbursement and project evaluation [27][32]. Group 8: Recommendations for Promoting the Model - Utilize existing subsidy funds as pilot funding sources to alleviate fiscal pressure [36][37]. - Clearly define responsibilities between technology departments and market-oriented investment institutions to enhance operational efficiency [38][39]. - Establish a mechanism for rolling support from exit profits to improve fund utilization efficiency [40][41]. - Implement due diligence and audit supervision systems to stimulate participation from all stakeholders [44].

基金管理人：嘉实基金管理有限公司 基金托管人：招商证券股份有限公司 二〇二五年七月 重要提示 1、嘉实中证港股通高股息投资交易型开放式指数证券投资基金发起式联接基金（以下简称"本基金"） 经中国证监会2025年6月6日证监许可〔2025〕1187号《关于准予嘉实中证港股通高股息投资交易型开放 式指数证券投资基金发起式联接基金注册的批复》注册募集。 2、本基金是契约型开放式ETF联接基金。 基金简称：嘉实中证港股通高股息投资ETF发起联接A，基金代码：024705，收取认（申）购费 基金简称：嘉实中证港股通高股息投资ETF发起联接C，基金代码：024706，不收取认（申）购费，但 从本类别基金资产中计提销售服务费 3、本基金的管理人为嘉实基金管理有限公司（以下简称"本公司"），托管人为招商证券股份有限公 司，注册登记机构为本公司。 4、本基金募集对象是符合法律法规规定的可投资于证券投资基金的个人投资者、机构投资者、合格境 外投资者和发起资金提供方以及法律法规或中国证监会允许购买证券投资基金的其他投资人。 5、本基金自2025年7月7日至2025年7月18日通过各销售机构公开发售。 6、发起资金的认购： 本基金发 ...