Fund Overview - The fund is named Changsheng Tongyi Growth Return Flexible Allocation Mixed Securities Investment Fund (LOF) and is managed by Changsheng Fund Management Co., Ltd. [1] - The fund aims to achieve long-term asset appreciation and absolute returns by selecting industries with good growth expectations and identifying fundamentally strong listed companies [1][3]. - The fund's investment strategy includes dynamic asset allocation among stocks, stock index futures, bonds, and money market instruments based on macroeconomic and market indicators [1][3]. Financial Performance - As of June 30, 2025, the fund's total net asset value is approximately RMB 113.28 million, with a net asset value per share of RMB 2.034 [3][4]. - The fund achieved a profit of RMB 8.44 million during the reporting period, with a net profit margin of 7.71% [3][10]. - The fund's cumulative net value growth rate since its transformation is 101.75% [3][4]. Investment Strategy and Market Outlook - The fund maintains a high allocation to growth sectors, particularly in TMT (Technology, Media, and Telecommunications) and healthcare, while underweighting sectors like food and real estate [5]. - The market is expected to remain in a range-bound pattern, with economic growth projected at around 5% for the year, influenced by factors such as export slowdown and real estate market conditions [5][6]. - The fund will continue to monitor emerging sectors like AI and robotics for potential investment opportunities [5][6]. Management and Compliance - The fund management company, established in 1999, adheres to strict compliance with investment regulations and fair trading practices [3][6]. - The fund has not engaged in any unfair trading practices or conflicts of interest during the reporting period [6][7]. - The fund's investment decisions are made under the guidance of an investment decision committee, ensuring a structured approach to asset management [3][6].

Core 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].

Group 1 - The article emphasizes that funds are suitable investment options for ordinary people [2] - It suggests that new investors should consider specific types of funds and outlines the importance of psychological preparation for long-term investments [2] - A free course is offered to help new investors understand fund investments from scratch, along with supplementary materials like course notes and mind maps [2] Group 2 - The article draws an analogy between investing and tree planting, highlighting the concept of "big and small years" in both fields [6] - It advises investors to be patient during downturns in specific industries or styles, similar to how one would care for a fruit tree during a small year [7] - The importance of diversified investment across different styles and industries is stressed to mitigate overall portfolio volatility and benefit from various market conditions [7]

招商优质成长混合型证券投资基金 (LOF)2025 年中期报告 基金管理人：招商基金管理有限公司 基金托管人：中信银行股份有限公司 送出日期：2025 年 8 月 28 日 招商优质成长混合型证券投资基金(LOF)2025 年中期报告 基金管理人的董事会及董事保证本报告所载资料不存在虚假记载、误导性陈述或重大遗 漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。本中期报告已经三分之二 以上独立董事签字同意，并由董事长签发。 基金托管人中信银行股份有限公司根据本基金合同规定，于 2025 年 8 月 27 日复核了本 报告中的财务指标、净值表现、利润分配情况、财务会计报告、投资组合报告等内容，保证 复核内容不存在虚假记载、误导性陈述或者重大遗漏。 基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定 盈利。 基金的过往业绩并不代表其未来表现。投资有风险，投资者在作出投资决策前应仔细阅 读本基金的招募说明书及其更新。 本报告中财务资料未经审计。 本报告期自 2025 年 1 月 1 日起至 6 月 30 日止。 第 1 页 共 48 页 招商优质成长混合型证券投资基金(LOF)20 ...

Core Insights - Morgan Fund announced an investment of 24.7 million yuan (excluding subscription fees) into its Morgan CSI A500 Enhanced Index Securities Investment Fund, reflecting confidence in the high-quality development of China's capital market and the company's investment management capabilities [1] Group 1 - The investment amount is 24.7 million yuan, which is approximately 3.5 million USD based on current exchange rates [1] - The investment is aimed at enhancing the performance of the Morgan CSI A500 Index fund [1] - The completion of the investment will occur in the near future, pending confirmation from the fund registration agency [1]

Core Viewpoint - The article discusses the importance of performance benchmarks for fund managers, comparing them to a passing score in an exam, and emphasizes the need for accurate and reasonable benchmarks to evaluate fund performance [5][9][14]. Group 1: Performance Benchmarks - Fund managers have a performance benchmark, akin to a passing score in exams, which they strive to exceed [5][9]. - The benchmark is determined by the fund company and can sometimes be set lower to make it easier for managers to achieve [11][12]. - New regulations require that benchmarks must be accurately chosen to reflect the fund's characteristics, including market distribution and industry [14][17]. Group 2: Types of Funds and Benchmarks - Equity funds typically use the CSI 300 Index as their benchmark, which covers the largest 300 companies in the A-share market, representing nearly 60% of the market's total capitalization [21][22]. - Bond funds often use the China Bond Composite Index, which encompasses various core bond types, reflecting the overall performance of the Chinese bond market [24]. - Mixed funds have a more complex benchmark, combining stock and bond indices based on their asset allocation [27]. Group 3: Importance of Benchmarks for Investors - Benchmarks help investors assess the true performance of a fund by providing a standard for comparison [29]. - For instance, if a healthcare fund rises by 10% but the benchmark rises by 17%, the fund's performance is relatively poor [31]. - Investors can use a composite benchmark to evaluate the overall performance of multiple funds in their portfolio [36][38].

Core Viewpoint - The article emphasizes the importance of a rational and informed approach to investing in mutual funds, particularly for new investors who may lack experience and understanding of the market dynamics [2][3]. Group 1: Market Trends and Investor Behavior - In July 2023, A-shares saw 1.9636 million new accounts opened, marking a nearly 20% increase from June and over 70% year-on-year growth [2]. - New investors often rush into the market without adequate knowledge, leading to irrational investment decisions and potential pitfalls like "chasing highs and cutting losses" [2]. Group 2: Investment Approach - Investing in equity funds involves a long-term perspective, as returns are realized through the performance of underlying companies over time, rather than immediate gains [6][28]. - The notion of "trying out" funds, akin to purchasing consumer goods, is misleading; the complexities of fund performance and long-term returns do not align with this approach [9][11]. Group 3: Understanding Fund Performance - Different investors may acquire varying amounts of fund shares at different times, leading to diverse outcomes in returns, which diminishes the relevance of isolated performance data [11][12]. - Popular funds often gain attention due to past performance, but by the time they are recommended, the optimal investment opportunity may have already passed [12]. Group 4: Seriousness of Investment - The investment process should be treated with seriousness and professionalism, avoiding the entertainment-driven culture that can distract from sound investment principles [17][19]. - Trust in fund managers should be based on their investment style, past performance, and methodologies rather than celebrity-like status [17][19]. Group 5: Setting Investment Goals - Investors should clarify their reasons for choosing a particular fund and ensure alignment with their investment goals and risk tolerance [20][22]. - Understanding the logic behind potential earnings is crucial; relying on luck can lead to significant losses [25]. Group 6: Financial Planning and Risk Assessment - Before investing, individuals should assess their financial situation to ensure that funds allocated for investment will not be needed for short-term expenses [31][33]. - Investment in equities should be limited to amounts that one can afford to lose without impacting daily life, highlighting the importance of risk tolerance [33]. Group 7: Realistic Return Expectations - Historical data shows that U.S. equity assets have an annualized return of approximately 6.7%, while top investors like Warren Buffett achieve around 20% [34][37]. - The average annualized return for the CSI Fund Index in China from 2003 to 2024 is about 10.08%, indicating that many investors have unrealistic return expectations compared to historical performance [35][37]. Group 8: Impact of Expectations on Investment Decisions - Unrealistic expectations can lead to emotional distress and irrational behavior, negatively affecting investment outcomes [39][41].

Group 1 - The core point of the news is that Honghe Technology's stock price dropped by 5.28% to 39.49 CNY per share, with a trading volume of 462 million CNY and a turnover rate of 1.30%, resulting in a total market capitalization of 34.74 billion CNY [1] - Honghe Technology, established on August 13, 1998, and listed on July 19, 2019, specializes in the research, production, and sales of mid-to-high-end electronic-grade fiberglass cloth [1] - The revenue composition of Honghe Technology's main business includes: thin cloth 40.96%, ultra-thin cloth 18.56%, extremely thin cloth 17.77%, thick cloth 8.27%, special cloth 7.91%, yarn 6.44%, and others 0.10% [1] Group 2 - Among the top ten circulating shareholders of Honghe Technology, a fund under Xingzheng Global Fund, Xingquan He Feng Three-Year Holding Mixed Fund (009556), entered the top ten in the first quarter with 1.1363 million shares, accounting for 0.13% of circulating shares [2] - The Xingquan He Feng Three-Year Holding Mixed Fund was established on August 28, 2020, with a latest scale of 3.844 billion CNY, achieving a year-to-date return of 34.65% and a one-year return of 61.49% [2] - The fund manager Zhu Kefeng has been in position for 56 days, with the fund's total asset scale at 3.844 billion CNY, while Yang Shijin has been in position for 4 years and 262 days, managing assets of 20.155 billion CNY [3]

Group 1 - The total scale of domestic equity ETFs reached 41,170.94 billion yuan as of August 25, marking an increase of 7,982.72 billion yuan or 24.05% since the beginning of the year, setting a historical high [1] - The A-share market saw all three major indices rise, with the Shanghai Composite Index up 1.51% to 3,883.56 points, the Shenzhen Component Index up 2.26% to 12,441.07 points, and the ChiNext Index up 3% to 2,762.99 points, with total trading volume exceeding 31,411.37 billion yuan [1] - The issuance of public funds remained robust in August, with 157 new funds launched by August 25, a month-on-month increase of 5.37%, setting a new record for the year [2] Group 2 - The newly launched funds on August 25 included 32 funds, primarily equity and mixed funds, with the E Fund's China Securities Financial Technology Theme ETF targeting a fundraising goal of 8 billion yuan [2] - Over 90% of Fund of Funds (FOF) have reported positive performance this year, indicating strong momentum for incremental capital [2] - The top-performing fund on August 25 was the Huatai-PB Quality Growth Mixed A, with a daily growth rate of 8.0703% [6] Group 3 - The top-performing equity fund was the Caitong Integrated Circuit Industry Stock A, with a daily growth rate of 7.4611% [7] - The top-performing bond fund was the Baoying Rongyuan Convertible Bond A, with a daily growth rate of 2.0384% [7] - The top-performing mixed fund was again the Huatai-PB Quality Growth Mixed A, with a daily growth rate of 8.0703% [7] Group 4 - The total number of new funds launched in August included 125 equity funds, accounting for 79.62% of the total, with 96 being stock funds [2] - The market's positive sentiment is expected to continue, with the Shanghai Composite Index remaining above 3,800 points [2] - The issuance of new funds has maintained a level above 140 for two consecutive months, indicating strong investor interest [2]

Group 1 - The core viewpoint of the article highlights the disparity between the performance of public funds and the market, with many funds purchased at market peaks in 2020 and 2021 still struggling to recover their value [1][3] - In 2025, despite the emergence of over 20 "doubling funds," the average annualized return for the China Securities Equity Fund Index over the past five years is -1.19%, indicating that most investors who bought at the 2020 market peak have not yet broken even [3][4] - Investor behavior significantly impacts returns, with common issues such as "buy high, sell low" leading to substantial losses, as evidenced by a well-known industry fund that experienced a 60% actual loss due to behavioral factors [6][8] Group 2 - To avoid "high position standing," investors are advised to clarify their risk preferences and construct suitable portfolios, with conservative investors recommended to focus on fixed-income funds and limit equity exposure to 20% [11][12] - The article suggests using dollar-cost averaging or phased buying to spread entry costs and reduce timing difficulties, emphasizing the importance of evaluating fund managers based on their capabilities rather than short-term rankings [12][13] - Fund companies are adapting by limiting subscriptions to certain actively managed equity funds and shifting focus from individual fund managers to teams and selected product categories, aiming to provide more stable products and services for investors [12][13]