Group 1 - Chongqing Yu Development Co., Ltd. has experienced a continuous decline for six trading days, with a cumulative drop of -14.69% [1] - The company is a state-owned backbone enterprise controlled by Chongqing Urban Construction Investment (Group) Co., Ltd. [1] - Southern Fund's Southern CSI Real Estate ETF is among the top ten shareholders of Yu Development and has increased its holdings in the second quarter of this year [1] Group 2 - The Southern CSI Real Estate ETF has a year-to-date return of -2.26%, ranking 3367 out of 3410 in its category [2] - The fund manager, Luo Wenjie, has a strong background with a Master's in Mathematical Finance from the University of Southern California and experience at Morgan Stanley [3][4] - Luo Wenjie has been managing various funds since 2013, with a total management time of over 12 years [4]

Core Viewpoint - The Huazhang Hang Seng Internet Technology ETF (QDII) reported a net asset value of 805 million yuan for Q2 2025, with a quarterly net value growth of -1.31% [1]. Performance Summary - The fund achieved a net value growth of 44.2% over the past year, ranking 76 out of 371 similar funds, while the median growth for similar funds was 18.07% [1]. - The maximum drawdown over the past year was -26.16%, and the maximum drawdown since inception was -40.32% [1]. Fund Size and Asset Allocation - The fund's size in Q2 2025 was 805 million yuan, an increase of 4.49 million yuan from the previous period, reflecting a 0.56% quarter-on-quarter change [4]. - The latest asset allocation showed that stocks accounted for 90.58% of the net value, with no bond assets and cash making up 7.1% [4]. Top Holdings - The top ten stock positions accounted for 78.12% of the fund's holdings, with Kuaishou-W (01024) being the largest holding at 11.92% [4][5]. - Other significant holdings included NetEase-S (11.04%), Tencent Holdings (10.29%), JD Group-SW (10.27%), and Alibaba-SW (9.95%) [5]. Fund Management - The current fund manager, Ni Bin, has been in charge for approximately 6 years and has achieved a cumulative return of 5.78% since taking over on January 17, 2023 [5]. - The fund manager oversees 29 fund products, with the best-performing fund this quarter being the Huazhang Hang Seng Biotechnology Index Initiated (QDII) A, which had a quarterly net value growth of 17.42% [5]. Market Context - The fund manager noted that despite a complex domestic and international environment, the Chinese economy showed resilience and steady growth, with improving profit growth for Hong Kong-listed companies [7]. - The report highlighted that southbound capital continued to flow into the market, and the Federal Reserve's interest rate cut cycle provided a favorable environment for Hong Kong stocks [7].

Group 1 - In the past four trading days, Inspurs has experienced a cumulative decline of 7.54% [1] - Qingdao Inspurs Health Technology Co., Ltd. specializes in the development, manufacturing, and sales of a wide range of fitness equipment, aiming to meet diverse consumer fitness needs with functional, intelligent, and safe products [1] - Tianhong Fund's Tianhong Medical Health Mixed A has entered the top ten shareholders of Inspurs and is a new addition in the second quarter of this year, achieving a year-to-date return of 28.15%, ranking 422 out of 4491 in its category [1] Group 2 - The fund manager of Tianhong Medical Health Mixed A is Ms. Lü Qiao, who holds a master's degree in finance and Western economics [2] - Lü Qiao has previously worked as a stock research manager at Taikang Asset Management and as an investment manager at Freshwater Spring (Beijing) Investment Management [2] - Lü Qiao joined Tianhong Fund Management Co., Ltd. in February 2023 and is currently the assistant fund manager [2] Group 3 - Tianhong Fund Management Co., Ltd. was established in November 2004, with Huang Chenli as the chairman and Gao Yang as the general manager [3] - The fund has eight shareholders, with Ant Technology Group Co., Ltd. holding 51% of the shares [3] - The total asset scale of Tianhong Medical Health Mixed A is 5.02 billion yuan, with a return of 29.07% during Lü Qiao's tenure [3]

Group 1 - The core idea emphasizes the importance of foundational knowledge in investing and selecting the right funds to enhance investment success [2] - High dividend yield does not equate to low risk, and pursuing high dividend rates may lead to "value traps" [3] - Historical high dividends do not guarantee future sustainability, as some cyclical stocks may distribute large dividends during peak performance, which may not be maintainable [3]

Core Viewpoint - The article highlights the latest trends in public fund of funds (FOF) investments, emphasizing the dominance of bond funds and the increasing popularity of ETF products among FOF managers in the second quarter of 2025 [1][3][8]. Group 1: FOF Investment Trends - Bond funds remain the primary focus for FOF, with 30 out of the top 50 funds being bond funds, accounting for over 50% of the holdings [3][4]. - The top five favored funds by FOF in Q2 2025 include Hai Fu Tong Zhong Zheng Short Bond ETF, Bosera Zhong Dai 0-3 Year National Development Bank ETF, Bosera Credit Preferred E, Hua An Gold ETF, and Hua Xia Hang Seng ETF [1][3]. - The total market value held by FOF in Hai Fu Tong Zhong Zheng Short Bond ETF exceeds 1.643 billion yuan, making it the most held fund by FOF [3][4]. Group 2: Active Equity Fund Holdings - The leading active equity fund held by FOF is Yi Fang Da Ke Rong, with a total holding value of 384.15 million yuan, followed closely by Yi Fang Da Information Industry Selected C at 370.71 million yuan [4][5]. - Other notable active equity funds held by FOF include Xing Quan Commercial Model Preferred A and Yi Fang Da Supply Reform, each with holdings exceeding 300 million yuan [4][5]. Group 3: Fund Increases and Market Outlook - The fund with the highest increase in holdings by FOF in Q2 2025 is Bosera Credit Preferred E, which saw an increase of 936 million yuan, bringing its total holding value to 1.016 billion yuan [6]. - FOF managers express confidence in the A-share market, aiming for diversified and multi-strategy asset allocation while maintaining a cautious yet optimistic outlook [8][10]. - The article notes a shift in investment strategy, with a reduction in U.S. stock positions and an increase in holdings of Hong Kong and A-share stocks, reflecting changes in market conditions [9][10].

Core Viewpoint - The AI Fund, FuGuo State-Owned Enterprise Reform Flexible Allocation Mixed Fund (005357), reported a profit of 2.6795 million yuan for Q2 2025, with a net asset value growth rate of 2.11% during the period [3][15]. Fund Performance - As of July 21, the fund's unit net value was 1.374 yuan, with a one-year cumulative net value growth rate of 11.78%, outperforming its peers [3]. - The fund's performance over different time frames includes a three-month growth rate of 5.73% (671/880), a six-month growth rate of 10.69% (294/880), and a three-year growth rate of -18.87% (611/871) [4]. Fund Management Strategy - The fund maintained a relatively high equity allocation and adjusted its holdings by reducing positions in underperforming stocks while increasing investments in undervalued quality leaders [3]. - The fund manager expressed confidence in the long-term investment returns from quality equity assets despite a complex macro and market environment [3]. Fund Metrics - The fund's average stock position over the past three years was 77.77%, compared to the peer average of 80.43% [14]. - The fund reached a maximum stock position of 91.78% by the end of Q3 2023, with a minimum of 16.25% at the end of 2022 [14]. Risk Metrics - The fund's three-year Sharpe ratio was -0.0909, ranking 566 out of 875 comparable funds [9]. - The maximum drawdown over the past three years was 40.8%, with the largest single-quarter drawdown occurring in Q1 2022 at 20.22% [11]. Top Holdings - As of Q2 2025, the fund's top ten holdings included companies such as SMIC, Zijin Mining, China Resources Land, and others [18].

Core Viewpoint - The article discusses the recent stable performance of the A-share market, highlighting that all 31 Shenwan first-level industries recorded positive returns from June 23 to July 18, indicating a structural bull market where holding any sector would yield profits [1] Group 1: Market Performance - The TMT sector, particularly telecommunications and computers, led the gains, while defense, military, and biomedicine also performed well in the growth sector [1] - High-dividend sectors, especially steel, showed strong performance [1] - The ChiNext Index outperformed the ChiNext Composite Index, indicating a potential structural bull market where certain sectors may not outperform the overall market [1] Group 2: Investor Psychology - Investors often experience anxiety about market uncertainty, fearing both missing out on gains and the risk of buying at high prices [2][3] - This anxiety reflects a growing awareness among investors, marking a step towards maturity in investment behavior [2] Group 3: Investment Strategies - The article suggests three levels of construction to address the conflicting emotions of fear and opportunity in investing [2] - The first level emphasizes psychological adjustment, advocating for acceptance of imperfection in market predictions and focusing on building a diversified investment portfolio [3][4] - The second level discusses the importance of asset allocation, recommending a mix of equity and bond investments to smooth out volatility and enhance returns [5][6] - The third level stresses the significance of position sizing and risk management, advising investors to maintain a portion of cash to manage potential market pullbacks effectively [7][8]

Core Insights - The article discusses the performance and stock trading strategies of the Tianhong Tongli Mixed Fund A and C, managed by Jin Meng, highlighting their annualized returns and stock selection success rates [1][2]. Fund Performance - Tianhong Tongli Mixed Fund A (000573) has a scale of 7.93 billion yuan and an annualized return of 8.59% [1]. - Tianhong Tongli Mixed Fund C (019894) has a scale of 4.67 billion yuan and an annualized return of 15.54% [1]. - During Jin Meng's tenure, Fund A achieved a cumulative return of 46.32% with an average annualized return of 10.42% [1]. Stock Trading Cases - Notable stock trading cases include: - Tonghuashun: Bought in Q4 2022, sold in Q2 2023, with an estimated return of 92.77% and a company performance growth of 0.14% [2][4]. - Shantui: Bought in Q3 2023, sold in Q4 2024, with an estimated return of 84.32% and a company performance growth of 40.72% [2][5]. - Aikedi: Bought in Q2 2022, sold in Q3 2022, with an estimated return of 37.30% and a company performance growth of 109.29% [2]. Underperforming Stocks - Underperforming stocks include: - Zijin Mining: Bought in Q4 2023, sold in Q4 2024, with an estimated return of -86.50% despite a company performance growth of 51.76% [3][6]. - Aihua Group: Bought in Q3 2023, sold in Q2 2024, with an estimated return of -26.68% and a company performance growth of 15.76% [3]. - Dongfang Yujin: Bought in Q1 2022, sold in Q3 2022, with an estimated return of -21.70% despite a company performance decline of 2.26% [3].

Report Summary 1. Market Performance Overview - During the period from July 14 - 18, 2025, the Shanghai Composite Index rose by 0.69%, and the Shenzhen Component Index rose by 2.04%. Most Shenwan primary industries saw gains, with the communication and pharmaceutical biology sectors performing well. Overseas equity market indices mostly declined, and the international gold price dropped. All types of funds increased this period [2]. 2. Equity - related Funds 2.1 Industry Performance - In the equity market, the communication and pharmaceutical biology sectors of Shenwan primary industries performed well this period. In the past 12 periods, the comprehensive and communication sectors showed better overall performance [8]. 2.2 Fund Performance - Active - investment stock funds rose by 3.29% compared to the previous period, and active - investment hybrid funds rose by 2.76%. Funds heavily invested in sectors like pharmaceutical biology performed well. Representative high - return active - investment stock funds this period included JingShun Great Wall Medical Industry Stock A (17.61%), and high - return funds this year included HuaAn Pharmaceutical Biology Stock Initiation A (98.31%). Similar high - return data were also presented for index stock funds and active - investment hybrid funds [2][13][14]. 3. Fixed - income Funds 3.1 Bond Market Index Performance - This period, bond market representative indices all rose. The ChinaBond Aggregate Index, ChinaBond Corporate Bond Index, and ChinaBond Treasury Bond Index rose by 0.11%, 0.09%, and 0.04% respectively, and the ChinaBond Convertible Bond Index rose by 0.67% [16]. 3.2 Fund Category Performance - Convertible bond funds led in returns this period, rising by 1.09%. Ordinary bond funds rose by 0.27%, long - term pure - bond funds by 0.07%, medium - and short - term pure - bond funds by 0.05%, and short - term pure - bond funds by 0.04%. In terms of this year's comprehensive returns, convertible bond funds had an average return of 9.84%, performing better [16]. 4. QDII Funds 4.1 Fund Category Performance - Most types of QDII funds rose this period. Equity funds - Greater China QDII funds led with a 4.17% increase. Looking at the whole year, equity funds - Greater China QDII funds had a significant increase of 30.44%. Some categories like bond - type QDII funds and certain alternative - asset QDII funds declined [18]. 4.2 Representative Fund Performance - Representative high - return QDII funds this period included HuTianFu Hong Kong Advantage Selection A (15.89%), and high - return funds this year included HuTianFu Hong Kong Advantage Selection A (133.72%) [20].

Core Viewpoint - The AI Fund, Invesco Great Wall State-Owned Enterprise Value Mixed A (018294), reported a profit of 606,500 yuan for Q2 2025, with a weighted average profit per fund share of 0.0018 yuan. The fund's net value growth rate was 1.68%, and its total scale reached 295 million yuan by the end of Q2 2025 [3][16]. Fund Performance - As of July 18, the fund's unit net value was 1.295 yuan. The fund manager, Zou Lihua, oversees 10 funds, all of which have positive returns over the past year. The highest one-year return among these funds was 9.59% for Invesco Great Wall Cycle Select Mixed A, while the lowest was 0.86% for Invesco Great Wall Energy Infrastructure Mixed A [3]. - The fund's performance over different time frames includes a three-month net value growth rate of 7.45%, a six-month growth rate of 6.25%, and a one-year growth rate of 3.06%, ranking 51/82, 49/82, and 59/77 among comparable funds, respectively [4]. Risk and Return Metrics - The fund has a Sharpe ratio of 1.0531 since inception, indicating a favorable risk-adjusted return [9]. - The maximum drawdown since inception is 12.56%, with the largest quarterly drawdown occurring in Q3 2024 at 11.67% [12]. Investment Strategy - The average stock position of the fund since inception is 68.23%, compared to the industry average of 84.87%. The fund reached its highest stock position of 86.46% at the end of H1 2025 and its lowest of 59.42% at the end of H1 2024 [15]. - The fund has a high concentration of holdings, with the top ten stocks including Zijin Mining, China Mobile, Shenhuo Co., Tencent Holdings, China National Offshore Oil, Chuan Yi Co., Sinopharm, Zhuhai Mining, Yun Aluminum, and CRRC Corporation [19]. Market Outlook - The fund management anticipates that despite potential short-term economic pressures, the relatively loose policy environment may prevent the market from overly pricing in short-term weaknesses. The medium-term outlook suggests a stabilization of the domestic economy, with the negative impact of real estate on the economy potentially nearing its end, leading to a mild recovery in the fundamentals over the next six months [3].