Investment Rating - The report maintains a "Positive" investment rating for the transportation industry [8]. Core Insights - In Q2 2025, the transportation industry saw a 0.32 percentage point increase in the proportion of public fund heavy holdings, reaching 2.01%, primarily driven by the logistics and supply chain sector [2][5]. - The number of heavily held stocks in the transportation sector increased to 66, with a total market value of 25.93 billion yuan, reflecting a 16.1% quarter-on-quarter increase [5]. - The logistics and supply chain sector's allocation increased significantly, while other sub-sectors experienced a decrease in allocation [5][6]. Summary by Sections Public Fund Holdings - The transportation sector's heavy holding ratio is 2.01%, up from the previous period, and ranks 14th among 32 primary industries, indicating a low allocation status [5]. - The logistics and supply chain sector saw a significant increase in allocation, while the aviation, railway, and maritime sectors experienced reductions [5][6]. Heavy Holdings - The top five heavily held stocks in the transportation sector accounted for 67.5% of the total market value of heavy holdings, up from 54.5% in Q1 2025 [6]. - SF Express continues to attract significant institutional interest, with the number of funds holding it increasing to 163, reflecting a strong upward trend in its business performance [6][25]. Northbound Capital - Northbound capital holdings in the transportation sector increased to 5.91%, with express delivery being the largest segment at 190 billion yuan, accounting for 33.9% of the sector [7][31]. - The airport, railway, and shipping sectors saw the highest increases in northbound capital holdings, indicating a positive sentiment towards these segments [7][34].

Core Viewpoint - Ningbo Bank's revenue and profit are accelerating, leading to a stock price increase of over 6%, reaching a nearly two-year high, with other city commercial banks also experiencing gains [1] Group 1: Stock Performance - Ningbo Bank's current price is 28.94c, with a year-to-date increase of 23.01% [2] - Other banks such as Changshu Bank, Chongqing Rural Commercial Bank, and Jiangsu Bank also saw price increases, with year-to-date gains of 13.63%, 18.33%, and 21.62% respectively [2] - The banking sector has cumulatively risen over 12% this year, significantly outperforming the broader market [2] Group 2: Institutional Investment - As of the end of Q2 2025, public funds held a total market value of approximately 25.837 billion yuan across 2,917 A-share companies, with significant investments in the banking sector [3] - Public funds increased their holdings in banks and telecommunications by over 40 billion yuan, leading the industry [3] - Major banks like China Merchants Bank, Industrial Bank, and Jiangsu Bank have seen substantial public fund investments, with China Merchants Bank leading at 75.9 billion yuan [3] Group 3: ETF Inflows - In the first half of the year, a total of 12.2 billion yuan flowed into the banking sector through ETFs, primarily from the CSI 300 ETF and dividend ETFs [4] - Individual banks such as Industrial Bank, Agricultural Bank, and China Merchants Bank benefited from significant net inflows exceeding 500 million yuan [4] Group 4: Future Outlook - The banking sector's weight in active equity funds is currently 3.35%, while the CSI 300 index has a weight of 15.71%, indicating potential for increased allocation [5] - The recent reforms in public funds are expected to align fund allocation closer to benchmark weights, benefiting the underweighted banking sector [5] - Insurance capital is also anticipated to further support inflows into the banking sector [5]

Investment Rating - The investment recommendation for the food and beverage industry is "Outperform the Market" [10][16] Core Insights - The heavy holding ratio for the food and beverage industry decreased by 2.13 percentage points to 6.62% in Q2 2025, with the white liquor heavy holding ratio dropping by 2.34 percentage points to 4.96% [5][19] - The top five holdings in the food and beverage sector are Kweichow Moutai (0.98%), Wuliangye (0.43%), Shanxi Fenjiu (0.38%), Luzhou Laojiao (0.26%), and Dongpeng Beverage (0.18%) [5][14] - The report highlights a shift in fund allocations, with non-dairy beverages seeing an increase in holdings while white liquor experienced significant reductions [12][27] Summary by Sections 1. Q2 2025 Fund Holdings: Decrease in Food and Beverage Holdings, Significant Reduction in White Liquor - The heavy holding ratio for the food and beverage industry is 6.62%, with an overweight ratio of 1.63%, both showing a decrease [11][19] - The heavy holding ratio for white liquor is 4.96%, with an overweight ratio of 1.63%, also reflecting a decline [11][19] 1.1 Food and Beverage Industry Public Fund Holding Ratio - The public fund heavy holding ratio for the food and beverage industry is 6.62%, down 2.13 percentage points, ranking fourth among sectors [19][20] - The standard allocation ratio is 4.99%, with an overweight ratio of 1.63%, down 1.55 percentage points [19][20] 1.2 Excluding Heavy White Liquor Funds - The concentration of white liquor holdings is high, with eight funds holding over 1 billion yuan in white liquor, accounting for 52.91% of the total white liquor holding value [12][24] - Excluding these funds, the remaining funds show a white liquor holding ratio of 2.34%, down 1.79 percentage points [12][24] 1.3 Non-Dairy Beverages Increased Holdings - In Q2 2025, the holding ratios for various sub-sectors are as follows: white liquor (4.96%), beer (0.35%), non-dairy beverages (0.40%), and others, with non-dairy beverages seeing a 0.15 percentage point increase [13][27] 1.4 Non-Dairy Beverages and Snack Foods Increased Holdings - The top five holdings in the food and beverage sector are Kweichow Moutai, Wuliangye, Shanxi Fenjiu, Luzhou Laojiao, and Gujing Gongjiu [41][44] - The report notes that Dongpeng Beverage, Yanjing Beer, and Salted Fish saw the largest increases in holdings [14][44] 1.5 Net Outflow of Northbound Capital from the Food and Beverage Industry - As of June 2025, northbound capital holdings in the food and beverage sector totaled 177 billion yuan, with a holding ratio of 3.75%, down 0.40 percentage points [15][22] 2. Investment Recommendations - The report suggests focusing on structural growth opportunities in new channels and products, while also considering traditional cyclical stocks that are currently undervalued [16][19]

Investment Rating - The food and beverage industry maintains an "Outperform the Market" rating [4][5][37] Core Viewpoints - The food and beverage industry has a fund holding ratio of 6.2%, which is a decrease of 1.86 percentage points from the previous quarter, ranking fifth among Shenwan's primary industries. The overall overweight ratio for the industry is 1.37%, which has decreased by 1.34 percentage points [1][12] - The liquor sector remains the most heavily weighted, but its overweight ratio has declined, while the consumer goods sector has seen an increase in fund holdings [2][17] Summary by Sections Fund Holdings Analysis - In Q2 2025, the liquor sector's fund holding ratio decreased by 2.07 percentage points to 4.5%, with an overweight ratio down by 1.52 percentage points to 1.35%. Excluding Moutai, the liquor sector's fund holding ratio fell by 1.61 percentage points to 2.61% [2][17] - The consumer goods sector saw increases in fund holdings for soft drinks, snacks, and condiments, with the soft drink sector's fund holding ratio rising by 0.15 percentage points to 0.41% [2][18] Individual Stock Performance - Major liquor stocks such as Kweichow Moutai and Wuliangye saw a decrease in the number of funds holding their shares, with Moutai's holding ratio dropping to 1.88% and Wuliangye's to 0.89% [29][30] - In contrast, stocks like Dongpeng Beverage and Yanjing Beer received increased allocations, with Dongpeng's holding ratio rising to 0.35% [29][30]

Group 1 - The core viewpoint of the article highlights the significant changes in the holdings of public funds in the second quarter, with notable reductions in positions for major stocks like Kweichow Moutai and Tencent Holdings, while new entrants like Xinyi Semiconductor and Zhongji Xuchuang have emerged in the top 20 holdings [1][2][3][4]. - The top two heavyweights in public fund holdings remain CATL and Kweichow Moutai, with both experiencing a decrease in market value held by funds, exceeding 120 billion yuan [1][2][3]. - New faces in the top 20 holdings include Xinyi Semiconductor and Zhongji Xuchuang, which have seen significant increases in their holdings, while traditional favorites like Kweichow Moutai and Wuliangye have seen a decline in their positions [2][3][4]. Group 2 - The first major stock for active funds is Tencent Holdings, with a market value exceeding 600 billion yuan, but the number of shares held has decreased by over 22 million [6][7]. - Stocks that saw significant increases in holdings include Zhongji Xuchuang and Xinyi Semiconductor, both of which performed well in the second quarter, with some experiencing over 50% growth [7][9]. - In the non-A-share market, public funds increased their positions in companies like NVIDIA and Microsoft, while reducing holdings in Alibaba and Tencent [10][12]. Group 3 - The FOF products saw a significant increase in scale, with the BoShi ZhenXuan ChuHui three-month holding period (FOF) growing from 3.5 billion shares at the end of the first quarter to approximately 72 billion shares by the end of the second quarter, marking a 20-fold increase [13][15]. - The top holdings of the FOF products primarily consist of BoShi fund products, indicating an internal FOF structure that contributes to the scale of these funds [15][16].

Core Viewpoint - The AI Fund Dachen Hongli Huiju Mixed A (019334) reported a profit of 4,495.64 yuan in Q2 2025, with a weighted average profit per fund share of 0.0005 yuan, and a net value growth rate of 0.36% during the reporting period [3] Fund Performance - As of July 21, the fund's net asset value (NAV) was 1.25 yuan, with a total fund size of 12.34 million yuan [3][15] - The fund's performance over different periods includes a 6.32% growth rate over the last three months, ranking 499 out of 615 comparable funds; a 12.88% growth rate over the last six months, ranking 216 out of 615; and a 23.80% growth rate over the last year, ranking 225 out of 585 [3] Fund Management - The fund manager, Hou Chunyan, oversees four funds, all of which have positive returns over the past year [3] - The fund's second-quarter underperformance relative to its benchmark was attributed to concerns over profitability in the internet and light industry sectors due to intense competition and economic downturns, although the manager believes these holdings have strong relative advantages and stable cash flow capabilities [3] Risk Metrics - The fund's Sharpe ratio since inception is 1.1343 [7] - The maximum drawdown since inception is 8.43%, with the largest quarterly drawdown occurring in Q2 2025 at 6.71% [10] Investment Strategy - The average stock position since inception is 57.47%, compared to the industry average of 83.27%. The fund reached a peak stock position of 75.05% at the end of H1 2025 and a low of 16.04% at the end of H1 2024 [14] - The fund has a high concentration of holdings, with the top ten positions including China Mobile, China Unicom, Midea Group, Angel Yeast, Zhejiang Longsheng, Beidahuang, Conch Cement, Sun Paper, Tapa Group, and Wens Foodstuff [17]

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Core Viewpoint - The AI Fund Dachen Quality Medical Stock A (014121) reported a profit of 3.49 million yuan for Q2 2025, with a net value growth rate of 5.06% and a fund size of 123 million yuan as of the end of Q2 2025 [3][14]. Fund Performance - The fund's weighted average profit per share for the reporting period was 0.0195 yuan [3]. - As of July 18, the unit net value was 0.831 yuan [3]. - The fund achieved a one-year cumulative net value growth rate of 14.75%, ranking 49 out of 53 comparable funds [3]. - Over the past three months, the fund's cumulative net value growth rate was 17.94%, ranking 44 out of 54 comparable funds [3]. - The fund's six-month cumulative net value growth rate was 16.67%, ranking 50 out of 54 comparable funds [3]. - The fund's three-year cumulative net value growth rate was -16.81%, ranking 34 out of 46 comparable funds [3]. Risk and Return Metrics - The fund's Sharpe ratio over the past three years was -0.1888, ranking 39 out of 46 comparable funds [8]. - The maximum drawdown over the past three years was 33.52%, ranking 37 out of 46 comparable funds, with the largest single-quarter drawdown occurring in Q3 2022 at 22.78% [10]. Investment Strategy - The fund manager indicated a shift in investment strategy during Q2, reducing holdings in innovative drug sectors while increasing positions in traditional Chinese medicine and pharmaceutical distribution [3]. - The fund's average stock position over the past three years was 87.17%, with a peak of 91.59% at the end of Q1 2023 and a low of 80.75% at the end of H1 2024 [13]. Concentration of Holdings - The fund has a high concentration of holdings, with the top ten stocks consistently accounting for over 60% of the portfolio over the past two years [17]. - As of Q2 2025, the top ten holdings included companies such as Kangzhe Pharmaceutical, Mayinglong Pharmaceutical, and Hengrui Medicine [17].

Report Summary 1. Report Industry Investment Rating - Not provided in the content. 2. Core Viewpoints - During the week of 2025/06/09 - 2025/06/13, the CSI 300 index declined by 0.25%. The overall estimated stock position of active stock and partial - stock hybrid funds increased by 0.16% to 84.90%. For bond funds, the median estimated duration of medium - and long - term pure bond funds, short - term pure bond funds, credit bond funds, and interest - rate bond funds all increased [4][7]. 3. Summary by Relevant Catalogs 3.1 Fund Stock Position Calculation - The overall estimated stock position of active stock and partial - stock hybrid funds showed an upward trend this week, reaching 84.90%, but was 3.32% lower than the quarterly report. Active stock funds' position decreased by 0.02% to 88.16%, while partial - stock hybrid funds' position increased by 0.21% to 84.14% [7]. - The overall increase or decrease in the estimated positions of active stock and partial - stock hybrid funds was mostly concentrated in the range of [0%, 1%) with 568 funds, followed by [-1%, 0%) with 215 funds. Funds with a scale of less than 20 billion and 50 - 80 billion slightly increased their positions, while other scale funds slightly reduced their positions [11]. - In terms of investment style, growth stocks accounted for a higher proportion in fund holdings. This week, value stocks had a slight increase in position, and growth stocks had a slight decrease. The proportion of small - cap stocks in fund holdings was relatively high. This week, large - cap stocks had a slight decrease, while mid - cap and small - cap stocks had a slight increase [15]. - The top 5 industries held by active stock and partial - stock hybrid funds this week were electronics (13.97%), power equipment (9.12%), pharmaceutical biology (6.89%), automobiles (6.52%), and machinery and equipment (5.75%). The top 3 industries for position increase were petroleum and petrochemicals (+0.28%), non - ferrous metals (+0.22%), and light manufacturing (+0.10%); the top 3 industries for position reduction were electronics (-0.21%), food and beverages (-0.15%), and machinery and equipment (-0.09%) [4][18]. 3.2 Bond Fund Duration Calculation - The yield to maturity of the 10 - year China Development Bank bond increased by 1bps this week. The median estimated duration of medium - and long - term pure bond funds increased by 0.37 to 3.35 years, reaching the 100.00% percentile in the past 5 years. The median estimated duration of short - term pure bond funds increased by 0.06 to 0.95 years [4][21]. - The median estimated duration of credit bond funds increased by 0.20 to 2.81 years, with 8% of funds being actively operated and 24% being conservatively operated. The median estimated duration of interest - rate bond funds increased by 0.61 to 5.12 years, with 55% of funds being actively operated and 5% being conservatively operated [4]. - The estimated duration of credit bond funds this week was concentrated in the range of [2.5, 3) with 156 funds, followed by [2, 2.5) with 147 funds. The estimated duration of interest - rate bond funds was concentrated in the range of [5,) with 192 funds, followed by [4.5, 5) with 48 funds [28]. - Among credit bond funds, 7.65% of funds had an actively operated duration, and 24.33% had a conservatively operated duration. Among interest - rate bond funds, 54.99% of funds had an actively operated duration, and 5.41% had a conservatively operated duration [29]. - The yield to maturity of the 1 - year China Development Bank bond decreased by 0bps this week. The median estimated duration of short - term pure bond funds increased by 0.06 to 0.95 years, reaching the 89.20% percentile in the past 5 years. The estimated duration of passive policy - bank bond funds increased by 0.48 to 3.75 years [32].

Group 1 - In April, Asian and emerging market funds reduced their overweight positions in mainland China, although their holdings remain close to multi-year highs [1][7][16] - Global funds have gradually increased their holdings in mainland China over the past few months, but these levels are still significantly lower than those reached in 2021 [8][19] - Asian funds slightly increased their holdings in Taiwan, but their allocation relative to the benchmark index remains near historical lows [1][16] Group 2 - Foreign institutional investors (FII) injected approximately $12 billion into Asian stock markets outside of China as of May, marking the strongest monthly inflow in a year and a half [1][19] - Almost all markets experienced inflows, primarily driven by Taiwan and India, with Taiwan's inflow reaching its highest monthly level since the end of 2023 [19][20] - Despite remaining net buyers in the Indian stock market, the inflow scale has been relatively modest [20] Group 3 - Asian and emerging market funds reduced their low allocations to mainland China, South Korea, and Hong Kong, while also decreasing their low allocation to India [7][16] - Funds have shifted to a neutral allocation for South Korea, reflecting a reduction in risk exposure across most ASEAN markets, except for the Philippines [7][16] - Since January 2024, foreign funds have become net buyers in the Vietnamese stock market, indicating a shift in investment trends [22]