Core Insights - The report highlights the performance of various fund indices, with the Shanghai Composite Index showing a year-to-date increase of 13.75% and the stock fund index rising by 22.90% [3][4] - The report emphasizes the strategic adjustments made to the fund's key holdings, focusing on active management equity products and fixed income plus varieties [5][6][11] Fund Key Pool Updates - The report lists 23 newly added active management equity products, including Huashang Upstream Industry A and Penghua China 50, among others [5][11] - Fixed income plus products include Jiao Yin Zeng Li Bond A and Jiao Yin An Xin Income A, while bond-type products feature Huazhang Zhongyue 60-Day Rolling Holding A and Jiahe Pantai Short Bond A [6][12][13] - The ETF category includes Hong Kong Stock Connect Internet ETF and Consumption ETF [7][14] Portfolio Operation Tracking and Adjustments - As of September 5, 2025, the monthly report portfolio has achieved a return of 14.93% with a maximum drawdown of -5.21% [8][29] - Adjustments made to the four major fund portfolios include increasing allocations to Hong Kong stocks and cyclical assets, optimizing the balance of products and bond types [8][29] - The report indicates that the portfolio's risk-adjusted returns are competitive compared to similar FOF products and indices [29]

Core Insights - The report highlights a strategic update on fund allocation, focusing on active management equity products, fixed income plus products, pure bond products, and ETFs, indicating a diversified approach to investment [5][8][11]. Fund Strategy Update - The report proposes the inclusion of several active management equity funds such as Changcheng Pharmaceutical Industry Select A, Huatai-PB Hong Kong Advantage Select A, and others, reflecting a focus on sectors like healthcare and technology [5][8]. - Fixed income plus products recommended include Yongying Xinxin A and E Fund Enhanced Return A, aiming to balance risk and return [9]. - Pure bond and bond index products suggested are Pengyang Lifeng Short Bond A and Zhongjin Interbank Certificate Index 7-Day Holding, indicating a conservative approach to fixed income investments [10]. - ETFs recommended include Digital Economy ETF ICBC and Sci-Tech Innovation Index ETF E Fund, targeting growth sectors [11]. Portfolio Performance Tracking - As of July 28, 2025, the overall portfolio yield is reported at 9.48%, with a maximum drawdown of -5.21%, indicating a relatively stable performance in a volatile market [6][15]. - The aggressive portfolio shows a yield of 10.71% with a maximum drawdown of -5.52%, suggesting higher risk tolerance and potential for greater returns [6][15]. - The conservative portfolio yields 4.06% with a maximum drawdown of -1.77%, reflecting a low-risk strategy [6][15]. Adjustments to Core Positions - As of the end of July 2025, adjustments to the four major fund portfolios are planned, focusing on sectors such as AI, consumer goods, and fixed income [18][19][20][21]. - Specific funds being added include E Fund Strategic Emerging Industry A and Guangfa Value Core A for the monthly report portfolio, indicating a shift towards growth-oriented investments [18]. - The aggressive portfolio will include Penghua Quality Governance LOF and Yongying Yixiang A, while the conservative portfolio will add Ruiyuan Stable Benefit Enhanced 30-Day Holding A, showcasing a strategic shift towards stability and quality [19][21].

Group 1 - The report highlights the update of the active equity fund pool, which now includes 105 funds, with 24 new additions such as Qianhai Kaiyuan Hong Kong and Shanghai Core Resource A and HSBC Jintrust Small Cap [2][9][8] - The ETF pool has been updated to include new products focusing on robotics and free cash flow, totaling 113 ETFs [12][13] - Year-to-date performance as of April 30 shows positive absolute returns across all four fund combinations, with the monthly report combination yielding 3.21% and the active combination yielding 2.65% [20][19][18] Group 2 - The report reflects on the core positions of the fund combinations, indicating that they are primarily composed of actively managed funds, which may pose tracking difficulties and risks due to changes in fund managers and investment styles [3][21] - The report notes that the bond market is experiencing preemptive pricing and volatility, leading to underperformance of bond products in early 2025 [21][19] - The report suggests optimizing the fund combinations by considering ETF replacements, increasing overseas asset allocation, and adjusting the weight of domestic demand-side equities [22][21]