Core Viewpoint - The report provides an overview of the performance and management strategies of the Southern Haoda Steady Preferred One-Year Holding Mixed Fund of Funds (FOF) for the second quarter of 2025, highlighting its investment objectives, financial indicators, and market conditions affecting its performance [1][2][3]. Fund Overview - The fund is a mixed fund of funds (FOF) aiming for long-term stable appreciation of assets through diversified asset allocation across various funds with different risk-return characteristics [1][2]. - The fund's performance benchmark is set at 15% of the CSI 300 Index return and 85% of the Shanghai Government Bond Index return [1]. Financial Indicators and Fund Performance - As of the end of the reporting period, the A share net value was 1.0460 RMB, with a net value growth rate of 1.38%, while the C share net value was 1.0372 RMB, with a growth rate of 1.28% [5]. - The fund's performance over the past three months showed a net value growth rate of 1.27% for both A and C shares, with a standard deviation of 0.11% and 0.14% respectively [2][5]. Management Report - The fund manager has adhered to relevant laws and regulations, ensuring compliance and risk control while managing the fund's assets [4][6]. - The macroeconomic environment in the second quarter was stable, with improvements in PMI and a low inflation rate, while the U.S. economy showed signs of slowing down [4][3]. Investment Strategy - The fund adopted a multi-asset and multi-strategy diversification approach, focusing on domestic assets while also allocating to overseas assets and commodities [3][4]. - In equity investments, the fund increased exposure to large-cap value stocks and reduced holdings in high-growth technology stocks during market fluctuations [3]. Future Outlook - The fund maintains a cautious short-term outlook while remaining optimistic in the medium to long term, anticipating potential government stimulus measures and a stable economic recovery [4][3].