Core Viewpoint - The Tianhong Advanced Manufacturing A Fund (011851) reported a profit of 300,400 yuan for Q2 2025, with a net value growth rate of 0.26% and a fund size of 147 million yuan as of the end of Q2 2025 [2][17]. Fund Performance - The fund's weighted average profit per share for the reporting period was 0.002 yuan [2]. - As of July 18, 2025, the fund's unit net value was 1.059 yuan [2]. - The fund's performance over different time frames includes: - 3-month net value growth rate: 10.59%, ranking 100 out of 171 comparable funds [4]. - 6-month net value growth rate: 4.78%, ranking 112 out of 171 comparable funds [4]. - 1-year net value growth rate: 16.01%, ranking 97 out of 166 comparable funds [4]. - 3-year net value growth rate: -11.88%, ranking 26 out of 125 comparable funds [4]. - The fund's Sharpe ratio over the past three years was 0.0736, ranking 26 out of 120 comparable funds [10]. - The maximum drawdown over the past three years was 40.31%, ranking 112 out of 122 comparable funds [12]. Investment Strategy and Outlook - The fund manager anticipates a more optimistic market in the second half of the year, contingent on a stable external environment [3]. - Key investment directions for the second half include: - Cyclical sectors benefiting from domestic economic improvement, extending from consumption to manufacturing and from downstream to upstream [3]. - High-tech sectors benefiting from domestic industrial restructuring, including new energy, AI applications, computing power construction, aerospace manufacturing, and innovative pharmaceuticals [3]. Fund Holdings - As of June 30, 2025, the fund's top ten holdings included: - Geely Automobile, CATL, Air China, China Power, Zhongtian Technology, Shantui, Guangdong Hongda, Xiamen Tungsten, AVIC Shenyang Aircraft, and Torch Electronics [20]. Fund Positioning - The fund maintained an average stock position of 87.59% over the past three years, with a peak of 93.24% at the end of 2024 and a low of 70.32% in mid-2021 [15].

Core Viewpoint - Jiading District is actively embracing the transformation of the automotive industry, focusing on new energy and technology to achieve industrial transformation and development [1][2] Group 1: Industrial Development - Jiading District aims to become a world-class automotive industry center, with significant efforts made to support the transformation of existing enterprises and promote intelligent manufacturing [1] - The district has expanded its focus in the new energy sector from electric vehicles to include hydrogen fuel cells, methanol, solid-state batteries, and new energy storage technologies [1][3] - The automotive industry in Jiading has a total output of 720 billion yuan, with the "New Four Modernizations" sector exceeding 250 billion yuan and an average growth rate of 38% over the past three years [3] Group 2: Strategic Partnerships and Events - Jiading District is a key strategic partner of the China Automotive Industry Association (CAIA), hosting the annual China Automotive Forum for five consecutive years [1][2] - The CAIA plans to hold the 2025 China Automotive Forum in Jiading from July 10 to 12, marking an important transition point in the planning of the 14th and 15th Five-Year Plans [1] Group 3: Talent and Infrastructure - The Jiading government has implemented various policies to attract talent, emphasizing high-quality, low-cost urban living to draw individuals to the area [3] - Jiading is strategically located in the Yangtze River Delta, serving as a comprehensive node city with significant transportation advantages [3] - The district hosts over 4,500 automotive-related enterprises and has more than 200 research and development platforms, including 24 national and municipal-level platforms [3]