Core Viewpoint - The offshore RMB has surpassed the 7.0 mark against the USD for the first time since September 2024, indicating a strengthening of the Chinese currency [1] Group 1: Currency Performance - The onshore RMB reached a high of 7.0061 against the USD [1] - Historical trends show that during periods of RMB appreciation, Hong Kong assets such as the Hang Seng Index and Hang Seng Tech Index tend to perform well [1] Group 2: Economic Context - The current environment is characterized by a Federal Reserve interest rate cut cycle, which has weakened the USD and created a favorable external environment for RMB appreciation [1] - The resilience and attractiveness of the Chinese economy provide solid fundamental support for the RMB's rise [1] - The approaching year-end may lead to a release of settlement demand, further supporting the RMB's appreciation [1] Group 3: Related ETFs - Relevant ETFs include the Hang Seng Tech Index ETF (513180), which focuses on Chinese AI core assets [2] - The Hong Kong Stock Connect Technology ETF (159101) is noted for its high elasticity characteristics [2] - The Hang Seng ETF (159920) serves as a core broad-based investment in the Hong Kong market [2]

Group 1 - The Hong Kong stock market experienced fluctuations today, with a slight recovery in the afternoon, led by gains in the pharmaceutical, energy, and banking sectors, while technology stocks saw minor declines [1] - The CSI Hong Kong Stock Connect Pharmaceutical and Health Index rose by 0.5%, while the CSI Hong Kong Stock Connect Consumer Theme Index fell by 0.4%, the Hang Seng Hong Kong Stock Connect New Economy Index decreased by 0.6%, the Hang Seng Technology Index dropped by 0.7%, and the CSI Hong Kong Stock Connect Internet Index declined by 1.1% [1] - According to Wind data, as of yesterday, the net inflow of funds into the Hang Seng Technology ETP managed by Yi Fangda (513010) exceeded 2 billion yuan for the month, ranking among the top in its category [1] Group 2 - The Hang Seng New Economy Index tracks the 50 largest stocks within the "new economy" sectors listed under the Hong Kong Stock Connect, primarily including information technology, consumer discretionary, and healthcare [3] - The index decreased by 0.6% today, with a rolling price-to-earnings ratio of 24.6 times [3] - The Hang Seng Technology ETF tracks the Hang Seng Technology Index, which consists of the 30 largest stocks highly related to technology themes, with over 90% of the index comprising information technology and consumer discretionary sectors [4] - The index fell by 0.7% today, with a rolling price-to-earnings ratio of 23.0 times [4] Group 3 - The Hong Kong Stock Connect Pharmaceutical ETF tracks the CSI Hong Kong Stock Connect Pharmaceutical and Health Index, which is composed of 50 highly liquid and large-cap stocks in the healthcare sector, accounting for over 90% of the index [6] - The index rose by 0.5% today, with a rolling price-to-earnings ratio of 31.8 times [6] - The Hong Kong Stock Connect Internet ETF tracks the CSI Hong Kong Stock Connect Internet Index, which has seen a decline of 1.1% today, with a rolling price-to-earnings ratio of 24.8 times [8]

Core Viewpoint - The AI Fund, China Europe Dividend Enjoyment Flexible Allocation Mixed A (004814), reported a profit of 359 million yuan in Q2 2025, with a weighted average profit per fund share of 0.1336 yuan, and a net asset value growth rate of 8.22% for the period [2] Fund Performance - As of July 18, the fund's unit net value was 1.905 yuan, with a three-month net value growth rate of 14.13%, ranking 16 out of 82 in its category [3] - The fund's six-month net value growth rate was 20.09%, ranking 6 out of 82, and the one-year growth rate was 22.31%, also ranking 6 out of 77 [3] - Over the past three years, the fund achieved a net value growth rate of 41.31%, ranking 2 out of 57 [3] - The fund's Sharpe ratio over the past three years was 0.7644, ranking 4 out of 57 [8] - The maximum drawdown over the past three years was 19.38%, with the largest single-quarter drawdown occurring in Q1 2020 at 19.96% [10] Fund Holdings and Strategy - As of June 30, the fund maintained an average stock position of 91.42% over the past three years, compared to the category average of 84.99% [13] - The fund's top ten holdings as of Q2 2025 included Zijin Mining, New China Life Insurance, China Life Insurance, China Ping An, Construction Bank, Zhongjin Gold, Ningbo Bank, China National Heavy Duty Truck Group, China Gold International, and SANY Heavy Industry [17] - The fund manager expressed optimism about the stability and certainty of the Chinese economy, focusing on undervalued assets in both Hong Kong and A-shares, while also highlighting risks from Western debt and geopolitical conflicts [2]