Group 1 - The core viewpoint indicates that public funds are increasing their market entry efforts, with active equity funds' stock positions reaching a high for the year [2][5] - Newly established funds are rapidly building positions, with many products achieving over 10% returns within approximately one month of establishment, capitalizing on market uptrends [2][3] - As of August 15, the average stock position of ordinary equity funds is approximately 91.41%, an increase of 0.86 percentage points from August 8, while the average position of equity hybrid funds is about 88.93%, up by 1.9 percentage points [5] Group 2 - Several newly established funds have reported significant returns, with 10 products achieving over 5% returns since inception, and 4 of these exceeding 11% [3][4] - The Invesco Great Wall Growth Mixed Fund, established on June 27, has achieved a return of 18.61% since inception, while other funds like the Harvest Growth Win Mixed Fund and the E Fund Growth Progress Mixed Fund have returns of 14.4% and 13.13%, respectively [3] - Fund managers are optimistic about the market outlook, as the rapid building of positions in new funds reflects confidence in future market performance [4][5] Group 3 - Public funds are focusing on growth sectors, particularly increasing allocations in the telecommunications industry, which has seen the most significant accumulation over the past three months [5] - There is a noted decrease in allocation to the consumer sector, with the food and beverage industry's allocation reaching a low point in recent years [5] - Institutions maintain an optimistic outlook for the market, anticipating a steady recovery in the economic fundamentals and a revaluation of Chinese assets [5]

Core Viewpoint - The report highlights the performance and investment strategy of the Great Wall Hong Kong Stock Connect Value Selection Mixed Fund for the second quarter of 2025, emphasizing its focus on undervalued stocks with strong fundamentals and the potential for stable long-term returns [1][2]. Fund Overview - Fund Name: Great Wall Hong Kong Stock Connect Value Selection Mixed Fund - Fund Code: 007132 - Fund Type: Contractual open-end fund - Effective Date: June 26, 2019 - Total Fund Shares at Reporting Period End: 114,143,744.19 shares - Investment Objective: Focus on Hong Kong Stock Connect stocks, selecting fundamentally sound and undervalued companies to pursue long-term stable investment returns [1]. Investment Strategy - The fund employs a comprehensive analysis of macroeconomic conditions, policy trends, and market movements to actively determine asset allocation across various asset classes, including stocks and bonds [2]. - The strategy includes evaluating companies based on their competitive position, core product strength, market demand, and decision-making capabilities, using various valuation methods to identify undervalued stocks [2]. - The fund utilizes multiple strategies for stock selection, including high dividend growth, industry leader growth, high growth, A-H share price difference, and Davis double-click strategies to enhance return stability [2]. Performance Metrics - The fund's net value growth rate for Class A shares was 8.90%, while Class C shares achieved a growth rate of 8.72%, both outperforming the benchmark return of 2.70% during the reporting period [8]. - Over the past three months, the fund's return was 2.50%, and over the past six months, it was 2.47% [3]. Investment Composition - The fund's total assets included approximately 120,897,403.01 RMB in stocks, representing 86.16% of the total fund assets, with 89.17% of the net asset value invested in Hong Kong stocks through the Stock Connect mechanism [9]. - The fund's sector allocation included significant investments in consumer discretionary (29.13%), information technology (24.34%), and telecommunications (27.10%) [10][11]. Management Report - The fund manager has adhered to legal regulations and internal policies, ensuring fair treatment of investors and maintaining a focus on risk management [5]. - The fund's performance is attributed to investments in the Chinese technology and internet sectors, which have shown strong growth potential, particularly in areas integrating AI [6][8]. Future Outlook - The fund remains optimistic about the future of the Hong Kong technology and internet sectors, anticipating continued growth driven by favorable policies and emerging consumer trends [8]. - The focus will continue to be on value investing, emphasizing long-term performance over short-term gains [7].

@ JIN10.COM D. 金十数据 | 一个交易工具 | 42 | | 新大陆 | 44.44 | 14 | | --- | --- | --- | --- | --- | | 43 | | 中国民航信息网络 | 42.23 | 14 | | 44 | DHC | 东华软件 | 41.45 | 1 1 | | 45 | | 巨人网络 | 39.34 | 2 t | | 46 | INESA | 云赛智联 | 38.96 | | | 47 | PNG | 美图公司 | 38.01 | 1 t | | 48 | | 网宿科技 | 36.28 | 11 | | 49 | | 中科创达 | 36.06 | 3 1 | | 50 | | 阅文集团 | 35.45 | | 每日根据市值计算出前50名公司,美元港元按照当日汇率中间价折算 金十图示：2025年05月29日（周四）中国科技互联网公司市值排名TOP 50一览 | | | 台棋电 | 10172.85 | | --- | --- | --- | --- | | 2 | | 腾讯控股 | 5958.22 | | 3 | | 阿里巴巴 | 2785.41 | | ...