Group 1 - The report covers the performance of the China Merchants HuShen 300 Real Estate Equal Weight Index Fund for the second quarter of 2025, highlighting a challenging environment for the real estate sector with a decline in both sales volume and price [12][13]. - The fund's A share net value growth rate was -4.59%, while the benchmark growth rate was -4.12% during the same period [13]. - The fund's total share amount at the end of the reporting period was 3,655,079,118.76 shares [2]. Group 2 - The fund employs a passive index investment strategy, aiming to track the HuShen 300 Real Estate Equal Weight Index with a tracking error not exceeding 0.35% [2][3]. - The fund's investment portfolio is primarily composed of stocks, with 92.85% of total assets allocated to equities, specifically in the real estate sector [14][15]. - The fund management has established a robust research methodology and investment decision-making process to ensure fair investment opportunities across all portfolios [11][12]. Group 3 - The fund's investment strategy includes the use of stock index futures to enhance investment efficiency and manage liquidity risks [4][20]. - The fund's performance over the past three years shows a significant decline of -57.85%, indicating a challenging market environment [8]. - The fund's investment in the top ten securities does not exceed the stipulated limits in the fund contract, ensuring compliance with regulatory requirements [20].

Core Viewpoint - HHLR, a subsidiary of Hillhouse Capital, plans to reduce its stake in Longi Green Energy by selling up to 37,890,248 shares, representing 0.5% of the total share capital, potentially cashing out approximately 549 million yuan [1] Group 1: Shareholding Changes - HHLR's initial investment in Longi Green Energy was 15.841 billion yuan for 226 million shares at 70 yuan each, representing 6% of the total shares [1] - After two stock splits, HHLR's holdings increased to 444 million shares, maintaining a 5.85% stake [1] - HHLR participated in a securities lending program, lending 64.48 million shares, which reduced its stake to 5% [2] Group 2: Financial Performance and Impact - HHLR's share reduction through securities lending resulted in a decrease of approximately 66 million shares, with an estimated cash gain of 2.805 billion yuan [2] - HHLR was found to have violated regulations by not disclosing its share reduction plan, leading to a formal investigation by the China Securities Regulatory Commission [2] - As of June 30, 2024, HHLR's holdings increased to 416 million shares, with a cost of approximately 12.82 billion yuan for repurchasing shares [3] Group 3: Market Conditions and Company Performance - Longi Green Energy has faced significant challenges, with a nearly 40% decline in revenue and a net loss of 8.618 billion yuan in 2024 [3] - The company's stock price has dropped to 12.63 yuan per share, representing an almost 80% decrease from its peak [3] - The overall investment in Longi Green Energy, including initial costs and repurchase costs, totals 17.120 billion yuan, with a total cash return of 9.279 billion yuan, resulting in a loss of 7.841 billion yuan [3]