Group 1 - The core viewpoint of the news is that QDII funds have increased their allocation to Hong Kong stocks, particularly in the technology sector, leading to improved performance of related funds [1][2] - As of the end of Q2 2025, the Penghua Hong Kong-US Internet Stock Fund increased its Hong Kong stock allocation from 42.65% to 54.93%, while reducing its US stock allocation from 38.47% to 28.54% [1][2] - The fund has shown strong performance with net value growth rates of 5.35% over the past 6 months, 13.10% over the past year, and 46.84% over the past 3 years [1] Group 2 - The fund's overall position has slightly increased, with a focus on large-cap stable growth stocks, while reducing exposure to certain US hardware stocks and internet stocks due to potential tariff impacts [2] - The top 10 holdings of the fund account for 57.91% of its net value, with significant positions in companies like Pop Mart, Tencent, Alibaba, and China Telecom [2] - The fund managers remain optimistic about the investment opportunities in the Hong Kong technology and dividend sectors for the second half of the year [3] Group 3 - The fund managers are focusing on the impact of Trump's tariff policies on the US economy and inflation, with macroeconomic data being crucial for understanding the economic fundamentals [3] - Despite signs of economic slowdown in the US, the combination of ample Federal Reserve policy space and a relatively loose fiscal policy suggests a lower risk of recession, supporting the stability of US tech stocks [3] - The fund's current holdings are primarily focused on domestic consumption and dividend stocks, which are expected to have strong cash flow and growth certainty, enhancing their risk resilience [3]