Group 1 - The report covers the performance and financial indicators of the Yongying Growth Voyage One-Year Holding Mixed Securities Investment Fund for the second quarter of 2025, highlighting its investment strategies and objectives [1][2][3] - The fund aims to achieve long-term stable growth of net asset value while controlling investment risks through various asset allocation strategies, including equity, fixed income, and convertible bonds [3][4] - The fund's performance benchmarks include a combination of the CSI 500 Index, Hang Seng Index, and the China Bond Composite Index [3][4] Group 2 - As of the end of the reporting period, the total fund shares amounted to approximately 344.82 million, with the A share net value at 0.9098 RMB and a net value growth rate of 8.04%, while the C share net value was 0.8866 RMB with a growth rate of 7.83% [10][11] - The fund's investment portfolio is heavily weighted towards the manufacturing sector, which constitutes 74.62% of the total asset value, with significant investments also in information technology and non-daily consumer goods [11][12] - The fund management emphasizes a disciplined investment research and decision-making process, ensuring compliance with relevant regulations and fair treatment of different investment portfolios [7][8]

永赢中证沪深港黄金产业股票交易型开放式指数证券投资基金发起式联接基金 2025 年第 2 季度 报告 永赢中证沪深港黄金产业股票交易型开放式指数证券投资基金发起式 联接基金 基金管理人：永 赢 基 金管理有限公司 基金托管人：中国农业银行股份有限公司 报告送出日期：2025 年 07 月 17 日 永赢中证沪深港黄金产业股票交易型开放式指数证券投资基金发起式联接基金 2025 年 第 2 季度报告 §1 重要提示 基金管理人的董事会及董事保证本报告所载资料不存在虚假记载、误导性陈述或重大遗漏，并对其内 容的真实性、准确性和完整性承担个别及连带责任。 基金托管人中国农业银行股份有限公司根据本基金合同规定，于 2025 年 07 月 15 日复核了本报告 中 的财务指标、净值表现和投资组合报告等内容，保证复核内容不存在虚假记载、误导性陈述或者重大遗 漏。 基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈利。 基金的过往业绩并不代表其未来表现。投资有风险，投资者在作出投资决策前应仔细阅读本基金的招 募说明书。 本报告中财务资料未经审计。 本基金主要通过投资于目标 ETF，紧密跟踪标的指 ...

永赢欣益纯债一年定期开放债券型发起式证券投资基金 2025 年第 2 季度报告 永赢欣益纯债一年定期开放债券型发起式证券投资基金 基金管理人：永 赢 基 金管理有限公司 基金托管人：兴业银行股份有限公司 报告送出日期：2025 年 07 月 17 日 永赢欣益纯债一年定期开放债券型发起式证券投资基金 2025 年第 2 季 度报告 §1 重要提示 基金管理人的董事会及董事保证本报告所载资料不存在虚假记载、误导性陈述或重大遗漏，并对其内 容的真实性、准确性和完整性承担个别及连带责任。 基金托管人兴业银行股份有限公司根据本基金合同规定，于 2025 年 07 月 15 日复核了本报告中的 财 务指标、净值表现和投资组合报告等内容，保证复核内容不存在虚假记载、误导性陈述或者重大遗漏。 基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈利。 基金的过往业绩并不代表其未来表现。投资有风险，投资者在作出投资决策前应仔细阅读本基金的招 募说明书。 本报告中财务资料未经审计。 本报告期自 2025 年 04 月 01 日起至 2025 年 06 月 30 日止。 | §2 | 基金产品概况 | | ...

Group 1 - The core viewpoint of the articles indicates that several high-performing public funds are actively adjusting their portfolios to capture structural opportunities in the market, particularly focusing on the technology and pharmaceutical sectors, reflecting an optimistic outlook for the second half of the year [1][3] - As of July 16, among the disclosed second-quarter reports, many top-performing funds have increased their stock investment ratios, with notable examples including the Changcheng Pharmaceutical Industry Selected Mixed Fund, which raised its stock investment ratio from 72.48% to 75.89%, and the Tongtai Industrial Upgrade Mixed A Fund, which increased its stock investment ratio from 1.62% to 90.16% [1] - The holding structure shows that technology and pharmaceuticals are the main targets for fund managers' adjustments, with funds like Yongying Technology Smart Mixed A shifting focus to global cloud computing and increasing positions in leading companies in optical communication [1][3] Group 2 - Analysts express confidence in the overall performance of the equity market, with many top funds maintaining high positions based on positive assessments of relevant sectors, particularly in structural market conditions where active equity funds can leverage their stock-picking advantages [3] - Fund managers are optimistic about the third quarter, with specific focus areas including the development of innovative drugs in overseas licensing and domestic sales, as well as investment opportunities in cutting-edge models and emerging applications in the technology sector [3] - The proactive adjustments and increased allocations by high-performing funds in the second quarter reflect a long-term positive outlook on high-growth sectors like technology and pharmaceuticals, signaling potential structural opportunities in the equity market for the latter half of the year [3]

Core Viewpoint - The report outlines the performance and investment strategy of the Yongying Rui Jian Progressive Mixed Securities Investment Fund for the second quarter of 2025, highlighting a focus on long-term asset value appreciation while managing risks through diversified investment strategies [1][3]. Fund Product Overview - Fund Name: Yongying Rui Jian Progressive Mixed - Fund Code: 022717 - Total Fund Shares at Period End: 140,963,027.99 shares - Investment Objective: Long-term stable appreciation of net asset value while controlling investment portfolio risks [2]. - Investment Strategies: Includes macroeconomic analysis, asset allocation, stock investment, fixed income strategies, convertible bonds, and various derivatives [2]. - Performance Benchmark: 70% CSI 800 Index, 10% Hang Seng Index (converted by valuation exchange rate), and 20% China Bond Composite Index [2]. Financial Indicators and Fund Performance - Fund A Net Value Growth Rate (Last Three Months): 13.25%, Benchmark Return: 1.46% [3]. - Fund C Net Value Growth Rate (Last Three Months): 13.08%, Benchmark Return: 1.46% [3]. - Fund A Net Value at Period End: 1.1216 CNY, Fund C Net Value at Period End: 1.1187 CNY [5]. Investment Portfolio Report - Total Value of Stocks: 146,645,935.96 CNY (83.45% of total assets) [6]. - Total Value of Bonds: 6,921,321.95 CNY (3.94% of total assets) [6]. - Value of Hong Kong Stocks via Stock Connect: 42,115,095.09 CNY (26.68% of net value) [7]. Management Report - The fund manager adheres to legal regulations and maintains a disciplined investment research and decision-making process to ensure fair treatment of different investment portfolios [4]. - No significant violations of fair trading practices were reported during the period [4]. Changes in Fund Shares - Fund A Initial Shares: 56,426,195.51, Final Shares: 52,633,871.37 [8]. - Fund C Initial Shares: 231,101,907.25, Final Shares: 88,329,156.62 [8].

Core Viewpoint - The report highlights the performance and investment strategy of the Yongying High-end Equipment Select Mixed Fund, focusing on the satellite internet sector as a key investment opportunity in the high-end equipment industry, with a notable net value growth during the second quarter of 2025 [1][2]. Fund Overview - The fund is managed by Yongying Fund Management Co., Ltd. and is a mixed-type open-end fund that primarily invests in high-end equipment-related assets [1]. - As of the end of the reporting period, the total fund shares amounted to 691,393,948.39 [1]. Financial Performance - The net value growth rate for Class A shares was 4.80% during the reporting period, while Class C shares saw a growth rate of 4.69% [4][5]. - The performance benchmark for Class A shares yielded a return of 0.67% during the same period [4]. Investment Strategy - The fund aims to achieve medium to long-term stable appreciation of net asset value while controlling risks through diversified asset allocation strategies, including stocks, fixed income, and derivatives [1][2]. - The fund's investment focus is on the satellite internet sector, which is seen as a critical area for future growth and technological advancement [2][4]. Sector Analysis - The report indicates that the satellite internet sector is gaining traction due to increased military orders and the normalization of satellite launches, with significant developments in low Earth orbit satellite networks [2][4]. - The fund's investment strategy includes monitoring the progress of satellite internet projects and the advancement of key technologies within the industry [2]. Portfolio Composition - As of the reporting period, the fund's assets were primarily allocated to the manufacturing sector (84.04%) and information technology services (10.28%), with a total equity investment of approximately 529.14 million yuan [5]. - The fund did not hold any bonds or asset-backed securities during the reporting period [5]. Shareholder Information - The report details the changes in fund shares, with Class A shares totaling 138,536,669.50 and Class C shares totaling 552,857,278.89 at the end of the reporting period [5][6]. - The fund management did not utilize proprietary funds for investment in the fund during the reporting period [6].

Core Viewpoint - The report provides an overview of the performance and investment strategy of the Yongying Xincheng Mixed Securities Investment Fund for the second quarter of 2025, highlighting its focus on stable asset appreciation while managing risks effectively [1][2]. Fund Product Overview - Fund Name: Yongying Xincheng Mixed Securities Investment Fund - Fund Manager: Yongying Fund Management Co., Ltd. - Fund Custodian: Huaxia Bank Co., Ltd. - Total Fund Shares at Period End: 173,529,451.42 shares [2]. - Investment Objective: Long-term stable appreciation of net asset value [2]. - Investment Strategies: Includes major asset allocation strategies, stock investment strategies, convertible bond investment strategies, and futures investment strategies [2]. Financial Indicators and Fund Performance - As of the end of the reporting period, the net asset value of Yongying Xincheng Mixed A was 1.0466 RMB, with a net value growth rate of 1.05% against a benchmark return of 1.33% [10]. - The net asset value of Yongying Xincheng Mixed C was 1.0408 RMB, with a net value growth rate of 1.19% against a benchmark return of 1.33% [11]. - The fund's performance over the past three months showed a net value growth rate of 1.05% for Class A, 1.05% for Class C, and 1.19% for Class E [10][11]. Investment Portfolio Report - The fund's total assets included 192,186,502.32 RMB in bonds, representing 93.21% of total assets, with no stocks held at the end of the reporting period [12]. - The portfolio included 126,227,020.55 RMB in policy financial bonds, accounting for 69.70% of the fund's net assets [12]. Management Report - The fund management adhered to a strict fair trading system, ensuring equitable treatment of all investment portfolios without significant violations [9]. - The management team consists of experienced professionals, including Liu Xingyu with 11 years of experience and Yuan Xu with 15 years of experience in the securities industry [6][7].

Group 1 - The report covers the performance and financial indicators of Yongying Xinsong Mixed Securities Investment Fund for the second quarter of 2025, highlighting the fund's investment strategies and objectives [3][10]. - The fund aims for long-term stable appreciation of net assets while strictly controlling investment portfolio risks, employing various investment strategies including asset allocation, stock investment, fixed income, and convertible bonds [3][10]. - As of the end of the reporting period, the total fund shares amounted to 561,007,250.82, with a focus on maintaining a balanced investment approach [3][10]. Group 2 - The fund's net value growth rates for different periods are as follows: 0.72% for the past three months, 1.03% for the past six months, and 3.39% for the past year, with the performance benchmark yielding 1.30% during the same period [6][12]. - The fund's investment portfolio is heavily weighted towards bonds, with a total bond investment of 664,413,053.89, representing 99.76% of the total fund assets, and no holdings in stocks or asset-backed securities [12][13]. - The fund management has adhered to a fair trading system, ensuring no significant violations were reported during the period, and has maintained compliance with relevant laws and regulations [9][10]. Group 3 - The macroeconomic environment in China during the second quarter was stable, with resilient industrial production and high levels of infrastructure and manufacturing investment, although real estate sales showed a decline [10][11]. - The credit environment improved, with a general decrease in funding costs and a growth in the scale of broad funds, leading to enhanced credit bond allocations [11][12]. - The fund management team consists of experienced professionals, including Lu Qiting and Yi Weijun, who have extensive backgrounds in finance and investment management [4][8].

Group 1 - The fund aims to closely track the performance of the underlying index, targeting a tracking error of less than 2% annually and an average daily tracking deviation of less than 0.2% [2] - The fund primarily employs a full replication strategy for investment, aiming for a high correlation with the index's performance [8] - The fund's net asset value at the end of the reporting period was 1.1776 RMB, with a net value growth rate of 10.32%, compared to the benchmark return of 10.13% [8][11] Group 2 - The fund's total shares at the end of the reporting period were 827,771,072, an increase from 549,771,072 at the beginning of the period, with total subscriptions of 579,000,000 and redemptions of 301,000,000 [11] - The fund's investment portfolio is heavily weighted in the manufacturing sector, accounting for 80.61% of the total assets, followed by information technology services at 9.45% and scientific research and technical services at 7.71% [9] - The fund management adheres to strict compliance with investment regulations and maintains a disciplined investment research and decision-making process [5][6] Group 3 - The report highlights optimism regarding the long-term prospects of the general aviation and low-altitude economy sectors, driven by increased military procurement and domestic demand [6][7] - The low-altitude economy is projected to reach a market size of 1.5 trillion RMB by 2025 and 3.5 trillion RMB by 2035, indicating significant growth potential [7] - The fund's management emphasizes fair trading practices and has not identified any significant violations of fair trading during the reporting period [6][5]

Core Viewpoint - The report highlights the performance and investment strategy of the Yongying Guozheng Commercial Satellite Communication Industry ETF for the second quarter of 2025, emphasizing a positive outlook for the satellite communication and commercial aerospace sectors driven by various market factors [1][5]. Fund Overview - Fund Name: Yongying Guozheng Commercial Satellite Communication Industry ETF - Fund Code: 159206 - Fund Type: Open-ended index fund - Total Fund Shares at Period End: 89,953,365 shares [3][9]. Financial Performance - The fund's net asset value per share at the end of the reporting period was 1.0308 RMB, with a net value growth rate of 11.14% during the quarter [9][10]. - The benchmark index, the Guozheng Commercial Satellite Communication Industry Index, increased by 11.46% during the same period [7][10]. Investment Strategy - The fund employs a full replication strategy, aiming to closely track the performance of the benchmark index with a tracking error of less than 2% annually and an average daily tracking deviation of less than 0.2% [3][9]. - The fund's investment portfolio is primarily composed of stocks, with a significant allocation to the manufacturing sector, which constitutes 88.12% of the total assets [10][11]. Market Outlook - The long-term outlook for the satellite communication and commercial aerospace sectors is optimistic, driven by increased military spending and domestic demand, particularly in the context of China's 14th Five-Year Plan [8]. - The report notes that the strategic value of satellite communication has gained recognition, especially in light of recent geopolitical events, positioning it as a key growth area in the military sector [8][9].