Core Viewpoint - The AI Fund Zhejiang Merchants Huijin Dividend Selected Mixed Fund A (021859) reported a profit of 256,200 yuan in Q2 2025, with a weighted average profit per fund share of 0.0197 yuan. The fund's net value growth rate was 1.96%, and the fund size reached 12.831 million yuan by the end of Q2 2025 [3][15]. Fund Performance - As of July 18, the fund's unit net value was 1.043 yuan. The fund manager, Zhou Wenchao, oversees seven funds, with the Zhejiang Merchants Zhijiang Phoenix ETF showing the highest one-year cumulative net value growth rate of 24.37%, while the Zhejiang Merchants Huijin Transformation Upgrade A had the lowest at 3.57% [3]. - The fund's net value growth rate over the past three months was 4.19%, ranking 573 out of 615 comparable funds, and over the past six months, it was 5.38%, ranking 482 out of 615 [4]. Risk and Strategy - The fund's management indicated that the global economy and capital markets are in a state of high uncertainty, predicting increased market volatility in Q3. They plan to reduce portfolio elasticity, realize some short-term excess returns, and increase low-position layouts. Maintaining a certain cash ratio is deemed necessary to capitalize on potential market downturns [3]. Fund Metrics - The fund's Sharpe ratio since inception is 0.0726, and the maximum drawdown since inception is 3.68%, with the largest quarterly drawdown occurring in Q2 2025 at 3.4% [9][11]. - The average stock position since inception is 50.2%, compared to the industry average of 83.17%. The fund reached a maximum position of 69.46% at the end of H1 2025 and a minimum of 19.48% at the end of 2024 [14]. Holdings - The fund has a high concentration of holdings, with the top ten stocks as of the end of Q2 2025 including: Yangtze Power, Agricultural Bank, Pinggao Electric, Nanjing Bank, Hangzhou Bank, Ping An Bank, China Mobile, China State Construction, China Merchants Energy, and Nanjing Steel [18].

Core Viewpoint - The conference on intelligent construction robots highlighted the integration of advanced technologies in construction, showcasing practical applications and achievements in the field [1][4]. Group 1: Intelligent Construction Technology - Intelligent construction is a new building model formed by the integration of information technology and engineering construction [4]. - The Shandong Intelligent Construction Industry Development Alliance was established to promote resource sharing and industry cooperation among various stakeholders in the construction sector [4]. Group 2: Application of Intelligent Construction Robots - The company focuses on applying cutting-edge technologies to address real issues on construction sites, covering various sectors such as building infrastructure, water management, and urban renewal [3]. - The core exploration and application of intelligent construction scenarios revolve around "digital reconstruction of processes" and "dual-driven technology mechanisms" [5]. Group 3: Specific Innovations and Achievements - The company has developed a lightweight facade cleaning robot that can operate on high-rise buildings, achieving an efficiency of 1,000 square meters per day through a multi-step cleaning process [7]. - The pipeline inspection robot is designed to avoid signal loss during operation and is tailored for small diameter pipes, enhancing safety and efficiency in hazardous environments [7]. - In large infrastructure projects, the bridge end intelligent spraying robot can complete a 7×3 meter spraying task in just 5 minutes, improving efficiency by 40% [10]. Group 4: Implementation and Impact - The company has systematically incubated 20 types of intelligent construction scenarios across six major fields, with significant applications in wall construction, ground construction, and monitoring [10]. - In 2023, the company established a pilot base in Jinan to bridge the gap between laboratory results and large-scale application in construction sites [11].

Group 1: Meteorological Work - Continuous high temperatures have led to the issuance of red heat warnings in Chongqing, with temperatures exceeding 40°C [2] - Meteorological workers are crucial for providing timely and accurate weather warnings, relying on extensive and reliable observational data [2] - Maintenance personnel are actively repairing equipment at monitoring stations, facing extreme conditions with surface temperatures exceeding 60°C [4][6] Group 2: Agricultural Monitoring - Meteorological workers are not only focused on weather warnings but also monitor soil moisture and investigate drought conditions in agricultural areas [8] - They provide guidance to farmers on scientific irrigation practices to mitigate the impact of high temperatures on crops [8] Group 3: Construction Work - Over 800 construction workers are engaged in high-temperature conditions at the Lion's Gate Bridge construction site, facing challenges such as prolonged outdoor work and physical strain [10] - Workers report severe discomfort, with protective gear melting and skin injuries due to the heat [11][13] - Construction schedules have been adjusted to mitigate heat exposure, with work hours shifted to cooler parts of the day [15] Group 4: Health and Safety Measures - The construction team has implemented health measures, including providing cooling drinks and ice to combat heat stress [15] - The Lion's Gate Tunnel project is significant, being the first multi-layer composite road tunnel in the Pearl River Estuary, highlighting the dedication of over 6,000 workers [15]

Group 1 - The board of directors of Anhui Construction Group Co., Ltd. held its ninth meeting on July 18, 2025, with all seven directors present, complying with the Company Law and Articles of Association [1] - The board approved the proposal to conduct steel futures hedging business, allowing a maximum trading margin of RMB 15 million and a maximum contract value of RMB 150 million on any trading day, valid for 12 months from the approval date [1] - The proposal for the establishment of a "Futures Hedging Business Management Method" was also approved unanimously by the board [2]

Core Viewpoint - China Chemical announced a record high total contract amount of 2060.92 billion RMB for the first half of 2025, showing a slight increase compared to 2035.69 billion RMB in the same period last year, with domestic contracts at 1646.08 billion RMB and overseas contracts at 414.84 billion RMB, remaining stable year-on-year [1]. Group 1: Contract Details - The number of construction projects decreased significantly to 1410 from 1718 last year, while the number of chemical engineering orders also fell from 1365 to 1189, although the total contract amounts remained similar [2]. - Notable projects include a 9.95 billion RMB coal chemical multi-production project in Xinjiang and a 9.81 billion RMB bioethanol project in Egypt, among others [4]. - Key projects signed in June included the Namibia green hydrogen project with a total investment of 10 billion USD, which is the largest green hydrogen project in Sub-Saharan Africa [5][6]. Group 2: Major Projects - The Namibia green hydrogen project has a contract amount of approximately 143.45 billion RMB, with other significant projects including a 48.12 billion RMB soda ash project in Indonesia and a 17.96 billion RMB high-performance silicon fluoride materials project in Gansu [6][11]. - The Xinjiang National Industry New Materials Technology Co., Ltd. is set to become the largest polyoxymethylene production base in Northwest China with a total capacity of 100,000 tons/year after the completion of its new project [7]. - The Henan Junheng Industrial Group's sustainable aviation fuel project will process 1 million tons of waste oil annually, producing over 30,000 tons of hydrocarbon biodiesel and 670,000 tons of sustainable aviation fuel [9].

中国化学工程股份有限公司 关于经营情况简报的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 现将公司 2025 年 1—6 月主要经营情况公布如下，供各位投 资者参阅。 一、 按业务类型统计 证券代码：601117 股票简称：中国化学 公告编号：临 2025-036 | 业务类型 | | 数量 | 合同金额 | | --- | --- | --- | --- | | 建筑工程承包 | | 1410 | 1986.35 | | 其 | 化学工程 | 1189 | 1600.20 | | 中 | 基础设施 | 205 | 356.72 | | 环境治理 | | 16 | 29.43 | | 勘察设计监理咨询 | | 836 | 15.94 | | 实业及新材料销售 | | | 54.89 | | 现代服务业 | | | 3.21 | | 其他 | | | 0.53 | | 合计 | | 2246 | 2060.92 | 单位：亿元 币种：人民币 1 二、 按地区分布统计 单位：亿元 币种：人民币 | 地区 | 合同金额 | ...

Core Viewpoint - The AI Fund Zhongtai Hongli Preferred One-Year Holding Mixed Fund (014771) reported a profit of 54.58 million yuan in Q2 2025, with a net value growth rate of 6.28% for the period [2]. Fund Performance - As of July 17, the fund's unit net value was 1.503 yuan, with a one-year compounded net value growth rate of 23.67%, the highest among its peers [2]. - The fund's performance over different time frames includes a three-month compounded net value growth rate of 9.68%, a six-month rate of 13.10%, and a three-year rate of 54.87%, ranking 2nd among 239 comparable funds [3][10]. Fund Management - The fund's management indicated a slight decrease in overall positions during Q2, reflecting a strategy to assess reinvestment risks and opportunity costs [2]. - The fund's average stock position over the past three years was 93.12%, higher than the industry average of 85.64% [13]. Fund Size and Holdings - As of the end of Q2 2025, the fund's size was 926 million yuan [15]. - The fund has a high concentration of holdings, with the top ten stocks consistently representing over 60% of the portfolio, including major companies like China State Construction, China Resources Land, and China Merchants Bank [18]. Risk Metrics - The fund's Sharpe ratio over the past three years was 1.0068, ranking 4th among 240 comparable funds [8]. - The maximum drawdown over the past three years was 15.65%, with the largest single-quarter drawdown occurring in Q3 2024 at 11.04% [10].

Core Viewpoint - The AI Fund Zhongtai Hongli Value One-Year Holding Mixed Fund (014772) reported a profit of 38.7855 million yuan for Q2 2025, with a net asset value growth rate of 5.38% during the period [3][16]. Fund Performance - As of July 17, the fund's unit net value was 1.452 yuan, with a one-year cumulative net value growth rate of 22.12%, ranking 103 out of 256 comparable funds [3][4]. - The fund's three-month net value growth rate was 8.88%, and the six-month rate was 12.09%, ranking 152 out of 256 and 88 out of 256 respectively [4]. - Over the past three years, the fund achieved a net value growth rate of 49.39%, ranking 4 out of 239 comparable funds [4]. Risk and Return Metrics - The fund's Sharpe ratio over the past three years was 0.9271, placing it 5 out of 240 in its category [9]. - The maximum drawdown over the past three years was 16.43%, with the largest single-quarter drawdown occurring in Q3 2024 at 11.63% [12]. Investment Strategy - The fund maintained a high average stock position of 92.86% over the past three years, compared to a category average of 85.64% [15]. - The fund's top ten holdings have consistently accounted for over 60% of its portfolio for nearly two years, with major holdings including China State Construction, China Merchants Bank, and Gree Electric Appliances [19]. Fund Management - The fund is managed by Jiang Cheng and Wang Tao, who have both achieved positive returns across the two funds they manage over the past year [3]. - The fund's overall position slightly decreased in Q2 2025 as a result of assessing reinvestment risks and opportunity costs [3].

Core Viewpoint - Haidian District is committed to creating a market-oriented, law-based, and international first-class business environment, continuously introducing reform measures to enhance efficiency and reduce costs for enterprises throughout their lifecycle [1][2]. Group 1: Business Environment Improvements - Haidian District has implemented a "Haidian Plan" to reduce costs and improve efficiency for enterprises, leveraging technology to streamline processes and enhance convenience [1][2]. - The average processing time for business operations has been reduced by over 60% through the application of blockchain technology for material verification [2]. - In the construction engineering sector, the entire process is now online, with a 70% simplification of approval requirements and a processing time reduced to 5 working days [2]. Group 2: Financial Support and Innovation - The financial collaboration platform has addressed 6,270 loan financing needs for small and micro enterprises, with a total loan amount of 22.741 billion yuan [2]. - The Zhongguancun Science and Technology Innovation Financial Service Center has achieved credit issuance of 28.456 billion yuan [2]. - Haidian District has established the first development base for listed companies in the city, with over 260 listed companies, ranking first in the city [2]. Group 3: International Expansion and Support - Haidian District has established the first comprehensive bonded zone focused on "R&D innovation" and "bonded R&D" functions, along with nine overseas intellectual property rights protection assistance stations [3]. - The district has launched a public service platform for enterprises going abroad, providing comprehensive support for international expansion [4]. Group 4: Policy and Resource Accessibility - Eight categories of measures, known as "Haidian Eight," have been developed to reduce hidden operational costs for enterprises through institutional innovation and technological empowerment [4]. - Business environment workstations will be established in neighborhoods to provide direct access to policy consultation, resource matching, and issue resolution [4]. - The district aims to enhance financial support by diversifying funding channels and establishing investment strategies suitable for Haidian's innovation ecosystem [4].

Group 1: Urban Renewal and Housing Transformation - The largest non-standard old housing demolition and reconstruction project in Shanghai, the Jing'an District Pengyi Community, has completed its resident relocation, replacing 40 old buildings with 17 new high-rise residential buildings equipped with modern amenities [1] - The trend of urban renewal is accelerating, with many old housing projects undergoing transformation, incorporating smart monitoring technologies, photovoltaic maintenance equipment, and rainwater storage systems to enhance safety, sustainability, and livability [1] Group 2: Smart Monitoring Technology - In Qingdao, the renovation of old communities has integrated smart monitoring technologies, including smoke, water immersion, and health assistance sensors, significantly improving residents' quality of life and safety [2] - Smart monitoring systems act as 24/7 "security guards" for buildings, utilizing sensors to monitor critical parameters like temperature, humidity, and structural integrity, providing real-time data to identify potential safety hazards [2][3] - The technology allows for proactive environmental adjustments, enhancing comfort and safety, such as automatically shutting off gas valves in case of leaks [3] Group 3: Photovoltaic Maintenance - The integration of photovoltaic technology in old buildings is crucial for achieving low-carbon goals, with many buildings now equipped with solar panels to reduce energy consumption [4] - Advanced photovoltaic maintenance systems, including drones, are being employed to inspect and clean solar panels, significantly improving their efficiency and reducing maintenance costs [5] - The collaboration between drones and cleaning robots ensures timely maintenance of solar panels, enhancing their operational efficiency [5] Group 4: Rainwater Management Systems - The construction of rainwater storage and purification systems, such as the one in Beijing's Tongzhou District, exemplifies the implementation of sponge city concepts, effectively managing stormwater and enhancing urban ecology [6] - These systems utilize rainwater for landscape irrigation and beautification, contributing to a more sustainable urban environment [6][7] - The design of rainwater management systems emphasizes the selection of appropriate vegetation to ensure effective water absorption and purification, promoting long-term ecological benefits [7]