Core Viewpoint - As of June 30, 2025, the net asset value of the Jiashi Fund's Jiashi Currency E (001812) reached 54.763 billion yuan, reflecting a 26.04% increase compared to the previous period [1] Group 1: Fund Performance - The fund's net asset value increased by 26.04% to 54.763 billion yuan as of June 30, 2025 [1] - The fund's recent three-month yield was 0.32%, while the one-year yield was 1.4%, and the cumulative yield since inception was 24.01% [3] Group 2: Fund Manager Profile - Zhang Wenyue, the fund manager, has a master's degree and has been with Jiashi Fund Management Co., Ltd. since April 2014, currently working in the short-end alpha strategy group [2] - Zhang has held various managerial positions in different Jiashi funds, including roles in money market and bond investment funds from 2014 to 2022 [2] Group 3: Fund Size Changes - Recent changes in fund size include no subscriptions and minimal redemptions, with total shares at 0.02 billion as of June 30, 2025, reflecting a net asset change rate of -24.80% [3]

Core Viewpoint - E Fund's flagship fund, managed by Zhang Kun, reported a significant decline in performance for Q2 2025, with a net asset value of 1.7572 yuan and a net value growth rate of -7.15%, underperforming its benchmark which yielded 1.92% [1][2]. Financial Performance - The fund achieved a realized loss of -2.456 billion yuan and a profit of -2.754 billion yuan during the reporting period [2]. - The fund's net asset value at the end of the period was 34.942 billion yuan [2]. Investment Strategy - The stock allocation of E Fund's Blue Chip Select Fund decreased from 94.14% in Q1 to 92.63% in Q2 2025, indicating a slight reduction in equity exposure [2]. - Zhang Kun emphasized maintaining positions in high-quality companies with strong business models and clear industry structures, while adjusting the sector allocation towards consumer and technology industries [2]. Top Holdings - The top six holdings remained unchanged, including Tencent Holdings, Wuliangye, Luzhou Laojiao, Kweichow Moutai, Shanxi Fenjiu, and Alibaba [2]. - New entrants to the top ten holdings included JD Health and SF Express, while Yanghe Distillery and Meituan exited the list [2][3]. Management Changes - Zhang Kun's management of the fund has faced challenges, with a reported total loss of 17.121 billion yuan across four funds in 2023 [5]. - Following a restructuring, Zhang Kun stepped down as Deputy General Manager of E Fund in May 2025, transitioning to a focus on investment research [5][6]. Market Context - The fund's performance has been under scrutiny, particularly in light of regulatory changes that could impact fund managers' compensation based on performance relative to benchmarks [5].

Core Viewpoint - The AI Fund Xingquan Green Investment Mixed (LOF) reported a profit of 92.387 million yuan for Q2 2025, with a net asset value growth rate of 3.57% during the period [2]. Fund Performance - As of July 21, the fund's unit net value was 1.251 yuan, and its scale reached 2.729 billion yuan by the end of Q2 2025 [2][14]. - The fund manager, Zou Xin, oversees two funds, both of which have shown positive returns over the past year [2]. - The fund's one-year cumulative net value growth rate is 23.98%, ranking 46 out of 132 comparable funds [2]. Investment Strategy - The fund's investment approach focuses on three dimensions: major industry contradictions, competitive advantages of enterprises, and a balance of research depth and pricing [2]. Comparative Performance - Over the past three months, the fund's cumulative net value growth rate was 11.80%, ranking 47 out of 132 comparable funds [2]. - The fund's six-month cumulative net value growth rate was 12.30%, ranking 46 out of 132 comparable funds [2]. - The fund's three-year cumulative net value growth rate was -17.52%, ranking 85 out of 127 comparable funds [2]. Risk Metrics - The fund's three-year Sharpe ratio is -0.0744, ranking 81 out of 129 comparable funds [7]. - The maximum drawdown over the past three years was 42.11%, with the largest single-quarter drawdown occurring in Q1 2022 at 20.25% [9]. Portfolio Composition - The average stock position over the past three years was 88.8%, compared to the industry average of 86.09% [12]. - The fund's top ten holdings include companies such as CATL, Jifeng Co., Desay SV, and others [17].

Core Insights - The article highlights the revolutionary impact of AI on intellectual labor, comparing it to the industrial revolution's effect on physical labor [2] - Feng Ludan, a female fund manager at China Europe Fund, has achieved remarkable success with her unique investment methodology, leading her fund to a 93.07% return over the past year, significantly outperforming the benchmark [2][12] - The article emphasizes Feng's deep understanding of the technology sector and her systematic approach to investing in AI-related industries [2][4] Investment Strategy - Feng Ludan's investment philosophy combines industry knowledge with disciplined investment practices, focusing on the high growth potential of the AI sector [3] - She identifies five core areas for investment: AI infrastructure, AI applications, humanoid robots, intelligent driving, and smart wearable devices [4] - The article notes that AI is expected to reignite productivity growth, which has stagnated over the past two decades [4] Selection Criteria - In her stock selection process, Feng evaluates both the technological innovation capabilities of companies and their potential for commercial success [6] - She emphasizes the importance of AI infrastructure as a foundational element for the industry's development, with AI applications and hardware being crucial for accelerating commercial value [5] Unique Investment Framework - Feng has developed a "3D" investment framework focusing on Direction, Depth, and Duration, which aligns with the long-term value investment philosophy of China Europe Fund [7] - The "Direction" aspect involves selecting industries with significant growth potential, while "Depth" emphasizes thorough research on how technological changes drive industry growth [7][8] - The "Duration" component encourages evaluating company value over a longer time horizon, balancing short-term performance with long-term growth [8] Team and Research Support - The success of the China Europe Digital Economy fund is attributed not only to Feng's insights but also to the collaborative research support from the China Europe Technology Team [11] - The team comprises 13 fund managers and 12 industry researchers, covering a wide range of technology themes and ensuring comprehensive market analysis [11]

Group 1 - The core point of the news is the appointment of Lu Wenkai as a co-manager for the招商优势企业 fund, indicating a significant signal in the industry [1] - Zhai Xiangdong has a unique career trajectory, having worked in various roles related to TMT research and fixed income before managing the招商优势企业 fund, which has consistently performed in the top quartile since 2022 [2] - Lu Wenkai, the newly appointed fund manager, has a background in various industries including home appliances and technology, and aims to balance growth stock investments with a mean-reversion strategy [4] Group 2 - Zhai Xiangdong's investment strategy focuses on high-return configurations and a combination of top-down macro analysis and bottom-up stock selection, primarily in the TMT sector, with some exposure to defense and consumer sectors [4] - Lu Wenkai's investment approach emphasizes a balanced and diversified portfolio across multiple sectors, including TMT, defense, public utilities, and food and beverage [4] - Both fund managers share a growth-oriented investment style, with overlapping historical sector preferences, but Lu Wenkai's approach is noted for its more balanced sector allocation [4]

Group 1: Leadership Changes - Xiaoyi Helen Huang has resigned as Chairman of Fidelity Fund due to personal reasons, effective July 18, with Shaojie Li appointed as the new Chairman [1] - Zhang Shunguo has been appointed as the new Chief Supervisor of Industrial Fund, effective July 18, previously serving as Vice General Manager [2] - Liu Jian has been appointed as Vice General Manager of Tongtai Fund, having previously been promoted to Assistant General Manager earlier this year [6][7] Group 2: Investment Trends - Central Huijin Asset Management has significantly increased its holdings in multiple broad-based ETFs, with total purchases exceeding 190 billion yuan in the second quarter [3] - The innovative drug sector has seen the emergence of four "doubling funds" in 2023, with the top performer, Huatai-PB Hong Kong Advantage Selection, achieving a 133.72% increase [4] - Zhang Kun's fund management has shown notable changes, including the addition of JD Health to the top ten holdings and a reduction in Tencent Holdings [5] Group 3: Market Performance - On July 21, the market experienced a strong upward trend, with both the Shanghai Composite Index and the ChiNext Index reaching new highs for the year, led by sectors such as cement, machinery, and steel [8]

登录新浪财经APP 搜索【信披】查看更多考评等级 基金管理人：鹏华基金管理有限公司 基金托管人：广发证券股份有限公司 [重要提示] 1、鹏华上证科创板人工智能交易型开放式指数证券投资基金（以下简称"本基金"）的募集及其基金份 额的发售已获中国证监会证监许可〔2025〕980号文注册。中国证监会对本基金的注册并不代表中国证 监会对本基金的风险和收益作出实质性判断、推荐或者保证。 2、本基金是交易型开放式，股票型基金。 3、本基金管理人为鹏华基金管理有限公司，基金托管人为广发证券股份有限公司，登记机构为中国证 券登记结算有限责任公司。 4、投资者可选择网上现金认购、网下现金认购和网下股票认购三种方式认购本基金。网上现金认购是 指投资人通过基金管理人指定的具有基金销售业务资格的上海证券交易所会员用上海证券交易所网上系 统以现金进行的认购，网下现金认购是指投资人通过基金管理人及其指定的发售代理机构以现金进行的 认购，网下股票认购是指投资人通过基金管理人及其指定的发售代理机构以股票进行的认购。 5、本基金募集期自2025年08月01日至2025年08月15日，通过网上现金认购、网下现金认购和网下股票 认购三种认购方式公 ...

Central Huijin's Role in the Market - Central Huijin has played a significant role as a "stabilizer" in the capital market by increasing its holdings in major ETFs, with an estimated increase of over 200 billion yuan in Q2 [1][2][3] - The company has emphasized its commitment to maintaining market stability and will continue to act decisively when necessary [1][3] ETF Holdings and Increases - In Q2, Central Huijin Asset Management increased its holdings in various ETFs, including 84.29 million shares of E Fund CSI 300 ETF and 92.88 million shares of Huaxia CSI 300 ETF, among others [2][3] - The total scale of Central Huijin's holdings in the ten major ETFs rose from over 360 billion yuan at the end of last year to over 580 billion yuan in the first half of this year [3] Market Response and Confidence - Following external disturbances that affected the A-share market, Central Huijin and other state-owned entities announced their intention to increase ETF holdings, which significantly boosted market confidence [3][4] - On April 8, a record net inflow of nearly 100 billion yuan was observed in several ETFs, indicating strong market support [4] Asset Management Adjustments - Central Huijin has shown signs of portfolio adjustments in its asset management plans, with significant holdings in various ETFs [5][6] - The company has been actively managing its investments, including reducing holdings in certain ETFs while increasing others [5][6]

【导读】次新主动权益类基金积极建仓 中国基金报记者 曹雯璟 随着2025年基金二季报披露完毕，次新主动权益基金的建仓情况也浮出水面。 Wind数据显示，不少次新基金在今年二季度选择积极建仓，纳入统计50多只首次披露季报的主动权益基金平均股票仓位约为72%，属于中性偏上水平。 展望2025年下半年，基金经理们普遍看好A股市场机会，仍将保持较高的权益仓位。 次新主动权益类基金积极建仓 一批自今年2月以来成立的主动权益基金首次披露季报，揭开了在今年上半年市场震荡之下的次新基金建仓情况。 2025年上半年，A股市场持续调整，人工智能、黄金、创新药等板块轮番演绎。与此同时，次新主动权益基金建仓积极。Wind数据显示，可统计的55只 （只统计初始份额）首次披露季报的主动权益基金（包括股票型、混合型）平均股票市值占基金资产净值比例为72.48%，属于中性偏上水平。 由杨冬管理的广发制造智选于今年3月中旬成立。二季度，该基金逐步建仓，在积累一定安全垫后提高了权益仓位。结构上，配置以电子、电力设备、汽 车、机械设备等行业为主。截至今年二季度末，该基金股票仓位为92.44%，其前五大重仓股分别是工业富联、宁德时代、国能日新、扬杰 ...

【导读】次新主动权益类基金积极建仓 中国基金报记者 曹雯璟 随着2025年基金二季报披露完毕，次新主动权益基金的建仓情况也浮出水面。 Wind数据显示，不少次新基金在今年二季度选择积极建仓，纳入统计50多只首次披露季报的主动权益基金平均股票仓位约为72%，属于中 性偏上水平。 展望2025年下半年，基金经理们普遍看好A股市场机会，仍将保持较高的权益仓位。 由周雪军管理的海富通远见回报于今年3月初成立。截至今年二季度末，该基金股票仓位为93.20%，其前五大重仓股分别是新易盛、紫金 矿业、宁德时代、天孚通信、美的集团。周雪军在二季度中表示，4、5月份，总体在经济对冲、产业对抗等相关行业配置占比较高；5月下 半月开始逐步加大弹性，在坚持"哑铃型"策略的基础上，着重加配海外算力和银行，同时适度在军工、有色、新消费等方向优选个股。 由杨冬管理的广发制造智选于今年3月中旬成立。二季度，该基金逐步建仓，在积累一定安全垫后提高了权益仓位。结构上，配置以电子、 电力设备、汽车、机械设备等行业为主。截至今年二季度末，该基金股票仓位为92.44%，其前五大重仓股分别是工业富联、宁德时代、国 能日新、扬杰科技、超声电子。 由李浩玄 ...