Core Viewpoint - The Morgan Technology Frontier Flexible Allocation Mixed Securities Investment Fund aims to achieve long-term asset appreciation by focusing on companies at the forefront of technology, while implementing strict risk control measures [1][2]. Fund Product Overview - The fund is a contract-based open-end fund with a total share amount of 1,213,161,458.90 shares as of the end of the reporting period [1]. - The investment strategy combines quantitative and qualitative research methods to select listed companies in the technology sector, analyzing macroeconomic indicators such as GDP growth, fixed asset investment growth, and inflation rates [1][2]. Financial Indicators and Fund Performance - For the reporting period from April 1, 2025, to June 30, 2025, the net value growth rates for Morgan Technology Frontier Mixed A and C shares were -3.23% and -3.35%, respectively, against a benchmark return of 2.29% [3][8]. - The fund's performance over the past three months, six months, and one year shows a decline, with the three-year performance at -24.16% for A shares and -25.29% for C shares [3][8]. Management Report - The fund manager, Mr. Li Dehui, has over 13 years of experience in the industry and has been with Morgan Fund Management (China) since November 2016 [3][4]. - The management team has adhered to fair trading practices and has not engaged in any actions detrimental to the interests of fund shareholders during the reporting period [5][6]. Investment Portfolio Report - The fund's total assets are primarily allocated to stocks, with a total value of 2,166,246,315.91 RMB, representing 87.05% of the fund's total assets [7][9]. - The fund has not held any bonds or asset-backed securities during the reporting period [9]. Investment Strategy and Focus - The fund is currently focusing on sectors such as AI computing, non-ferrous metals, lithium batteries, innovative pharmaceuticals, and machinery, with a core position in lithium batteries and consumer electronics [7]. - The investment strategy emphasizes growth sectors while being cautious about the AI computing sector due to concerns over the lack of visible consumer applications [7].

Core Viewpoint - The Morgan Anyu Return Mixed Securities Investment Fund aims to achieve stable returns through strict risk control and dynamic asset allocation based on macroeconomic analysis and market conditions [2][3]. Fund Product Overview - Fund Name: Morgan Anyu Return Mixed - Fund Code: 004823 - Fund Type: Contractual open-end fund - Effective Date of Fund Contract: September 13, 2018 - Total Fund Shares at Reporting Period End: 122,437,254.25 shares [2]. Investment Strategy - The fund employs a comprehensive analysis of macroeconomic conditions, fiscal and monetary policies, and market sentiment to determine asset allocation among stocks, bonds, and money market instruments [2][3]. - The fund utilizes various investment strategies, including duration strategy, credit bond strategy, and convertible bond strategy, to actively manage the portfolio [3][4]. Performance Metrics - For the reporting period from April 1, 2025, to June 30, 2025, the fund's net value growth rates were as follows: - Morgan Anyu Return Mixed A: 0.54% (benchmark: 1.60%) - Morgan Anyu Return Mixed C: 0.42% (benchmark: 1.60%) [12][13]. - Over the past year, the net value growth rate for Morgan Anyu Return Mixed A was 6.53%, while for Mixed C it was 6.00% [5][12]. Financial Indicators - The fund's total assets were allocated as follows: - Stocks: 31,817,490.49 RMB (17.56%) - Bonds: 68,855,405.68 RMB (37.99%) [16]. - The fund's investment in policy financial bonds amounted to 10,329,104.11 RMB (5.71%) [18]. Market Analysis - The domestic real estate data showed a weak trend, while consumer spending improved due to fiscal support [9]. - The U.S. economy is oscillating between stagnation and recession, with potential impacts on global risk appetite [10]. - The bond market remained stable despite negative factors, with a decline in the ten-year government bond yield by 16 basis points [11]. Fund Management - The fund management team has adhered to fair trading practices and has not engaged in any actions detrimental to the interests of fund shareholders [6][9]. - The fund manager's investment decisions comply with relevant laws and regulations, ensuring fair treatment across different investment portfolios [6][9].

东方恒瑞短债债券型证券投资基金 基金管理人：东方基金管理股份有限公司 基金托管人：中国邮政储蓄银行股份有限公司 报告送出日期：2025 年 7 月 21 日 东方恒瑞短债债券 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。 基金托管人中国邮政储蓄银行股份有限公司根据本基金合同规定，于 2025 年 7 月 18 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。 | 日止。 | | --- | | 本报告期自 2025 年 4 月 1 日起至 6 月 30 | | §2 | 基金产品概况 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | ...

上银政策性金融债债券型证券投资基金 基金管理人:上银基金管理有限公司 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 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 基金简称 | 上银政策性金融债债券 | | | | | | | | | | | | 007492 基金主代码 | | | | | | | | | | | | | 基金运作方式 契约型开放式 | | | | | | | | | | | | | 基金合同生效日 2019 年 12 月 | | | 19 | 日 | | | | | | | | | 11,142,552,808.66 报告期末基金份额总额 份 | | | | | | | | | | | ...

Core Viewpoint - The AI Fund Huatai Fuhua State-Owned Enterprise Innovation Growth Stock A (001490) reported a profit of 3.2488 million yuan for Q2 2025, with a net value growth rate of 0.97% during the period, and a total fund size of 376 million yuan as of the end of Q2 2025 [3][17]. Fund Performance - As of July 18, the fund's unit net value was 1.588 yuan, with a near-term performance of 5.45% over the last three months, ranking 141 out of 167 comparable funds [4]. - The fund's performance over the past six months showed a growth rate of 0.70%, ranking 155 out of 167, while the one-year performance was -1.92%, ranking 160 out of 166 [4]. - Over the last three years, the fund's growth rate was -25.73%, ranking 133 out of 159 [4]. Risk Metrics - The fund's Sharpe ratio over the last three years was -0.4232, ranking 152 out of 159 comparable funds [10]. - The maximum drawdown over the last three years was 35.44%, with the highest single-quarter drawdown occurring in Q1 2021 at 20.87% [12]. Investment Strategy - The fund maintained an average stock position of 84.18% over the last three years, compared to a peer average of 87.99%. The highest stock position was 92.25% at the end of H1 2022, while the lowest was 80.25% at the end of H1 2024 [15]. Holdings Concentration - As of the end of Q2 2025, the fund had a high concentration in its top ten holdings, which included Zijin Mining, China Merchants Bank, Yangtze Power, CATL, COSCO Shipping Holdings, Northern Huachuang, Juhua Co., XCMG, Hangzhou Bank, and China National Offshore Oil [20].

Core Viewpoint - The AI Fund, Invesco Great Wall State-Owned Enterprise Value Mixed A (018294), reported a profit of 606,500 yuan for Q2 2025, with a weighted average profit per fund share of 0.0018 yuan. The fund's net value growth rate was 1.68%, and its total scale reached 295 million yuan by the end of Q2 2025 [3][16]. Fund Performance - As of July 18, the fund's unit net value was 1.295 yuan. The fund manager, Zou Lihua, oversees 10 funds, all of which have positive returns over the past year. The highest one-year return among these funds was 9.59% for Invesco Great Wall Cycle Select Mixed A, while the lowest was 0.86% for Invesco Great Wall Energy Infrastructure Mixed A [3]. - The fund's performance over different time frames includes a three-month net value growth rate of 7.45%, a six-month growth rate of 6.25%, and a one-year growth rate of 3.06%, ranking 51/82, 49/82, and 59/77 among comparable funds, respectively [4]. Risk and Return Metrics - The fund has a Sharpe ratio of 1.0531 since inception, indicating a favorable risk-adjusted return [9]. - The maximum drawdown since inception is 12.56%, with the largest quarterly drawdown occurring in Q3 2024 at 11.67% [12]. Investment Strategy - The average stock position of the fund since inception is 68.23%, compared to the industry average of 84.87%. The fund reached its highest stock position of 86.46% at the end of H1 2025 and its lowest of 59.42% at the end of H1 2024 [15]. - The fund has a high concentration of holdings, with the top ten stocks including Zijin Mining, China Mobile, Shenhuo Co., Tencent Holdings, China National Offshore Oil, Chuan Yi Co., Sinopharm, Zhuhai Mining, Yun Aluminum, and CRRC Corporation [19]. Market Outlook - The fund management anticipates that despite potential short-term economic pressures, the relatively loose policy environment may prevent the market from overly pricing in short-term weaknesses. The medium-term outlook suggests a stabilization of the domestic economy, with the negative impact of real estate on the economy potentially nearing its end, leading to a mild recovery in the fundamentals over the next six months [3].

基金管理人：南方基金管理股份有限公司 基金托管人：中国工商银行股份有限公司 南方高端装备混合型证券投资基金 送出日期：2025 年 7 月 21 日 南方高端装备混合型证券投资基金 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。 基金托管人中国工商银行股份有限公司根据本基金合同规定，于 2025 年 7 月 17 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 4 月 1 日起至 6 月 30 日止。 | §2 | 基金产品概况 | | | | --- | --- | --- | --- | | 基金简称 | 南方高端装备混合 | | | | 基金主代码 | 202027 ...

| 南方中证全指汽车指数发起式证券投 | | | | | | --- | --- | --- | --- | --- | | 资基金 2025 年第 2 季度报告 | | | | | | 基金管理人：南方基金管理股份有限公司 | | | | | | 基金托管人：中国建设银行股份有限公司 | | | | | | 送出日期：2025 年 7 月 21 日 南方中证全指汽车指数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。 | | | | | | 基金托管人中国建设银行股份有限公司根据本基金合同规定，于 | 2025 年 | 7 月 | 17 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 ...

南方中证半导体产业指数发起式证券 投资基金 2025 年第 2 季度报告 基金管理人：南方基金管理股份有限公司 基金托管人：中国建设银行股份有限公司 送出日期：2025 年 7 月 21 日 南方中证半导体产业指数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。 基金托管人中国建设银行股份有限公司根据本基金合同规定，于 2025 年 7 月 17 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 4 月 1 日起至 6 月 30 日止。 §2 基金产品概况 | 基金简称 | 南方中证半导体产业指数发起 | | | | | --- | --- | --- | ...

Core Viewpoint - The report provides an overview of the performance and management of the Southern Shenzhen Component Exchange-Traded Fund (ETF) linked fund for the second quarter of 2025, highlighting its investment strategy, financial indicators, and net asset value performance. Fund Product Overview - The fund is a passive index fund that aims to closely track the Shenzhen Component Index by investing at least 90% of its net asset value in the Shenzhen Component ETF [2][5]. - The fund's investment strategy includes not participating in the management of the underlying ETF and aims to minimize tracking deviation and error [2][5]. Financial Indicators and Fund Performance - As of the end of the reporting period (June 30, 2025), the total fund shares amounted to 202,967,196.99 [2]. - The net asset value (NAV) for the A share was 0.9706 yuan, with a net value growth rate of 0.46%, while the C share had an NAV of 0.9402 yuan and a growth rate of 0.35% [13]. - The performance benchmark for the fund showed a growth rate of -0.32% during the same period [13]. Investment Strategy - The fund employs a complete replication method to track the performance of the underlying index, adjusting its portfolio based on changes in the index's constituent stocks and their weights [5][6]. - The fund's management has implemented various systems to control tracking error and ensure safe operations, including an "index trading system" and "intraday timing trading model" [11][12]. Investment Portfolio Report - The fund's total assets included 1,859,059.25 yuan in stocks and 1,205,488.89 yuan in bonds, with the stock allocation representing 0.93% of total assets [15]. - The fund's investments were diversified across various sectors, with manufacturing being the largest sector represented [15]. Fund Share Changes - The total shares of the A share decreased from 160,166,197.95 to 156,610,601.50 during the reporting period, while the C share decreased from 49,651,952.12 to 46,356,595.49 [18].