Core Viewpoint - The report provides an overview of the Southern CSI Communication Services ETF Fund's performance and investment strategy for the second quarter of 2025, highlighting its passive management approach and alignment with the underlying index [1][4]. Fund Product Overview - The fund is a passive index fund that aims to closely track the performance of the CSI Communication Services Index, with a total fund share of 43,174,395.71 units at the end of the reporting period [2][6]. - The fund's investment strategy includes various asset allocation strategies, targeting ETFs, and financial derivatives to minimize tracking error [2][6]. Financial Indicators and Fund Performance - The fund's A share net value at the end of the reporting period was 1.2688 RMB, with a net value growth rate of 8.49%, outperforming the benchmark growth rate of 7.86% [15]. - The C share net value was 1.2660 RMB, with a net value growth rate of 8.45%, also exceeding the benchmark growth rate [15]. Industry Insights - The communication services sector showed signs of recovery in Q2 2025, with a reported 8.23% increase in the CSI Communication Services Index [14]. - Key trends include growth in telecom revenue, increased 5G user penetration, and a positive outlook for the communication equipment sector driven by AI demand in North America [14]. Investment Strategy - The fund employs a fully replicated strategy to track the underlying index, aiming to keep the average tracking deviation within a specified range [6][7]. - The fund's investment in stock index futures is aimed at hedging risks and reducing transaction costs associated with frequent adjustments in stock positions [17]. Management Report - The fund management adheres to strict compliance with regulations and maintains a focus on risk management to protect investor interests [12][13]. - The fund manager has a solid background in quantitative investment and has been with the Southern Fund since 2012, ensuring experienced oversight [10].

Core Viewpoint - The E Fund Hong Kong Stock Connect Dividend Mixed A Fund (005583) reported a profit of 160 million yuan for Q2 2025, with a net value growth rate of 6.39% during the period, and a total fund size of 2.656 billion yuan as of the end of Q2 2025 [3][15]. Fund Performance - The fund's weighted average profit per share for the reporting period was 0.0484 yuan [3]. - As of July 18, the fund's unit net value was 0.817 yuan [3]. - The fund's net value growth rates over various periods are as follows: - 3-month: 13.34%, ranking 238 out of 880 comparable funds [3]. - 6-month: 21.48%, ranking 84 out of 880 comparable funds [3]. - 1-year: 27.30%, ranking 189 out of 880 comparable funds [3]. - 3-year: 2.96%, ranking 205 out of 871 comparable funds [3]. Risk and Return Metrics - The fund's Sharpe ratio over the past three years is 0.0855, ranking 372 out of 875 comparable funds [8]. - The maximum drawdown over the past three years is 34.15%, with a single-quarter maximum drawdown of 29.54% occurring in Q1 2022, ranking 499 out of 873 comparable funds [10]. Investment Strategy - The fund manager emphasizes a focus on deep value exploration and aims to construct a portfolio with asymmetric risk-return characteristics while maintaining an attractive dividend yield to meet investors' needs for Hong Kong stock dividend assets [3]. Portfolio Composition - As of June 30, the fund's average stock position over the past three years was 87.53%, compared to a comparable average of 80.37% [13]. - The top ten holdings of the fund as of Q2 2025 include: - Longyuan Power - China Mobile - Sinopec Engineering - Sinochem Fertilizer - Beijing Enterprises Water Group - Mengniu Dairy - Xinhua Wenyuan - Sinopec Kantons - Datang Renewable - Sichuan Chengyu Expressway [19].

该基金属于偏股混合型基金。截至7月18日，单位净值为1.037元。基金经理是杨嘉文，目前管理5只基金近一年均为正收益。其中，截至7月18日，易方达平 衡视野混合A1近一年复权单位净值增长率最高，达23.83%；易方达科瑞混合最低，为6.16%。 基金管理人在二季报中表示，本基金在 2025 年第二季度股票仓位有所下降。截至报告期末，大部分主流指数的估值分位处于中位数附近。本基金二季度增 持的行业主要有环保、医药生物、基础化工,而减持的行业主要是电子、汽车、国防军工。在行业选择上，本基金会更关注和经济相关性不高且估值分位不 高的板块,同时在顺周期板块也会布局一些供需格局清晰的子行业或者有较强竞争力的个股。 AI基金易方达逆向投资混合A（011649）披露2025年二季报，第二季度基金利润1956.73万元，加权平均基金份额本期利润0.031元。报告期内，基金净值增 长率为3.34%，截至二季度末，基金规模为6.2亿元。 截至7月18日，易方达逆向投资混合A近三个月复权单位净值增长率为12.29%，位于同类可比基金103/256；近半年复权单位净值增长率为11.58%，位于同类 可比基金99/256；近一年复权单 ...

本公司董事会及董事保证基金2025年第2季度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。 中信建投基金管理有限公司旗下： 中信建投景和中短债债券型证券投资基金 中信建投医改灵活配置混合型证券投资基金 中信建投睿溢混合型证券投资基金 中信建投智信物联网灵活配置混合型证券投资基金 中信建投稳裕定期开放债券型证券投资基金 中信建投稳利混合型证券投资基金 中信建投睿信灵活配置混合型证券投资基金 中信建投凤凰货币市场基金 中信建投聚利混合型证券投资基金 中信建投添鑫宝货币市场基金 中信建投稳悦一年定期开放债券型发起式证券投资基金 中信建投中证500指数增强型证券投资基金 中信建投稳丰63个月定期开放债券型证券投资基金 中信建投医药健康混合型证券投资基金 中信建投智享生活混合型证券投资基金 中信建投睿利灵活配置混合型发起式证券投资基金 中信建投稳祥债券型证券投资基金 中信建投行业轮换混合型证券投资基金 中信建投策略精选混合型证券投资基金 中信建投价值甄选混合型证券投资基金 中信建投稳泰一年定期开放债券型发起式证券投资基金 中信建投量化进取6个月持有期混合型证券 ...

Group 1 - The overall operational situation of the project company is good, with no safety production accidents reported as of June 2025 [1] - The average daily toll traffic in June 2025 increased by 9.48% year-on-year, with average daily passenger vehicle traffic and freight vehicle traffic growing by 6.23% and 26.29% respectively [1] - The cumulative average daily traffic for 2025 reached 55,101 vehicles, representing a year-on-year increase of 12.78% [1] Group 2 - The increase in traffic and toll revenue is attributed to government measures supporting the real economy, which have effectively boosted market confidence and expectations [1] - The opening of new highway segments in late 2024 and early 2025 positively impacted traffic flow and toll revenue for the Hu-Su-Zhe Expressway [1] Group 3 - The disclosed data is based on the clearing data from the Jiangsu Provincial Highway Network Operation Management Center and has not been audited [1] - The fund management company assures that the fund's investment operations are normal and that there are no undisclosed significant information [2]

Group 1: Market Outlook - The Chinese stock and bond markets, along with the resilience of the Renminbi, have exceeded expectations this year, attracting positive views from foreign institutions like BlackRock and Fidelity International [1][2] - BlackRock's fund manager expressed optimism for the A-share market in the second half of the year, citing improved corporate operating environments and supportive regulatory policies [2] - Wellington's fund manager noted a global trend of reducing U.S. stock allocations, with China emerging as a key investment market due to its improving economic structure and supportive policies for the private sector [2] Group 2: Investment Opportunities - The technology sector, particularly artificial intelligence (AI), is highlighted as a key area for investment, with significant opportunities in computing power, data, and downstream applications [4][5] - The bond market is expected to present structural opportunities despite high valuations, with continued support from the People's Bank of China maintaining liquidity [5][6] - The Hong Kong stock market has shown strong performance, with potential opportunities in technology and quality traditional enterprises, especially if they report strong earnings [3] Group 3: Economic Transition - China is transitioning from being the "world's factory" to a global technology innovator, which is expected to unlock growth potential in the tech sector [2][4] - The focus on domestic innovation and the low domestic production rates in advanced sectors like chip manufacturing and aerospace present attractive investment opportunities [5]

Group 1 - The core point of the announcement is that Southern Fund Management Co., Ltd. will lower the custody fee rate for its Southern Financial Gold Exchange-Traded Money Market Fund from 0.1% to 0.05%, effective from July 21, 2025 [1][2] - The fund contract has been revised accordingly, and the changes will not have any substantial adverse impact on the interests of existing fund shareholders, thus no shareholder meeting is required [2][3] - The revised fund contract will be effective from July 21, 2025, and will be published on the fund management company's website on the same date [3] Group 2 - The Southern Growth Enterprise Board Mid-Cap 200 Exchange-Traded Open-Ended Index Securities Investment Fund will be listed on the Shenzhen Stock Exchange on July 24, 2025 [5] - The full listing announcement will be available on the fund management company's website and the China Securities Regulatory Commission's fund electronic disclosure website on July 21, 2025 [5][20] - The fund management company assures that the information in the listing announcement is accurate and complete, and it will be responsible for any misleading statements or omissions [5][19] Group 3 - The fund will allow daily subscription and redemption of shares, with specific procedures and timeframes outlined for investors [6][7] - The minimum subscription and redemption unit is set at 2 million shares, and the fund management has the right to adjust this limit [7][8] - Investors can incur a commission fee of up to 0.2% when subscribing or redeeming fund shares, which includes related fees charged by securities exchanges and registration agencies [8][9]

Group 1 - The fund being launched is the "Zhaoshang CSI 300 Enhanced Strategy ETF Linked Fund" with a maximum fundraising limit of 1 billion RMB [3][32] - The fund will be open for subscription from August 18, 2025, to August 29, 2025, with the possibility of adjustments based on subscription conditions [36][29] - The fund is managed by Zhaoshang Fund Management Co., Ltd., and the custodian is China Minsheng Bank Co., Ltd. [2][4] Group 2 - The fund is categorized as a contract-type open-end ETF linked fund [2][26] - The initial offering price for the fund shares is set at 1.00 RMB per share [30][38] - The fund will have two classes of shares: Class A, which incurs subscription fees, and Class C, which does not [28][39] Group 3 - The fund's fundraising target includes a minimum of 1,000 million shares and a total fundraising amount of at least 1,000 million RMB [31][32] - Investors can subscribe multiple times during the fundraising period, with specific minimum subscription amounts depending on the sales channel [43][39] - The fund will utilize a "last day proportion confirmation" method if the total subscription amount exceeds the limit, ensuring effective control of the fundraising scale [33][4]

近期份额规模变动情况： 天眼查商业履历信息显示，鹏华基金管理有限公司成立于1998年12月，位于深圳市，是一家以从事资本 市场服务为主的企业。注册资本15000万人民币，法定代表人为张纳沙。 截至2025年6月30日，鹏华基金旗下鹏华盈余宝货币A（004684）期末净资产268.54亿元，比上期增加 59.93%，该基金经理为夏寅。 来源：金融界 简历显示，夏寅先生:国籍中国,管理学硕士,2011年6月加盟鹏华基金管理有限公司,历任登记结算部基金 会计、高级基金会计,固定收益部业务助理、研究员,现金投资部高级研究员。现担任现金投资部基金经 理助理。自2020年8月19日起担任鹏华盈余宝货币市场基金、鹏华聚财通货币市场基金的基金经理助 理。2021年6月4日任鹏华盈余宝货币市场基金基金经理。2021年6月4日任鹏华聚财通货币市场基金基金 经理。2021年7月29日担任鹏华兴鑫宝货币市场基金基金经理、鹏华货币市场证券投资基金基金经理。 2024年4月11日起担任鹏华金元宝货币市场基金、鹏华中证同业存单AAA指数7天持有期证券投资基 金、鹏华添利宝货币市场基金基金经理。 日期期间申购（亿份）期间赎回（亿份）期末总份 ...

Summary of Key Points from the Conference Call Industry Overview - The macroeconomic environment shows a continuation of previous trends, with the US AI sector maintaining high capital expenditure and fiscal deficits offsetting contractions in other private sectors [12][10] - The US labor market remains robust, with state government employment expanding, contributing to market stability despite recession fears [12][10] - In China, economic policies have not yet gained momentum, with ongoing issues in real estate and infrastructure funding, leading to a persistent decline in second-hand housing prices [12][10] Economic and Market Insights - The US stock market has rebounded to new highs despite concerns over economic weakness [12][10] - China's second-hand housing market is experiencing a monthly decline of 1%, with PPI and CPI remaining negative, indicating ongoing deflationary pressures [12][10] - The overall economic fundamentals and corporate earnings in China are weak, yet the equity market continues to attract capital inflows due to asset scarcity [12][10] Commodity Performance - Commodity prices are showing signs of strength despite weak demand, categorized into three types: 1. Domestic industrial commodities experiencing supply shrinkage near cash cost levels [13] 2. Commodities with significant overseas pricing components, such as non-ferrous metals, benefiting from expectations of fiscal expansion from the US [14] 3. Oil prices rising due to geopolitical tensions in the Middle East [15] Banking Sector Risks - A significant potential risk is emerging from rising bad debts in the banking sector, particularly in long-term loans to residents, which amount to nearly 60 trillion yuan [16] - The bad debt rate for retail loans has accelerated, reaching levels not seen since early 2016, with second-hand housing prices continuing to decline [17] - A 30% decline in the second-hand housing index could lead to increased default probabilities as collateral values drop below loan amounts [17][18] Investment Strategy Adjustments - The current risk-reward profile for holding bank stocks has shifted negatively, leading to a complete reduction of bank stock holdings in Q2 [18] - Future fiscal policies, especially in real estate, are expected to gain traction as bad debt risks materialize [18] - A significant market style shift is anticipated as these risks unfold [19] Investment Plans - **Gold**: The acceleration of stablecoin issuance is reducing gold's allocation in portfolios [20][21] - **Interest Rates**: Reallocation towards medium-term government bond futures as interbank liquidity stabilizes [22] - **Commodities**: Maintaining net long positions in industrial commodities as prices approach cash cost levels [23] - **Equities**: No significant changes in equity positions compared to the previous month [24] Long-term Holdings - 40% of long-term positions are in stocks with favorable characteristics such as low price-to-book ratios and high dividends, including state-owned enterprises in construction and materials [25] - 15%-20% of positions are in stock index futures, providing protection against potential downturns [25]