1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The top of the August contract freight rate has emerged, with the current estimated SCFIS between 2300 - 2400 points on August 4th and 11th, and the delivery settlement price of the August contract is the arithmetic average of SCFIS on 8/11, 8/18, and 8/25. The freight rate decline slope in August is greater than previously expected, and the delivery settlement price of the August contract has been revised down to between 2100 - 2200 points [3]. - The October contract is mainly for short - allocation during the off - season, and subsequent focus is on the freight rate decline slope, with large expected fluctuations. Normally, the price in October is 20% - 30% lower than that in August [4]. - The peak - off - peak season pattern still exists in the December contract, and the risk lies in whether the Suez Canal will resume navigation. In normal years, the Far East - Europe price in December is generally more than 10% higher than that in October [5]. - The strategy includes a volatile main contract for the unilateral approach, and for the arbitrage, it is to go long on the December contract and short on the October contract, and short the October contract on rallies [7]. 3. Summary by Directory 3.1 Futures Prices - As of July 31, 2025, the total open interest of all contracts of the container shipping index for the European route futures is 75,266.00 lots, and the single - day trading volume is 56,182.00 lots. The closing prices of EC2602, EC2604, EC2606, EC2508, EC2510, and EC2512 contracts are 1484.70, 1324.10, 1462.50, 2121.60, 1425.10, and 1692.30 respectively [6]. 3.2 Spot Prices - On July 25, 2025, the SCFI (Shanghai - Europe route) price is 2090.00 dollars/TEU, the SCFI (Shanghai - West Coast of the United States) price is 2067.00 dollars/FEU, and the SCFI (Shanghai - East Coast of the United States) price is 3378.00 dollars/FEU. On July 28, the SCFIS (Shanghai - Europe) is 2316.56 points, and the SCFIS (Shanghai - West Coast of the United States) is 1284.01 points [6]. 3.3 Container Ship Capacity Supply - In 2025, it is still a big year for container ship deliveries. As of July 27, 2025, 157 container ships have been delivered, with a total capacity of 1.2513 million TEU. Among them, 49 ships with a capacity of 12,000 - 16,999 TEU have been delivered, with a total capacity of 737,300 TEU; 7 ships with a capacity of over 17,000 TEU have been delivered, with a total capacity of 159,880 TEU [6]. - The average weekly capacity on the China - European base port route in August is 303,200 TEU, and in September it is 289,800 TEU. There are 4 blank sailings in August, all from the OA alliance, and there are currently 5 TBNs in August; there are currently 3 TBNs in September [2]. - Maersk added an extra - sailing ship Beijing Maersk (15,780 TEU) in Week 32 and Maersk Emden (13,092 TEU) in Week 35, and the schedule of Maersk Emden has been released, with a call at Shanghai Port on August 26 [2]. 3.4 Supply Chain - The US Middle East envoy Witkoff visited Israel on the 31st local time and met with Israeli Prime Minister Netanyahu to discuss issues such as the Gaza cease - fire agreement, the current humanitarian situation in Gaza, and the Iranian nuclear issue. Witkoff also plans to go to Gaza [2]. 3.5 Demand and European Economy No specific content directly related to demand and European economy analysis is provided other than some data graphs mentioned in the report.

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The market sentiment is bearish, with significant declines in commodities and a weak and volatile market. It is not recommended to increase positions, and stop - losses should be set [1][3]. - Amid geopolitical conflicts and tariff uncertainties, the game is difficult. It is advisable to participate with a light position or stay on the sidelines [3]. - The market fundamentals are relatively stable, but the overall sentiment is bearish, possibly due to capital outflows. Attention should be paid to tariff policies, the Middle - East situation, and spot freight rates [3]. 3. Summary by Related Content 3.1 Freight Rate Index - On July 28, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 2400.50 points, down 0.9% from the previous period; for the US West route, it was 1301.81 points, up 2.8% from the previous period [2]. - On July 25, the Ningbo Export Container Freight Index (NCFI) composite index was 1110.57 points, down 3.26% from the previous period; the European route was 1422.9 points, down 1.20% from the previous period; the US West route was 1120.51 points, down 5.19% from the previous period [2]. - On July 25, the Shanghai Export Container Freight Index (SCFI) composite index was 1592.59 points, down 54.31 points from the previous period; the European route price was 2090 USD/TEU, up 0.53% from the previous period; the US West route was 2067 USD/FEU, down 3.50% from the previous period [2]. - On July 25, the China Export Container Freight Index (CCFI) composite index was 1261.35 points, down 3.2% from the previous period; the European route was 1787.24 points, down 0.9% from the previous period; the US West route was 880.99 points, down 6.4% from the previous period [2]. 3.2 Economic Data - The preliminary value of the Eurozone's manufacturing PMI in June was 49.4, with an expected value of 49.8 and a previous value of 49.4. The preliminary value of the service - sector PMI was 50, a two - month high, with an expected value of 50 and a previous value of 49.7. The preliminary value of the composite PMI was 50.2, with an expected value of 50.5 and a previous value of 50.2. The Sentix investor confidence index was 0.2, with an expected value of - 6 and a previous value of - 8.1 [2]. - The Caixin China Manufacturing Purchasing Managers' Index (PMI) in June was 50.4, 2.1 percentage points higher than in May, the same as in April, and back above the critical point [2]. - The preliminary value of the US Markit manufacturing PMI in June was 52, the same as in May, higher than the expected 51, the highest since February; the service - sector PMI was 53.1, lower than the previous value of 53.7, higher than the expected 52.9, a two - month low; the composite PMI was 52.8, lower than the previous value of 53, higher than the expected 52.1, a two - month low [2]. 3.3 Policy and Market Events - Trump continued to impose tariffs on multiple countries, mainly in Southeast Asia, further hitting re - export trade. Some shipping companies announced freight rate increases. The Trump administration postponed the tariff negotiation date to August 1. The spot market price range has been set, with a small price increase to test the market, and the market rebounded slightly [3]. - On July 31, the main contract 2510 closed at 1425.1, down 4.66%, with a trading volume of 46,300 lots and an open interest of 51,800 lots, a decrease of 3056 lots from the previous day [3]. 3.4 Trading Strategies - Short - term strategy: The short - term market may mainly rebound. Risk - takers were advised to go long on the 2510 contract at below 1300 (already with a profit margin of over 300) and partially take profits; short on the EC2512 contract with a light position, pay attention to the subsequent market trend, not hold losing positions, and set stop - losses [4]. - Arbitrage strategy: Against the backdrop of international turmoil, the market is mainly in a positive spread structure with large fluctuations. It is recommended to wait and see or try with a light position [4]. - Long - term strategy: It has been recommended to take profits when each contract rises, wait for the price to stabilize after a pull - back, and then judge the subsequent direction [4]. 3.5 Contract Adjustments - The daily price limit for contracts 2508 - 2606 was adjusted to 18% [4]. - The company's margin for contracts 2508 - 2606 was adjusted to 28% [4]. - The daily opening limit for all contracts 2508 - 2606 was set at 100 lots [4]. 3.6 Geopolitical and Other Events - On July 30, the Chinese Foreign Ministry Spokesperson hoped that the US would work with China to promote the healthy, stable, and sustainable development of Sino - US relations [5]. - On July 30 evening local time, the Yemeni Houthi armed forces attacked three targets in Israel with five drones, and Israel did not respond [5]. - An Israeli senior official submitted a response to the cease - fire negotiation mediation party on July 29 evening, and Hamas did not respond [5].

Core Viewpoint - The article highlights the current economic conditions in China, focusing on various sectors such as electricity generation, industrial production, infrastructure, real estate, and consumer goods, indicating a mixed recovery with some areas showing growth while others are experiencing declines. Group 1: Electricity Generation and Industrial Production - As of July 24, the cumulative electricity generation from coal-fired power plants increased by 3.3% year-on-year, reaching a high for the year, influenced by high temperatures and increased air conditioning usage [1][5]. - The operating rates of upstream industrial raw materials are generally better than previous values, with the operating rate of blast furnaces increasing by 1.2 percentage points year-on-year [6][7]. Group 2: Infrastructure and Construction - There has been a slight improvement in infrastructure physical workload, with the national cement shipment rate recorded at 39.9%, up 3.2 percentage points year-on-year [8]. - However, the funding availability rate for construction sites remains a concern, with a national average of 58.7%, showing a month-on-month decline of 0.4 percentage points [8]. Group 3: Real Estate Market - Real estate sales continue to show weakness, with the average daily transaction area in 30 major cities down 18.3% year-on-year [11][12]. - The number of second-hand housing transactions in 82 cities decreased by 18.7% year-on-year, indicating a significant slowdown in the market [12]. Group 4: Consumer Goods and Retail - Retail sales of passenger cars grew by 9% year-on-year from July 1 to 27, a slowdown compared to the previous month's 15% growth [12][14]. - Sales growth for major home appliances remains relatively high, although there is a noted slowdown in the latter half of July [14]. Group 5: Export and Shipping - Container throughput at domestic ports increased by 5.6% year-on-year, indicating a slight recovery in export activities [16][17]. - The data shows a gradual normalization of exports to the U.S., with container shipping numbers showing a small positive increase compared to previous months [16][17].

Core Viewpoint - The overall price signals in July show improvement, with upstream raw materials and some new industry products experiencing upward trends, indicating a positive cycle for enterprises' inventory replenishment [17] Group 1: Industrial Raw Material Prices - The BPI industrial raw material price index slightly rebounded in July, recording 869 points, a 1.4% increase compared to the end of June. Energy and non-ferrous metal prices increased by 0.1% and 3.1% month-on-month, respectively [1][4][5] - The domestic pricing of upstream commodities saw widespread increases, with rebar, coking coal, and glass futures prices rising significantly by 6.9%, 11.3%, and 21.3% month-on-month, respectively [7][8] Group 2: Real Estate Market - The trend of housing price adjustments continues, with only Shanghai's second-hand housing prices stabilizing slightly for two consecutive months, while other major cities saw declines. The second-hand housing price index for four major cities decreased by -0.9%, 0.1%, -1.1%, and -1.3% compared to the last week of June [10] Group 3: Emerging Industries - The emerging industry chain prices have rebounded from the bottom, with the photovoltaic industry composite index recording the largest monthly increase since 2021, rising by 18.9% month-on-month. The prices of carbon lithium and polysilicon futures also increased [11] Group 4: Downstream Prices - Downstream prices remain weak, with the Linyi Mall price index slightly declining by 0.27% compared to the end of June. Prices for daily necessities, clothing, and home appliances decreased, while hardware prices remained stable [12] Group 5: Food Prices - Food prices showed mixed trends, with pork and vegetable prices rising. The average wholesale price of pork increased by 1.2% month-on-month, while the prices of 28 key vegetables rose by 1.4% [16]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The market fundamentals of the container shipping index (European line) are expected to face further pressure, with a likely pattern of reduced supply and demand in September. The trading logic for the main 2510 contract remains to go short on rallies. The impact of the anti - involution policy on the container shipping industry is currently limited, and attention should be paid to the influence of Sino - US tariff negotiations on the macro sentiment of EC. It is recommended to hold short positions for the 2510 contract [10]. 3. Summary by Related Catalogs 3.1 Futures Market Performance - The container shipping index (European line) showed weak operation yesterday. The main 2510 contract closed at 1425.1 points, down 4.66% and reduced positions by 3056 lots; the second - main 2512 contract closed at 1692.3 points, down 3.59% and reduced positions by 45 lots; the near - month 2508 contract closed at 2121.6 points, down 0.66% and reduced positions by 724 lots [7]. 3.2 Spot Freight Rates - The PA alliance increased the price - cut intensity, with the market freight rate center in the 2nd adjustment of August falling to the range of $3100 - 3200/FEU. Different alliances and shipping companies also adjusted their freight rates, such as the Gemini alliance, Maersk, and the 20A alliance. The PA alliance's weekly price - cut range expanded to $400/FEU, and the MSG 33 - week shipping schedule was adjusted down by $300 to $3340/FEU [8]. 3.3 Fundamentals (Supply - side) - In the supply - side, the AEU3 canceled sailings in week 34. Cosco & OOCL made ship - axis adjustments. Maersk's overtime ship MAERSK EMDEN confirmed its port calls. August's weekly capacity was slightly revised up from 32.4 million TEU to 32.7 million TEU, with extremely high capacity pressure in week 34. September's weekly capacity was revised down from 32.1 to 31.8 million TEU, a - 3% month - on - month decrease compared to August, a + 5.7% increase compared to July, and on par with April's capacity level [9]. 3.4 Market Trends and Strategies - From a monthly perspective, September is likely to see a pattern of reduced supply and demand, but the decline in the currently - counted capacity may be less than that in demand. The trading logic for the main 2510 contract is to go short on rallies. It is recommended to hold short positions for the 10 contract [10].

研究员：何卓乔(宏观贵金属) 18665641296 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 研究员：黄雯昕(国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 宏观金融团队 请阅读正文后的声明 ＃summary＃ 行业 集运指数日报 日期 2025 年 8 月 1 日 现货方面，旺季高点应已显现，本周 SCFIS 进一步回落至 2400 点以下，从电 商平台报价来看，多数船司小幅下调 7 月下旬报价，目前集中在 3400~3500 区间， 整体来看较为稳定。8 月报价陆续出炉，马士基第一、二、三周分别报 3214 美元、 3092 美元、2850 美元，其余航司多集中在 3400~3600 美元，基本维持在 7 月末水 平，或显示继续挺价意愿不足。参考近年规律，旺季高点一般在 7 月第三周显现， 8 月下旬运价基本将回到 7 月初水平 ...

Core Viewpoint - The announcement by CK Hutchison Holdings regarding the end of the exclusive negotiation period with BlackRock for the sale of global port assets marks a significant turning point in the international port competition, particularly with the invitation for mainland enterprises to join as key members [1] Group 1: Transaction Details - CK Hutchison plans to sell a global asset package consisting of 43 ports and 199 berths for a total value of $22.8 billion, with key assets including the Balboa and Cristobal ports at the Panama Canal, which are crucial for controlling trade routes between the Pacific and Atlantic [1] - The Panama Canal accounts for 6% of global maritime trade, with Chinese vessels representing 21% of the traffic, indicating the strategic importance of this transaction for China’s foreign trade [1] Group 2: Political and Regulatory Pressure - The State Council's Hong Kong and Macao Affairs Office criticized the transaction, urging parties not to overlook national interests, while the National Market Supervision Administration emphasized the necessity of complying with antitrust reviews [3] - Political figures in Hong Kong have warned against the dangers of a "business without a homeland" mentality, and the Chief Executive has stressed that any transaction must comply with laws and regulations [5] Group 3: Involvement of Chinese State-Owned Enterprises - China COSCO Shipping Group has begun discussions with the consortium, expressing interest in resources that align with strategic needs, indicating a potential shift in the balance of power in the negotiations [7] - The negotiations focus on three key aspects: equity balance among BlackRock, MSC, and COSCO, the establishment of veto rights to ensure COSCO's decision-making power on core interests, and data control to prevent commercial intelligence leaks [9] Group 4: Strategic Implications - If COSCO ultimately acquires a stake in the Panama ports, it would create a strategic maritime triangle with Greece's Piraeus Port and Pakistan's Gwadar Port, enhancing China's maritime Silk Road initiative [9] - The transaction, which involves antitrust reviews across 12 jurisdictions, is expected to take several months, but it signifies a shift in the rules of engagement, emphasizing the need for China to control its future maritime routes [9]

1. Report Industry Investment Ratings There is no information provided regarding the report industry investment ratings in the given content. 2. Report's Core Views - The overall market is influenced by various factors such as economic data, tariff policies, and government policies. Different sectors show different trends and risks. For example, the gold market is affected by PCE data and tariff policies, showing a short - term weak trend; the stock index futures market is affected by domestic economic data and policies, and needs fundamental support; the bond market enters a favorable period but with a volatile upward trend [13][21][28]. 3. Summary by Relevant Catalogs 3.1 Financial News and Reviews 3.1.1 Macro Strategy (Gold) - The US core PCE in June increased by 2.8% year - on - year, better than expected. The hawkish stance of the Fed's interest - rate meeting reduces short - term interest - rate cut expectations. The gold price fell back below $3300, and it is expected to be in a weak shock in the short term [12][13][14]. 3.1.2 Macro Strategy (Foreign Exchange Futures - Dollar Index) - Trump increased tariffs on Canada and extended the tariff period for Mexico, which led to a decrease in market risk appetite and a short - term strengthening of the dollar index [15][17][19]. 3.1.3 Macro Strategy (Stock Index Futures) - The State Council Executive Meeting proposed to implement the "Artificial Intelligence +" action and enhance macro - policy effectiveness. Due to the PMI in July being lower than expected, the short - term domestic economic pressure increases, and the stock market has a correction. It is recommended to allocate assets evenly [20][21][22]. 3.1.4 Macro Strategy (US Stock Index Futures) - The unexpected rebound of inflation data increases the uncertainty of future interest - rate cuts. The US stock market's upward trend slows down, and attention should be paid to the risk of correction caused by economic data falling short of expectations [23][25][26]. 3.1.5 Macro Strategy (Treasury Bond Futures) - China's official manufacturing PMI in July was 49.3, lower than expected. The Treasury bond futures enter a favorable period in August, but the upward trend is volatile, and it is necessary to grasp the rhythm when going long [27][28][30]. 3.2 Commodity News and Reviews 3.2.1 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - Malaysia's palm oil exports in July decreased by 6.71% month - on - month, and Indonesia raised the reference price and export tax of crude palm oil in August. The oil market is expected to fluctuate and correct, and it is recommended to go long on dips [31][32][33]. 3.2.2 Black Metals (Steam Coal) - Vietnam's coal imports from January to June increased by 13.26% year - on - year. Affected by rainfall and policies, the short - term coal price is expected to remain stable, and attention should be paid to the implementation of supply - side policies [34]. 3.2.3 Black Metals (Coking Coal/Coke) - The price of metallurgical coke in the Lvliang market is running strongly. Recently, coking coal has been greatly affected by the macro and policies, and may stabilize in the short term after a continuous sharp decline. Pay attention to position management [4][35][37]. 3.2.4 Black Metals (Iron Ore) - India's Goa state resumed iron ore mining after 12 years. The iron ore price is mainly driven by sentiment in the short term. The fundamentals do not support sharp fluctuations. It is recommended to wait and see [38]. 3.2.5 Agricultural Products (Pigs) - Aonong Biological's actual external guarantee balance reached 1 billion yuan. The short - term spot price of pigs may fall, and the contango strategy is still applicable for contract arbitrage [39][40]. 3.2.6 Agricultural Products (Corn) - The inventory in the northern ports continued to decline. The corn futures price started to return to its fundamentals after the weakening of the macro - sentiment. In the medium and long term, it is expected to decline in a fluctuating manner, and it is recommended to hold new short positions [41][42][43]. 3.2.7 Agricultural Products (Corn Starch) - The开机 rate of starch increased, but the downstream demand was still weak. The price difference between rice and flour is expected to remain low and fluctuate [44][45]. 3.2.8 Black Metals (Rebar/Hot - Rolled Coil) - The inventory of five major steel products increased week - on - week. Affected by weather and policy expectations, the steel price fell, and it is expected to have further downward pressure [46][47]. 3.2.9 Non - ferrous Metals (Copper) - Chile's copper production in June decreased by 6% year - on - year. Trump imposed a 50% tariff on imported semi - finished copper products. The market is worried about the outward transfer of US copper inventories, which suppresses the copper price. It is recommended to take a short - term bearish approach and pay attention to inventory changes [48][50][52]. 3.2.10 Non - ferrous Metals (Polysilicon) - The spot transaction average price has increased. The polysilicon price is expected to run between 45,000 - 57,000 yuan/ton in the short term. It is recommended to sell out - of - the - money put options [55][56]. 3.2.11 Non - ferrous Metals (Industrial Silicon) - The social inventory of industrial silicon increased slightly. The supply is expected to increase in August. The price is expected to run between 8500 - 10,000 yuan/ton, and it is recommended to pay attention to range - trading opportunities [57][58]. 3.2.12 Non - ferrous Metals (Nickel) - Glencore's nickel production in the second quarter decreased by 3.6% year - on - year. Affected by macro - policies and fundamentals, the nickel price fell. It is recommended to pay attention to short - term band opportunities and medium - term short - selling opportunities at high prices [59][60][61]. 3.2.13 Non - ferrous Metals (Lead) - A lead smelter in the northwest plans to stop production. Affected by macro - sentiment and fundamentals, the short - term Shanghai lead price is weak, and it is recommended to wait and see [62][65]. 3.2.14 Non - ferrous Metals (Zinc) - Gatos Silver's zinc ore production in the second quarter increased by nearly 30%. Affected by macro - sentiment and fundamentals, the Shanghai zinc price fell. It is recommended to take a short - position with a light position, pay attention to mid - term month - spread positive - arbitrage opportunities, and wait and see in the short term [66][68][69]. 3.2.15 Energy and Chemicals (Liquefied Petroleum Gas) - The weekly commodity volume of Chinese LPG increased slightly, and the inventory rate decreased slightly. The 8 - month CP price was in line with expectations, and the price is expected to be in a weak shock in the short term [69][70][71]. 3.2.16 Energy and Chemicals (Carbon Emissions) - The closing price of CEA on July 31 decreased by 1.36%. The trading volume has not increased significantly. The CEA price is expected to fluctuate in the short term [72][73]. 3.2.17 Energy and Chemicals (PX) - The PX price fell on July 31. The PX market is expected to be in a volatile and upward trend in the short term [74][75]. 3.2.18 Energy and Chemicals (PTA) - The operating rates of texturing and weaving in Jiangsu and Zhejiang continued to increase. The demand side needs further observation. The PTA price may be in a slightly upward shock in the short term [76][77][78]. 3.2.19 Energy and Chemicals (Caustic Soda) - The transaction in the Shandong caustic soda market was moderate on July 31. The market is expected to fluctuate in the future [79][80][80]. 3.2.20 Energy and Chemicals (Pulp) - The price of imported wood pulp in the spot market adjusted in different directions on July 31. The pulp price is expected to follow the commodity market's correction [81][82]. 3.2.21 Energy and Chemicals (PVC) - The price of domestic PVC powder market fell on July 31. The PVC price is expected to follow the commodity market's correction [83][84]. 3.2.22 Energy and Chemicals (Bottle Chips) - The export quotes of bottle - chip factories were mostly slightly lowered. The bottle - chip price is expected to follow the fluctuation of polyester raw materials. It is recommended to pay attention to the opportunity of expanding processing fees by going long on dips [84][85]. 3.2.23 Shipping Index (Container Freight Rates) - Hartmann Group increased its order for new - built container ships in China. The container freight rate has confirmed a downward trend. It is recommended to wait and see in the short term and pay attention to spot changes [86][87][88].

作为全球船员规模最大的国家，截至2024年年底，我国现有注册船员超203万人，全年服务内外贸 船舶17.64万艘次。(记者 唐颖) 船员在线上即可完成相关证书申办，无需现场办证或等待证书邮寄，航运企业可通过海事通App或 海事"一网通办"平台实时查询、下载电子证照，避免证书造假带来的风险。 记者从交通运输部海事局了解到，从8月1日起，我国将全面推行船员类电子证照运用，船员类电子 证照与纸质证照具有同等法律效力。 ...

Group 1 - The core viewpoint of the news is the performance and structure of the China Europe Central State-Owned Enterprises Dividend Index Fund (QDII) A, which has experienced a decline in value and has specific characteristics regarding its holdings and management [1][3]. - As of July 31, the fund has seen a decrease of 1.89%, with a latest net value of 1.24 yuan, marking a cumulative decline of 2.31% over five consecutive trading days [1]. - The fund was established on July 31, 2024, with a total size of 0.44 billion yuan and has achieved a cumulative return of 24.95% since inception [1]. Group 2 - As of June 30, 2025, the top ten holdings of the fund account for a total of 28.90%, with the largest holding being China COSCO Shipping (6.62%) [2]. - Other significant holdings include Orient Overseas International (3.04%), CITIC Bank (2.92%), and China Petroleum (2.45%) among others [2]. - The fund's holder structure shows that institutional investors hold 0.10 billion shares (46.36%), while individual investors hold 0.12 billion shares (53.64%) [1]. Group 3 - The current fund manager is Ms. Fang Shenshen, who has a background in finance and has held various positions in investment management prior to her current role [1]. - She has been managing the fund since July 1, 2024, and has experience with other funds under China Europe Fund Management Company [1].