Core Viewpoint - The AI Fund Wanjiaguoqi Power Mixed A (019336) reported a profit of 5.2523 million yuan for Q2 2025, with a net asset value growth rate of 5.8% during the period [3] Fund Performance - As of the end of Q2 2025, the fund's scale was 90.0894 million yuan [16] - The fund's unit net value was 1.02 yuan as of July 17 [3] - The fund's performance over different periods includes: - 3-month net value growth rate: 11.24%, ranking 21 out of 82 comparable funds [3] - 6-month net value growth rate: 10.01%, ranking 30 out of 82 comparable funds [3] - 1-year net value growth rate: 6.91%, ranking 49 out of 77 comparable funds [3] Investment Strategy - The fund manager indicated that the second wave of the current commodity bull market will be a core logic supporting the fund's investment strategy, focusing on sectors such as precious metals, industrial metals, crude oil, banking, oil transportation, and public utilities [3] - The fund will also actively look for opportunities in other cyclical and value sectors that are at the bottom of their reversal [3] Risk Metrics - The fund's Sharpe ratio since inception is 0.5009 [8] - The maximum drawdown since inception is 24.52%, with the largest quarterly drawdown occurring in Q2 2025 at 12.05% [11] Portfolio Composition - The fund maintains a high stock position, with an average stock position of 92.55% since inception, compared to the industry average of 84.97% [15] - The fund's top holdings as of Q2 2025 include companies such as Luoyang Molybdenum, Bank of Communications, Zhaojin Mining, China National Offshore Oil, and China Petroleum [19]

Report Overview - The report is an early morning report on crude oil and refined oil, released by the Energy and Chemicals Team of the Research Center on July 17, 2025 [2] 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - This week, crude oil prices fluctuated. The month spreads of the three major crude oil markets were oscillating at high levels. Policy-wise, the US plans to impose new tariffs on over 20 countries starting August 1st, and other trading partners may face a 15% - 20% comprehensive tariff. OPEC+ is discussing a suspension of production increases from October. Fundamentally, global oil inventories increased this week. US oil drilling decreased by 1, while fracturing increased. Refinery profits in Europe and the US strengthened week-on-week. The supply - demand contradiction in European diesel was prominent. The fundamentals of gasoline and diesel in Asia and China were neutral, with accelerated inventory accumulation in China and a decline in refinery profits. In the peak refinery season, the month spreads of crude oil are expected to remain oscillating at high levels. WTI and Brent are stronger than the Dubai market. The absolute price faces downward pressure in the medium - term due to OPEC's accelerated production increase and tariff policies. The suspension of production increase by OPEC+ in the fourth quarter does not change the situation. Attention should be paid to non - OPEC production and the change slope of demand after the peak season [6] 3. Summary by Directory 3.1 Market Data - **Crude Oil Prices**: From July 10 - 16, 2025, WTI prices changed from $66.57 to $66.38 (a decrease of $0.14), BRENT from $68.64 to $68.52 (a decrease of $0.19), and DUBAI from $69.81 to $69.93 (an increase of $0.07) [3] - **Product Prices**: Domestic gasoline prices decreased by $30.00 from July 10 - 16, 2025. Japan's naphtha CFR price and related spreads also showed certain changes, and Singapore's fuel oil 380CST premium increased by 1.55 [3] 3.2 Daily News - **US Shale Oil**: As WTI prices hover around $65, US shale oil drillers are scaling back operations. The slowdown is considered temporary, but tariffs and uncertainties are suppressing drilling activities [3] - **India's Oil Strategy**: In the first half of 2025, India's crude oil imports from Russia increased by 1% to about 1.75 million barrels per day. However, the discount of Urals crude to Brent has narrowed to $1.70 - 2 per barrel. The EU is discussing the 18th round of sanctions on Russia, which may lower the price cap to $45 [4] - **Saudi Arabia's Production Reporting**: Saudi Arabia adopted a new measurement standard to report June's crude oil production, making it meet the quota requirements. Its actual production was 9.75 million barrels per day, while the "market supply" was 9.36 million barrels per day [4] - **Iraq's Oil Production**: Drone attacks in Iraqi Kurdistan reduced oil production by 140,000 - 150,000 barrels per day [4] 3.3 Regional Fundamentals - **US Data**: In the week of July 11, US crude oil exports increased by 761,000 barrels per day to 3.518 million barrels per day; domestic production decreased by 10,000 barrels to 13.375 million barrels per day; commercial crude inventories (excluding strategic reserves) decreased by 3.859 million barrels to 422 million barrels (a 0.91% decrease); strategic petroleum reserve (SPR) inventories decreased by 300,000 barrels to 402.7 million barrels (a 0.07% decrease); commercial crude imports (excluding strategic reserves) increased by 366,000 barrels per day to 6.379 million barrels per day; the four - week average supply of US crude oil products was 20.262 million barrels per day, a 1.1% decrease from the same period last year [4][5] - **China Data**: This week, the operating rate of major refineries remained flat, and that of Shandong local refineries increased slightly. China's gasoline and diesel production both increased, with diesel inventory accumulation. The comprehensive profit of major refineries and local refineries decreased week - on - week [5]

Group 1 - The article highlights the importance of alumni networks in the job market, emphasizing that many companies have preferences for graduates from certain universities due to shared characteristics and specialized skills [2][4][5] - It points out that not all top universities in China maintain strong alumni connections, with many graduates losing touch with their peers shortly after leaving school [2][4] - The article suggests that in a challenging employment environment, leveraging alumni resources can provide unexpected information and opportunities [2][4] Group 2 - The article discusses the differences in alumni activities between Chinese and Western universities, noting that Western alumni events are often more diverse and engaging [5][10] - It mentions that the demand for talent in sectors like e-commerce, new energy, and smart manufacturing is increasing, particularly with the rise of localized operations in overseas markets [10][18] - The article emphasizes the need for professionals to actively explore and innovate in their job search, especially in competitive fields like cross-border business [18][19] Group 3 - The article provides insights from a headhunter's perspective, indicating that companies are increasingly looking for candidates with language skills and cultural understanding as they expand internationally [7][10] - It highlights the importance of understanding local markets and compliance when companies venture abroad, particularly in regions like Southeast Asia [10][18] - The article concludes with a focus on the necessity for job seekers to take control of their career paths and adapt to the evolving job landscape [19][20]

Core Viewpoint - A drone attack targeted the Taq Taq oil field in Iraqi Kurdistan, indicating potential geopolitical risks in the region's oil production and supply stability [1] Group 1: Industry Impact - The drone attack raises concerns about the security of oil infrastructure in Iraqi Kurdistan, which could affect oil production levels and investor confidence in the region [1] - Potential disruptions in oil supply from the Taq Taq oil field may lead to fluctuations in global oil prices, impacting the broader energy market [1] Group 2: Company Implications - Companies operating in the Iraqi oil sector may need to reassess their risk management strategies and security protocols in light of the recent attack [1] - The incident could influence foreign investment decisions in the region, as investors may seek to avoid areas with heightened security risks [1]

Core Viewpoint - The Hang Seng High Dividend Yield Index (HSSCHKY) has shown a slight decline of 0.37% as of July 17, 2025, with mixed performance among constituent stocks, indicating a cautious market sentiment towards dividend stocks [2]. Group 1: Market Performance - As of July 16, 2025, the Hang Seng High Dividend Yield Index has seen a weekly increase of 1.26% [2]. - The latest price for the Bosera Hang Seng High Dividend ETF (513690) is 1.04 yuan, reflecting a decrease of 0.57% [2]. - The ETF has recorded a turnover rate of 2.81% with a transaction volume of 132 million yuan [2]. Group 2: Investment Strategy - CITIC Securities suggests that leading insurance companies are actively increasing their allocation to dividend stocks, which may lead to a gradual bullish trend in dividend assets [2]. - Guotai Junan Securities highlights the value of dividend assets in a broadly declining interest rate environment, recommending stocks with a dividend yield above 3% and low ROE volatility, particularly in sectors like refining, white goods, and infrastructure [3]. Group 3: Fund Flow and Size - The Bosera Hang Seng High Dividend ETF has a current size of 4.708 billion yuan [3]. - Over the past 10 trading days, there have been net inflows on 6 days, totaling 518 million yuan, with an average daily net inflow of 51.75 million yuan [3]. - The latest margin buying amount for the ETF is 11.6998 million yuan, with a margin balance of 14.6994 million yuan [3]. Group 4: Performance Metrics - The Bosera Hang Seng High Dividend ETF has achieved a net value increase of 39.11% over the past two years, ranking 97 out of 2230 index equity funds [4]. - The ETF's highest monthly return since inception is 24.18%, with an average monthly return of 4.96% during rising months [4]. - As of July 11, 2025, the ETF has a Sharpe ratio of 1.55 for the past year [4]. Group 5: Index Composition - The top ten weighted stocks in the Hang Seng High Dividend Yield Index account for 28.54% of the index, with notable stocks including Yanzhou Coal Mining (01171) and Hang Lung Properties (00101) [5][7].

Core Viewpoint - A drone attack targeted an oil field in the Kurdistan region of Iraq [1] Group 1 - The incident highlights ongoing security concerns in the oil-rich region of Kurdistan [1] - The attack may impact oil production and investment sentiment in the area [1]

Group 1 - The company has noted reports of explosions occurring near its Shaikan oil field over the past two days [1] - As a precautionary measure, the company will temporarily halt production at the Shaikan oil field [1]

欧佩克月报：二手资料显示，刚果6月原油产量维持在25.6万桶/日不变。 ...

欧佩克月报：二手资料显示，尼日利亚6月原油产量增加1.9万桶/日，至154.7万桶/日。 ...

Core Viewpoint - A drone attack described as a "terrorist attack" targeted the Sarsang oil field in the Dohuk province of the Kurdistan region in northern Iraq, but no casualties were reported [1] Industry Summary - The attack highlights ongoing security concerns in the Kurdistan region, which may impact the stability of oil production and investment in the area [1] - The incident underscores the vulnerability of oil infrastructure in conflict-prone regions, potentially affecting supply chains and market perceptions [1]