Core Viewpoint - The report highlights the performance and investment strategy of the Great Wall Healthcare Mixed Securities Investment Fund for the second quarter of 2025, emphasizing its focus on the healthcare industry and the fund's net value growth during the period [1][10]. Fund Overview - Fund Name: Great Wall Healthcare Mixed Fund - Fund Code: 000339 - Fund Type: Contractual open-end fund - Total Fund Shares at Period End: 117,458,484.44 shares - Investment Objective: Focus on listed companies in the healthcare industry, aiming for performance that exceeds the benchmark while controlling risks [1][2]. Investment Strategy - The fund employs a mixed investment strategy, adjusting asset allocation based on market conditions. It combines top-down and bottom-up approaches to analyze macroeconomic factors and the fundamentals of investable stocks [2][3]. - The healthcare sector includes various sub-industries such as pharmaceuticals, traditional Chinese medicine, biological products, medical services, and medical devices. The fund selects outstanding companies from these sub-industries for its stock portfolio [2][3]. Performance Benchmark - The performance benchmark is composed of 90% of the CSI Pharmaceutical and Health Index return and 10% of the China Bond Composite Wealth Index return [3]. Risk and Return Characteristics - The fund is characterized by a long-term average risk and expected return that is lower than equity funds but higher than bond and money market funds, categorizing it as a high-risk, high-return product [3]. Financial Performance - The net value growth rate of the Great Wall Healthcare Mixed Fund A for the past three months was 17.49%, while the benchmark return was 1.41% [10]. - Over the past six months, the fund's growth rate was 2.23%, compared to a benchmark return of 32.19% [10]. - The fund's performance over the past year showed a net value growth rate of 35.19%, with a benchmark return of 10.13% [10]. Investment Composition - As of the report period, the fund's total assets included approximately 265,126,026.09 yuan in stocks, accounting for 71.42% of the total fund assets [11]. - The fund's investment strategy mandates that at least 80% of its non-cash assets be invested in stocks of listed companies in the healthcare sector [6]. Fund Management - The fund manager, Great Wall Fund Management Co., Ltd., has adhered to relevant laws and regulations, ensuring the fair treatment of different investors and maintaining a disciplined investment approach [7][9].

Market Overview - The FTSE China A50 Index component stocks showed mixed performance with the oil and coal sectors gaining throughout the day, while the banking and automotive sectors fluctuated in the afternoon [1]. Sector Performance Insurance - China Pacific Insurance, China Ping An, and China Life Insurance had market capitalizations of 329.02 billion, 363.08 billion, and 970.42 billion respectively, with trading volumes of 1.145 billion, 1.396 billion, and 0.510 billion [3]. Alcohol Industry - Kweichow Moutai, Shanxi Fenjiu, and Wuliangye had market capitalizations of 1,930.78 billion, 229.35 billion, and 492.65 billion respectively, with trading volumes of 2.505 billion, 0.941 billion, and 2.291 billion [3]. Semiconductor - Northern Huachuang and Cambrian had market capitalizations of 222.93 billion and 254.64 billion respectively, with trading volumes of 1.757 billion and 2.779 billion [3]. Automotive - BYD, Great Wall Motors, and Beijing-Shanghai High-Speed Railway had market capitalizations of 1,102.81 billion, 288.75 billion, and 196.18 billion respectively, with trading volumes of 6.513 billion, 0.296 billion, and 0.232 billion [3]. Oil Industry - COSCO Shipping, Sinopec, and China National Offshore Oil Corporation had market capitalizations of 702.22 billion, 1,526.39 billion, and 254.36 billion respectively, with trading volumes of 0.958 billion, 1.212 billion, and 1.193 billion [3]. Coal Industry - Shaanxi Coal and Ningde Times had market capitalizations of 201.56 billion and 790.97 billion respectively, with trading volumes of 0.591 billion and 0.634 billion [3]. Power Industry - Yangtze Power and China Nuclear Power had market capitalizations of 198.28 billion and 747.01 billion respectively, with trading volumes of 1.637 billion and 0.555 billion [4]. Food and Beverage - Citic Securities, Guotai Junan, and Haitian Flavoring had market capitalizations of 303.76 billion, 376.74 billion, and 252.40 billion respectively, with trading volumes of 0.903 billion, 0.313 billion, and 0.616 billion [4]. Consumer Electronics - Industrial Fulian, Luxshare Precision, and Kairui Pharmaceutical had market capitalizations of 368.98 billion, 220.25 billion, and 358.24 billion respectively, with trading volumes of 2.024 billion, 0.616 billion, and 1.944 billion [4]. Home Appliances - Gree Electric, Haier Smart Home, and Muyuan Foods had market capitalizations of 261.47 billion, 209.77 billion, and 235.61 billion respectively, with trading volumes of 1.075 billion, 0.625 billion, and 0.761 billion [4]. Medical Devices - Mindray Medical, Wanhua Chemical, and SF Holding had market capitalizations of 172.40 billion, 232.84 billion, and 279.48 billion respectively, with trading volumes of 0.988 billion, 0.530 billion, and 0.844 billion [4]. Communication Services - Zijin Mining, China State Construction, and China Unicom had market capitalizations of 232.63 billion, 166.64 billion, and 477.87 billion respectively, with trading volumes of 1.782 billion, 0.509 billion, and 1.271 billion [4].

Core Viewpoint - The FTSE China A50 index components showed mixed performance with sectors like non-ferrous metals, insurance, liquor, and semiconductors rising, while oil, electricity, and home appliances sectors declined [1] Sector Summaries Insurance - Major companies include China Pacific Insurance (market cap: 292.65 billion), Ping An Insurance (market cap: 321.07 billion), and China Life Insurance (market cap: 925.08 billion) with trading volumes of 8.47 million, 19.92 million, and 5.97 million respectively [3] - China Pacific Insurance rose by 0.57 (+1.91%), Ping An by 0.09 (+0.18%), and China Life by 0.20 (+2.83%) [3] Liquor Industry - Key players are Kweichow Moutai (market cap: 1947.36 billion), Shanxi Fenjiu (market cap: 249.29 billion), and Wuliangye (market cap: 502.63 billion) with trading volumes of 28.39 million, 8.70 million, and 18.89 million respectively [3] - Kweichow Moutai increased by 3.20 (+0.21%), Shanxi Fenjiu by 0.24 (+0.12%), and Wuliangye by 0.79 (+0.61%) [3] Semiconductor - Notable companies include North Huachuang (market cap: 244.42 billion), Cambricon Technologies (market cap: 295.23 billion), and Haiguang Information (market cap: 348.67 billion) with trading volumes of 18.49 million, 39.07 million, and 18.70 million respectively [3] - North Huachuang rose by 3.62 (+0.51%), Cambricon by 1.41 (+0.95%), and Haiguang by 6.61 (+1.47%) [3] Oil Industry - Major firms are Sinopec (market cap: 684.03 billion), PetroChina (market cap: 227.63 billion), and COSCO Shipping (market cap: 1456.85 billion) with trading volumes of 9.73 million, 5.80 million, and 11.59 million respectively [3] - Sinopec increased by 0.20 (+1.39%), while PetroChina and COSCO Shipping saw slight declines [3] Coal Industry - Key companies include China Shenhua (market cap: 186.24 billion), Shaanxi Coal and Chemical (market cap: 761.96 billion), and CATL (market cap: 1019.96 billion) with trading volumes of 8.12 million, 45.91 million, and 6.62 million respectively [3] - China Shenhua rose by 0.05 (+0.13%), Shaanxi Coal by 0.04 (+0.21%), and CATL by 0.13 (+0.06%) [3] Electricity Industry - Important players are China Yangtze Power (market cap: 713.98 billion), China Nuclear Power (market cap: 191.08 billion), and Long江电力 (market cap: 331.34 billion) with trading volumes of 24.27 million, 6.20 million, and 68.68 million respectively [4] - China Yangtze Power decreased by 0.32 (-1.08%), while the other two companies saw slight increases [4] Food and Beverage - Major companies include Citic Securities (market cap: 378.07 billion), Guotai Junan (market cap: 232.32 billion), and Haitian Flavoring (market cap: 304.47 billion) with trading volumes of 20.86 million, 9.80 million, and 4.73 million respectively [4] - Citic Securities rose by 0.43 (+1.71%), Guotai Junan by 0.04 (+0.23%), while Haitian Flavoring decreased by 0.14 (-0.33%) [4] Consumer Electronics - Key players are Industrial Fulian (market cap: 325.33 billion), Luxshare Precision (market cap: 373.55 billion), and Heng Rui Medicine (market cap: 230.54 billion) with trading volumes of 19.72 million, 18.50 million, and 43.26 million respectively [4] - Industrial Fulian decreased by 0.10 (-0.20%), while Luxshare and Heng Rui saw increases [4] Home Appliances - Notable companies include Gree Electric (market cap: 254.70 billion), Haier Smart Home (market cap: 235.70 billion), and Muyuan Foods (market cap: 216.98 billion) with trading volumes of 17.84 million, 9.91 million, and 10.41 million respectively [4] - Gree Electric decreased by 0.09 (-0.20%), while Haier and Muyuan saw slight increases [4] Logistics Industry - Key firms are Mindray Medical (market cap: 267.03 billion), Wanhua Chemical (market cap: 218.48 billion), and Guofeng Holdings (market cap: 172.87 billion) with trading volumes of 9.47 million, 13.83 million, and 14.65 million respectively [4] - Mindray Medical rose by 0.28 (+0.64%), while Wanhua and Guofeng saw slight increases [4] Communication Services - Major companies include China Unicom (market cap: 171.33 billion) and China Construction (market cap: 228.50 billion) with trading volumes of 25.07 million and 9.22 million respectively [4] - China Unicom increased by 0.02 (+0.36%), while China Construction rose by 0.30 (+1.72%) [4]