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].

Core Viewpoint - The expansion of the service industry is a key component of China's opening-up strategy and an important support for economic development, with foreign investment in the service sector expected to account for about 70% of the total foreign investment in 2024, and service trade surpassing $1 trillion for the first time [1][6] Group 1: Service Industry Opening-Up - The service industry has become the focus of high-level opening-up in China, with a continuous expansion of the scope and level of openness through institutional and autonomous measures [2][3] - The establishment of a negative list management model for foreign investment in the service sector has been implemented nationwide, enhancing the transparency and efficiency of market access [3][4] - The reduction of special management measures for foreign investment in the service sector has significantly decreased from 95 to 22, with a 76.8% reduction, particularly in finance and real estate [4] Group 2: Key Areas of Focus - The 2024 pilot program for expanding foreign investment in value-added telecommunications services has removed foreign ownership restrictions in several major cities, facilitating greater foreign participation [5][6] - The healthcare sector is being prioritized for opening-up, with policies allowing foreign investment in hospitals and medical services, aiming to improve service quality and fill gaps in high-end medical resources [13][14] - The financial sector has seen the complete removal of foreign ownership limits across various financial services, promoting a more inclusive and competitive environment for foreign financial institutions [18][19] Group 3: Achievements and Future Directions - The number of foreign-funded telecommunications companies has increased significantly, with over 2,400 foreign firms operating in the sector, reflecting a 26.5% year-on-year growth [9][10] - The financial market has expanded to include over 1,160 foreign institutions in the bond market, with a total bond holding of 4.5 trillion yuan, indicating a robust integration of foreign capital [20][21] - Future efforts will focus on enhancing the regulatory framework, improving the business environment, and ensuring a balance between openness and security in the financial sector [22]