Core Insights - The "Global City Industry Innovation Index Report 2025" indicates a significant shift of global industrial innovation focus towards Asia, with six out of the top ten cities for industrial innovation located in Asia [1][3][8] Group 1: Global Industrial Innovation Landscape - The report evaluates 27 major innovative cities globally, assessing them across four dimensions: environment, investment, output, and performance [3] - Industrial innovation, rather than mere technological innovation, is identified as the core engine driving economic rise and sustainable development for cities and nations [3][8] Group 2: Top Performing Cities - Tokyo, Shenzhen, New York, and San Francisco form the "first tier" of global industrial innovation, with very close overall scores: Tokyo at 46.84, Shenzhen at 46.79, New York at 46.72, and San Francisco at 46.11 [4][6] - Tokyo's top position is attributed to its strong industrial foundation and continuous innovation investment, leading in PCT international patent applications (11,664), high-tech product export ratio (67.4%), and number of Forbes Global 2000 companies (82) [6][8] - Shenzhen exemplifies China's leading position in application innovation and industrialization, with notable metrics such as ICT product export ratio (41.3%, the highest globally), PCT patent applications (6,463, second globally), and a labor force age population ratio (79.53%, the highest globally) [6][7] Group 3: Asian Cities' Collective Breakthrough - Six Asian cities occupy the top ten positions in industrial innovation, including Beijing (5th), Seoul (6th), Singapore (8th), and Shanghai (9th), indicating a clear shift of the global innovation balance towards the East [7][8] - Asian cities demonstrate significant advantages in electronic information and high-end equipment sectors, rapidly converting technological innovations into globally competitive products and services [7][8] Group 4: Comparative Analysis with Western Cities - While European cities like London (7th) and Paris (10th) and North American cities like New York and San Francisco maintain some advantages in innovation environment and performance, they face strong challenges from Asian cities in terms of innovation output scale and speed [8] - Traditional innovation strongholds such as Seattle and Boston have been pushed out of the top ten, highlighting the competitive dynamics in the global innovation landscape [8]

Core Insights - The report provides an overview of the Tianhong Vietnam Market Equity Fund (QDII) for the second quarter of 2025, highlighting its investment strategies and performance metrics [1][2][3]. Fund Overview - The fund aims to capture opportunities arising from Vietnam's economic growth while seeking to outperform its benchmark [3]. - The total number of fund shares at the end of the reporting period was approximately 2.82 billion [3]. - The fund employs various investment strategies, including asset allocation, stock investment, and fixed income strategies [3]. Financial Performance - The fund's net asset value (NAV) for the A, C, and D share classes as of June 30, 2025, were 1.4321, 1.4111, and 1.4108 RMB respectively [13]. - The performance metrics for the reporting period showed negative returns: A class at -2.56%, C class at -2.66%, and D class at -2.69%, while the benchmark returned 5.34% [13]. - Over the past three months, the A class underperformed the benchmark by 7.90% [5]. Investment Strategy and Market Conditions - The fund reduced its exposure to financial stocks in response to macroeconomic uncertainties and regulatory changes in Vietnam [12]. - The Vietnamese economy showed resilience with a GDP growth of 7.6% in the second quarter, leading to a cumulative growth of approximately 7.3% for the first half of the year [10]. - The government is accelerating domestic reforms to reduce reliance on external markets, particularly in light of the high tariffs imposed by the U.S. [10]. Portfolio Composition - The fund's assets are predominantly invested in common stocks, accounting for 89.16% of the total assets [15]. - The financial sector represents the largest portion of the portfolio at 54.72%, followed by basic materials at 11.16% [15]. - The fund has no holdings in bonds or asset-backed securities as of the reporting date [18]. Compliance and Governance - The fund management has established fair trading practices and has not encountered any violations of these principles during the reporting period [8][9]. - The fund management is committed to transparency and has not engaged in any unfair trading activities [9].