Group 1 - The real estate sector saw a significant rise at the beginning of trading, with Xiangjiang Holdings hitting the daily limit, and Rongsheng Development, Shoukai Shares, and Haitai Development also experiencing gains [2] - Gold-related stocks opened high, with Shanghai Construction Group achieving three consecutive trading limits, and Northern Copper and Western Gold rising over 5% [2] - The A-share market opened with all three major indices showing positive growth, with the Shanghai Composite Index up 0.14%, the Shenzhen Component Index up 0.09%, and the ChiNext Index up 0.2% [3][4] Group 2 - The gold and precious metals sectors led the market gains, while sectors such as poultry, pork, seed industry, and internet insurance showed weak performance [3] - The Hang Seng Index opened up 0.34%, with the Hang Seng Technology Index rising 0.45%, driven by the continued growth in the new energy vehicle supply chain [6][7] - Notable stocks included Ningde Times, which rose nearly 3%, and Shandong Gold and Jiangxi Copper, both increasing by 4% [6]

Core Viewpoint - The report highlights significant adjustments in the heavy holdings of Liu Gesong's six funds managed by GF Fund, particularly in the new energy vehicle and semiconductor sectors, with a notable shift towards new consumption, internet, and military industries [1][2]. Fund Holdings Adjustment - Liu Gesong's funds have reduced their positions in several previously favored stocks, including: - North Huachuang: Holdings decreased by approximately 17.69% to 161,240 shares [2]. - Seres: Holdings reduced by 9.14% [6]. - EVE Energy: Holdings decreased by 4.16% [6]. - JinkoSolar: Holdings down by 10.77% [6]. - Conversely, there has been a significant increase in holdings of stocks such as: - DeYe Co.: Increased by 40% [3][8]. - Xichuang Data: Increased by nearly 76% [3]. - Xiaomi Group-W: Increased by 25.66% [7]. Fund Performance - The overall performance of Liu Gesong's funds in Q2 was underwhelming, with all funds experiencing net redemptions: - The best-performing fund, GF Multi-Dimensional Emerging, recorded a net value growth rate of 7.91% [4]. - Other funds, such as GF Small Cap Growth A and C, reported growth rates of 2.38% and 2.28%, respectively [4]. - GF Innovation Upgrade and GF Technology Pioneer recorded negative returns [4]. Market Context - The A-share market saw mixed performance in Q2, with the Shanghai Composite Index rising by 3.26% and the Shenzhen Component Index slightly declining by 0.37% [5]. - Key sectors such as military, banking, and telecommunications showed significant gains, while sectors like food and beverage, home appliances, and steel performed poorly [5]. - Liu Gesong remains optimistic about the domestic economy's resilience, citing factors such as the easing of geopolitical tensions and supportive domestic policies [5].