Company Overview - WuXi AppTec Co., Ltd. is a leading global pharmaceutical and biotechnology company, providing comprehensive services in drug discovery, development, and manufacturing [1] - The company was established on December 1, 2000, and went public on May 8, 2018 [1] - The main business segments include small molecule chemistry (78.37%), testing services (12.93%), biological services (6.02%), and other services (1.90%) [1] Stock Performance - On September 5, the stock price of WuXi AppTec increased by 5.09%, reaching 107.13 CNY per share, with a trading volume of 7.877 billion CNY and a turnover rate of 3.05% [1] - The total market capitalization of the company is approximately 316.195 billion CNY [1] Fund Holdings - The Shangyin Fengyi Mixed A Fund (011504) holds a position in WuXi AppTec, having reduced its holdings by 2,000 shares in the second quarter, now holding 10,000 shares, which represents 1.26% of the fund's net value [2] - The fund has achieved a floating profit of approximately 51,900 CNY from its investment in WuXi AppTec [2] Fund Manager Information - The fund manager of Shangyin Fengyi Mixed A is Gao Yong, who has been in the position for 8 years and 255 days [3] - The total asset size of the fund is 55.1468 million CNY, with a best return of 23.78% during Gao Yong's tenure [3]

Core Viewpoint - The increasing market volatility in 2023 has led to a significant structural differentiation in the A-share market, with investors seeking stability and yield flexibility in asset allocation, making "fixed income +" funds a focal point in the wealth management market [1] Group 1: Fund Performance - The Shangyin Fengrui One-Year Holding Mixed Fund A achieved a net value growth rate of 9.46% over the past year, significantly outperforming its benchmark return of 4.31% [2] - Since its inception in December 2023, the fund's net value growth rate reached 18.65%, compared to a benchmark return of 7.49%, indicating a clear excess return [2] - The fund ranks in the top 14% for one-year performance among its peers, with a maximum drawdown of -2.34%, well below the average of -4.78% for similar products [2] Group 2: Investment Strategy - The Shangyin Fengyi Mixed Fund A reported a net value growth rate of 6.34% over the past six months, with a one-year growth rate of 13.25%, far exceeding its benchmark of 4.94% [3] - The fund's stock allocation is 28.22% of total assets, leveraging the advantages of fixed income + products to enhance returns through selective stock picking [3] - The fund manager emphasizes a proactive investment strategy, focusing on sectors with growth potential such as gaming, semiconductors, and healthcare, while also incorporating convertible bonds to enhance yield flexibility [3][4] Group 3: Research and Market Outlook - Shangyin Fund has established a robust research framework, focusing on risk control and long-term stability, with a comprehensive investment research center [5] - The fund anticipates a stable macroeconomic environment, with a focus on sectors like big finance, military industry, innovative pharmaceuticals, and AI applications, as well as resource commodities like gold and copper [6]

Core Viewpoint - The equity market continues to show a rebound trend from the "9.24" rally, while the fixed income market experiences fluctuations in a historically low-risk interest rate environment. Overall, various fund indices have yielded positive results in the first half of 2025 [1]. Equity Market - In the second half of 2025, the equity market is expected to face downward pressure but is supported by a stable economic fundamental. The introduction of further reforms in the Sci-Tech Innovation Board by the CSRC in June is anticipated to maintain market activity, although external complexities and domestic demand pressures may lead to a primarily fluctuating stock market with an upward central tendency [5]. - Key sectors to focus on include dividends, pharmaceuticals, military industry, and AI applications [5]. Fund Manager Insights - Fund Manager Yang Jiannan highlights the promising outlook for the pharmaceutical sector driven by innovative drugs, with domestic companies increasingly entering global markets through licensing agreements [6]. - Fund Manager Chen Bo emphasizes the rapid development of new productive forces, including AI and high-end manufacturing, and the rising penetration of spiritual consumption products [7]. - Fund Manager Lu Yang notes that large-cap indices have rebounded to median valuations, and investment strategies will focus on bottom-up stock selection based on industry competition and company performance [8]. Fixed Income Market - The fixed income market is characterized by a pragmatic approach, with limited expectations for significant interest rate cuts in the second half of the year. The central bank is expected to prioritize the stability of the banking system's liabilities and optimize policies based on macro-prudential principles [9]. - The market is likely to see a focus on short-term rates and credit products, with convertible bonds standing out due to their dual advantages in a resilient stock market [9]. Fund Manager Insights - Fund Manager Cai Weifeng reports a mixed strategy in the bond market, achieving moderate net value growth despite a challenging environment [10]. - Fund Manager Chen Fangfei observes that the bond market experienced fluctuations, with the central bank's actions providing some support, while maintaining a high duration strategy [12]. - Fund Manager Xu Jia notes that external risks have influenced bond market trends, with a focus on internal economic conditions as the market stabilizes [14].

Core Viewpoint - In Q1 2025, global capital markets experienced increased volatility due to complex internal and external environments, leading investors to focus on "fixed income plus" products that combine bond assets with equity exposure for enhanced returns [1] Group 1: Performance of Fixed Income Plus Products - The "fixed income plus" products, particularly the Shangyin Fengrui Mixed Fund and Shangyin Fengyi Mixed Fund, have shown outstanding performance, with the former achieving a cumulative return of 15.70% since its inception in December 2023, which is 2.5 times the benchmark [4] - The maximum drawdown for Shangyin Fengrui Mixed Fund was only 2.34%, significantly lower than the average of 4.59% for similar funds, indicating strong risk control [4] - Shangyin Fengyi Mixed Fund achieved a return of 12.84% over the past year, three times its benchmark return, and ranked in the top 2% for excess returns among similar funds [7] Group 2: Market Conditions and Investment Strategy - The equity market is experiencing a differentiated recovery, influenced by economic conditions and policy expectations, while the bond market remains resilient due to ample liquidity and risk aversion [8] - The "fixed income plus" strategy is gaining traction as it offers defensive characteristics through bond assets while allowing for selective equity investments to enhance returns [8] - The outlook suggests continued macro liquidity and limited upward pressure on interest rates, making fixed income assets a viable long-term investment option [8] Group 3: Research and Management Team Strength - The investment research team at Shangyin Fund has established a comprehensive structure to enhance research capabilities, focusing on risk control and stable long-term performance [10] - The fixed income research team ranks in the top 4% for absolute return performance in the market, while the equity research team also holds a strong position in terms of investment capability [10] - Shangyin Fund has maintained a "0 default" record for its public fixed income products, showcasing its commitment to risk management [10]