Core Viewpoint - The company expresses confidence in the long-term resilience of the Chinese economy and the high-quality development prospects of the capital market, while actively integrating into the new development pattern and focusing on industry trends to uncover structural investment opportunities [6][7]. Group 1: Investment Strategy and Performance - The company has a total asset management scale of 289.4 billion yuan, with public fund assets accounting for 251.6 billion yuan as of the end of 2025 [2]. - In equity investments, the company focuses on new productive forces, particularly in technology innovation and strategic resources, launching several index and thematic funds that have shown significant returns, such as the semiconductor index fund with a return of 89.93% since its inception [3]. - The company emphasizes long-term stable returns, with funds like the Emerging Value Growth Mixed A and the Xin Da Flexible Allocation Mixed A outperforming their benchmarks by 177.50% and 112.81% respectively since inception [3]. Group 2: Fixed Income Investment - The fixed income research team has increased allocations to technology and industrial bonds, achieving a ranking in the top 9% for absolute returns over the past three years [4]. - Several fixed income products have performed exceptionally well, with the Policy Financial Bond A ranking in the top 1% for excess returns among peers [5]. - The company aims to maintain a stable foundation in fixed income investments, focusing on a diverse strategy that includes government bonds, high-grade financial bonds, and credit bonds [4][5]. Group 3: Future Outlook and Strategic Focus - The company plans to deepen its investment strategies in line with the "14th Five-Year Plan," focusing on technology innovation, national security, and consumption upgrades as key areas for investment [6][7]. - The fixed income market is expected to operate under a policy framework aimed at stabilizing growth and preventing risks, with a low interest rate environment anticipated to continue [7]. - The company is committed to enhancing investor experience by optimizing product layouts and improving service quality, ensuring a comprehensive support system throughout the investment cycle [8][11]. Group 4: Research and Development Capabilities - The company is enhancing its research capabilities by integrating macro, industry, and micro-level analyses to better identify value in investments [9]. - A team-based approach is being adopted to strengthen the performance of fund managers and researchers, with a focus on long-term assessment and talent development [9]. - The company is committed to a dynamic investment strategy that balances growth and value, aiming to capture structural opportunities during economic transitions [10]. Group 5: Investor Engagement and Education - The company is expanding its investor education services to cover the entire investment cycle, aiming to enhance interaction and provide timely responses to investor concerns [11][12]. - Initiatives include online interactions, live market analysis, and community engagement to foster a deeper connection with investors [12]. - The company is dedicated to building long-term trust with investors by ensuring a comprehensive and professional service experience [12].

Core Viewpoint - The company emphasizes the importance of long-term value and rational investment strategies in the evolving landscape of public funds in China, aiming for high-quality development and diversified asset allocation [1] Group 1: Industry Trends - The public fund industry in China is expected to surpass 37 trillion yuan by 2025, with a growing demand for diversified asset allocation as the equity market recovers [1] - The A-share market in 2025 is characterized by structural opportunities rather than a broad market rally, focusing on new productive forces [2] Group 2: Company Performance - The company has successfully positioned itself in key sectors such as semiconductors, resources, and high-end manufacturing, leading to significant fund performance, including a 99.32% return for the Shangyin Resource Select A fund [2] - The Shangyin Emerging Value Growth Mixed Fund has achieved a cumulative return of 287.63% since its inception in 2014, significantly outperforming its benchmark [3] Group 3: Fixed Income Strategy - In a volatile bond market, the company’s fixed income team has maintained a focus on risk-return balance, achieving a top 9% ranking in absolute return among fixed income funds [4] - Specific bond products have demonstrated strong performance, such as the Shangyin Huicheng Li 60-Day Bond, which recorded a maximum drawdown of only -0.05% and a yield of 2.61% [4] Group 4: Research and Development Capabilities - The company has enhanced its integrated research mechanism, focusing on macro, industry, and micro-level analysis to improve investment decision-making [7] - The investment team is committed to long-term performance evaluation, aligning with the industry’s high-quality development direction [7] Group 5: Client Engagement and Education - The company has introduced innovative investor education initiatives, such as the "Zhangle Duck" ambassador, to promote rational and long-term investment principles [9] - Over 500 pieces of educational content were published, significantly improving investor confidence during market fluctuations [9] Group 6: Future Outlook - The company plans to expand its product matrix to include a full spectrum of investment options, focusing on active equity, fixed income, quantitative indices, and overseas investments [10] - The company aims to strengthen its research ecosystem and enhance its multi-asset management capabilities to meet diverse investor needs [10]

Core Viewpoint - The company has achieved significant growth and stability in the asset management sector over the past twelve years, with a focus on innovation and long-term value creation for investors [1][2]. Performance and Growth - As of June 2025, the total assets under management reached 272.7 billion yuan, with public fund assets at 250.6 billion yuan, reflecting a year-on-year growth of 13% and a non-monetary management scale of 176.3 billion yuan, growing by 10% [2]. - The company has served over 6.45 million investors and generated a total profit of 42 billion yuan for its public fund products since inception [2]. Investment Performance - The company's equity and fixed income products have shown strong performance, with equity investments receiving a five-star rating for both three-year and five-year periods from Guotai Junan Securities [3]. - Specific funds such as the "Shangyin Future Life Flexible Allocation Mixed A" achieved a net value growth rate of 34.65% over the past year, significantly outperforming its benchmark [4]. - The "Shangyin New Emerging Value Growth Mixed A" has a cumulative net value growth rate of 236.82% since inception, ranking in the top 23% of its category over the past five years [4]. Fixed Income Investment - The fixed income funds have maintained a strong performance, with the company’s public fixed income products achieving a "zero default" record, showcasing excellent risk management capabilities [5]. - The "Shangyin Policy Financial Bond A" has consistently ranked in the top 1% for excess returns across multiple time frames [6]. Product Diversification - The company offers a diverse range of products, including 59 public fund products and 29 private asset management plans, covering various mainstream business areas to meet different investor needs [7]. - The investment strategy includes a dual-track approach for equity products, focusing on both value preservation and growth opportunities in emerging sectors [9]. Research and Talent - The company has established a comprehensive investment research framework, with a team of 56 professionals, 90% of whom hold master's degrees or higher, ensuring a strong foundation for investment decision-making [12]. - The research team effectively captures market trends and identifies investment opportunities, contributing to the company's strong performance in 2025 [13]. Social Responsibility - The company actively promotes rational investment concepts and engages in social responsibility initiatives, including educational support for underprivileged students and community service projects [15]. Future Outlook - As it enters its twelfth year, the company aims to continue its commitment to innovation and excellence in asset management, focusing on delivering superior performance and service to investors [16].

Core Viewpoint - The company has achieved significant growth and stability in the asset management sector over the past twelve years, with a focus on innovation and long-term value creation for investors [1][2]. Performance and Growth - As of June 2025, the total assets under management reached 272.7 billion yuan, with public fund assets at 250.6 billion yuan, reflecting a year-on-year growth of 13% [2]. - The company has served over 6.45 million investors and generated a total profit of 42 billion yuan for its public fund products since inception [2]. - The growth in scale is attributed to the strong performance of equity and fixed-income products, with equity investments receiving top ratings from Guotai Junan Securities [2][4]. Product Performance - The "Shangyin Future Life Flexible Allocation Mixed A" fund achieved a net value growth rate of 34.65% over the past year, significantly outperforming its benchmark [3]. - The "Shangyin Emerging Value Growth Mixed A" fund has a cumulative net value growth rate of 236.82% since inception, ranking in the top 23% of its category over the past five years [3]. - The "Shangyin Medical Health Mixed A" fund reported a net value growth rate of 57.49% in the past year, placing it in the top 8% of its category [3][21]. Fixed Income Investment - The fixed-income funds have consistently ranked in the top 10 for absolute returns over the past two years, showcasing the company's strong risk management capabilities [4]. - The "Shangyin Policy Financial Bond A" fund has excelled in excess returns across multiple time frames, receiving five-star ratings [5]. Diverse Product Offerings - The company offers a diverse range of products, including 59 public funds and 29 private asset management plans, covering various mainstream business areas [7]. - The equity segment focuses on value and growth strategies, while the fixed-income segment emphasizes stability and risk management [8][9]. Research and Talent - The company has established a comprehensive research and investment framework, with a dedicated team of 56 professionals, 90% of whom hold master's degrees or higher [11][12]. - The investment team has successfully identified key market trends, driving product performance through in-depth analysis of macro policies and fundamental factors [12]. Social Responsibility - The company actively promotes rational investment concepts and engages in social responsibility initiatives, including educational support for underprivileged students [13]. Future Outlook - As it celebrates its twelfth anniversary, the company aims to continue its commitment to innovation and excellence in asset management, focusing on high-quality development and investor trust [14].