Group 1 - The A-share market has shown significant improvement in market sentiment and risk appetite, with the total public fund management scale reaching 34.05 trillion yuan by the end of Q2, an increase of 2.24 trillion yuan or 7% from the end of Q1 [1] - The performance of actively managed equity funds has rebounded, driven by the ability to generate excess returns, exemplified by the outstanding performance of Dongfanghong New Power Mixed A fund, which achieved a cumulative net value growth rate of 412.39% since its inception [1][2] - Zhou Yun, the fund manager, emphasizes a value-oriented and moderately contrarian investment strategy, focusing on high-quality companies with reasonable valuations [2][3] Group 2 - Zhou Yun's contrarian investment approach is based on deep research and value judgment, avoiding the pitfalls of blindly following market consensus [3] - The investment strategy involves recognizing market trends while maintaining a focus on value, as demonstrated during the structural bull market from 2019 to 2020, where Zhou Yun chose to avoid overpriced core assets despite facing performance pressure [3][4] - Zhou Yun's understanding of corporate value and market cycles has led to tangible returns, highlighting the importance of adapting strategies in response to significant market changes [5][6] Group 3 - The essence of successful investing lies in balancing the recognition of trends with value preservation, requiring investors to be both contrarian and trend-sensitive [6] - Zhou Yun advocates for a systematic review of investment processes, emphasizing the importance of learning from past experiences to refine investment methodologies [9] - The performance of Zhou Yun's managed funds, such as Dongfanghong New Power Mixed A and Dongfanghong JD Big Data Mixed A, showcases strong cumulative returns, outperforming their respective benchmarks [9][11]

Group 1 - The fund manager Chen Wenyang has left the Dongfang Hong Xinhe Balanced Two-Year Mixed (FOF) Fund due to work arrangements, and the fund is now managed by Deng Jiaopeng [2][3] - The Dongfang Hong Xinhe Balanced Two-Year Mixed (FOF) Fund was established in March 2021 with an initial net subscription amount of approximately 40.05 billion yuan, and as of the end of Q1 2025, its net asset value is about 17.43 billion yuan [3][4] - As of April 24, 2025, the fund's net value has decreased by 3.03% since its inception, while it has increased by 8.87% over the past year [4] Group 2 - As of the end of Q1 2025, the fund holds 9.42% of its total assets in stocks, 82.83% in other funds, and 5.61% in bonds [5] - The top ten stock holdings of the fund include companies such as Haomai Technology, Shiyuan Co., Donghua Energy, China Mobile, and others [5] - The fund's top ten holdings in other funds include Dongfang Hong JD Big Data Mixed A, Yinhua Daily Benefit, and Huatai-PB CSI 300 ETF among others [6]