Core Viewpoint - The technology and pharmaceutical sectors have shown significant performance in the first half of the year, with several thematic funds reporting substantial growth in both performance and scale [1][2]. Fund Performance and Scale Growth - The China Europe Digital Economy Mixed Fund saw its scale increase from less than 8 million shares at the end of Q1 to over 900 million shares by the end of Q2, representing a growth of over 10 times [2][4]. - The total subscription for the A and C classes of the China Europe Digital Economy Mixed Fund exceeded 800 million shares in Q2 [2][3]. - The China Europe Information Technology Mixed Fund also experienced significant growth, with total subscriptions exceeding 900 million shares and total scale surpassing 1 billion shares by the end of Q2, marking an increase of over 8 times from approximately 110 million shares at the end of Q1 [3][4]. - The China Europe Sci-Tech Theme Mixed Fund had total subscriptions exceeding 1.1 billion shares in Q2, with total scale exceeding 1.8 billion shares, more than doubling from the previous quarter [5][6]. Changes in Holdings - The substantial growth in fund scale is attributed to strong performance throughout the year, with notable changes in the top ten holdings of several funds [7]. - The China Europe Digital Economy Mixed Fund made significant changes to its top ten holdings, notably increasing its position in Xinyi Technology, which saw a surge in stock price following its half-year earnings forecast [7][9]. - The China Europe Information Technology Mixed Fund also saw Xinyi Technology become its second-largest holding [9][10]. Investment Focus - The fund manager of the China Europe Digital Economy Mixed Fund emphasized a focus on five core investment areas: AI infrastructure, AI applications, domestic AI supply chain, intelligent robotics, and intelligent driving [8]. - The manager indicated a systematic reduction in exposure to the robotics sector, awaiting a decisive breakthrough in technology before increasing positions again [8]. - The manager of the China Europe Sci-Tech Theme Mixed Fund highlighted the importance of understanding industry trends and company value amidst the volatility of technology investments [12].

Group 1 - Public funds are seizing investment opportunities amid recent market adjustments, with new funds rapidly building positions and stock ETF listings accelerating [1][4] - Newly established funds are showing a trend of quick formation and rapid investment, with examples like Yongying Information Industry Fund achieving 54.54% equity investment in just a few trading days after establishment [2][3] - The focus of these rapidly built funds is primarily on the technology growth sector, with significant investments in companies like Tencent and Zhongli Co., indicating a bullish outlook on the robotics and AI industries [3] Group 2 - A total of seven stock ETFs are set to be listed between May 12 and May 14, including themes like free cash flow and general aviation, which are expected to inject new capital into the market [4] - As of May 9, there are 53 equity funds in issuance, with 41 being index funds, highlighting the dominance of index funds in the current market [4][5] - Public funds have become significant institutional investors in the A-share market, holding a market value of 5.87 trillion yuan as of the end of the first quarter, indicating a stable increase in their market share since mid-2015 [5]