Group 1 - The long-term growth investment strategy focuses on allocating to industries that can achieve sustained and stable profit growth over 5-10 years or longer, with representative industries including food and beverage, and pharmaceuticals [1][7] - The selected long-term growth sectors are primarily concentrated in consumer and cyclical manufacturing industries, with a focus on industries that can break through penetration limits and gradually increase market size [1][7] - The long-term growth fund pool has shown stable historical excess returns, with an annualized return of 13.88% from February 7, 2014, to August 7, 2025, outperforming the equity fund index by 5.05% [1][10] Group 2 - The long-term growth fund pool is defined by selecting funds with a significant proportion of growth stocks, where the average proportion of growth stocks in the top holdings is greater than 60% and the minimum is above 40% [2][20] - The current long-term growth fund pool includes funds with strong profitability, higher management efficiency, and expected higher dividends, with a detailed list of selected funds provided [2][21] Group 3 - The long-term growth fund pool has demonstrated strong industry allocation and stock selection capabilities, with a preference for high liquidity, high momentum, and prominent growth attributes [1][10][15] - The latest fund composition has shifted towards larger-cap stocks, with improved quality of holdings, and has increased exposure to manufacturing and financial sectors [1][17]

Core Viewpoint - Hunan Gold has experienced a decline for four consecutive trading days, with a cumulative drop of -4.98% [1] Company Overview - Hunan Gold Co., Ltd. was established on December 25, 2000, as Hunan Chenzhou Mining Co., Ltd. and was listed on the Shenzhen Stock Exchange on August 16, 2007 [1] - The company changed its name to Hunan Gold Co., Ltd. on May 18, 2015, while retaining the stock code "002155" [1] Shareholder Activity - Four funds under Qianhai Kaiyuan Fund have entered the top ten shareholders of Hunan Gold, all of which reduced their holdings in the first quarter of this year [1] - The funds include Qianhai Kaiyuan Hong Kong-Shenzhen Advantage Selection Mixed A, Qianhai Kaiyuan Quality Enterprises 6-Month Holding Mixed A, Qianhai Kaiyuan China Scarce Assets Mixed A, and Qianhai Kaiyuan National Comparative Advantage Mixed A [1] Fund Performance - Qianhai Kaiyuan Hong Kong-Shenzhen Advantage Selection Mixed A has a year-to-date return of 2.80%, ranking 663 out of 2306 in its category [1] - Qianhai Kaiyuan Quality Enterprises 6-Month Holding Mixed A has a year-to-date return of 2.02%, ranking 2143 out of 4538 [1] - Qianhai Kaiyuan China Scarce Assets Mixed A has a year-to-date return of -6.12%, ranking 2088 out of 2306 [1] - Qianhai Kaiyuan National Comparative Advantage Mixed A has a year-to-date return of -6.02%, ranking 2082 out of 2306 [1] Fund Manager Profile - The fund manager for the aforementioned funds is Qu Yang, who holds a Ph.D. in engineering from Tsinghua University and has been with Qianhai Kaiyuan Fund Management Co., Ltd. since July 2014 [6][8] - Qu Yang has extensive experience in fund management, having previously worked with Southern Fund and managed various funds over the years [6][8]

Group 1 - Hunan Gold has experienced a continuous decline for six trading days, with a cumulative drop of -15.05% [1] - The company was established as Hunan Chenzhou Mining Co., Ltd. on December 25, 2000, and was listed on the Shenzhen Stock Exchange on August 16, 2007 [1] - Four funds under Qianhai Kaiyuan Fund have entered the top ten shareholders of Hunan Gold, all of which have reduced their holdings in the first quarter of this year [1] Group 2 - The performance of Qianhai Kaiyuan funds shows negative returns, with Qianhai Kaiyuan Hong Kong and Shanghai Advantage Selection Mixed A yielding -0.14% this year, ranking 1049 out of 2307 [1] - Other funds under Qianhai Kaiyuan also reported negative returns, with Qianhai Kaiyuan Quality Enterprises Mixed A at -0.67%, Qianhai Kaiyuan China Scarce Assets Mixed A at -5.86%, and Qianhai Kaiyuan National Comparative Advantage Mixed A at -5.76% [1] - The average performance of similar funds and the CSI 300 index also reflects negative trends, indicating a challenging market environment [3]