Core Viewpoint - Wang Yiwen, a fund manager, oversees five funds, with the best performance in Q2 2025 being the Huashang Shengshi Growth Mixed Fund, which achieved a net value increase of 2.42% [1][2]. Fund Performance Summary - **Huashang Shengshi Growth Mixed Fund (630002)**: - Size: 30.96 billion - Annualized Return: 14.15% - Q2 2025 Increase: 2.42% - Top Holding: Zijin Mining - Daily Net Value Ratio: 7.26% [2] - **Huashang South Strategy Selected Mixed Fund (630008)**: - Size: 6.97 billion - Annualized Return: 7.48% - Q2 2025 Increase: 2.26% - Top Holding: Zijin Mining - Daily Net Value Ratio: 6.05% [2] - **Huashang Future Theme Mixed Fund (000800)**: - Size: 3.69 billion - Annualized Return: -1.56% - Q2 2025 Increase: 1.87% - Top Holding: Yingmei Mining - Daily Net Value Ratio: 6.08% [2] - **Huashang Industry Opportunity Mixed Fund A (019690)**: - Size: 0.61 billion - Annualized Return: 13.98% - Q2 2025 Increase: 0.43% - Top Holding: Zhongben International - Daily Net Value Ratio: 4.14% [2] - **Huashang Industry Opportunity Mixed Fund C (019691)**: - Size: 0.35 billion - Annualized Return: 13.33% - Q2 2025 Increase: 0.31% - Top Holding: Zhongxin International - Daily Net Value Ratio: 4.14% [2] Wang Yiwen's Fund Management Performance - Cumulative Return for Huashang Strategy Selected Mixed Fund (630008) during Wang Yiwen's tenure: 47.88% - Average Annualized Return: 7.82% - Total Adjustments in Heavy Holdings: 42 times, with a success rate of 59.52% (25 profitable adjustments) [2]. Heavy Holdings Adjustment Cases - **Mingzhi Electric (603728)**: - Buy Quarter: Q1 2022, Sell Quarter: Q1 2024 - Estimated Return: 173.01%, Company Performance Decline: -18.38% [5]. - **Yongxing Materials (002756)**: - Buy Quarter: Q1 2021, Sell Quarter: Q1 2021 - Estimated Return: 81.70%, Company Performance Increase: 243.83% [6]. - **Kowell (688551)**: - Buy Quarter: Q4 2021, Sell Quarter: Q4 2024 - Estimated Return: -47.81%, Company Performance Increase: 93.22% [7].

Core Insights - GaoHua Technology (688539.SH) released its 2024 annual report on April 19, 2025, indicating that 30 institutional investors disclosed holdings in the company's A-shares, totaling 20.7691 million shares, which represents 11.17% of the total share capital [1] - The top ten institutional investors collectively hold 10.87% of the shares, with a decrease of 0.79 percentage points compared to the previous quarter [1] Institutional Holdings - The number of institutional investors holding GaoHua Technology shares is 30, with a total holding of 20.7691 million shares [1] - The top ten institutional investors include various investment management companies and funds, with a combined holding percentage of 10.87% [1] - There was a slight decline in the holding percentage of the top ten institutional investors compared to the last quarter [1] Public Fund Activity - One public fund, Penghua High-Quality Growth Mixed A, increased its holdings, while another, Penghua Stable Return Mixed A, saw a decrease in holdings [2] - A total of 23 new public funds disclosed their holdings, including several mixed funds from Huashang [2] Pension Fund Activity - One pension fund, the Basic Pension Insurance Fund 1203 Combination, reported a decrease in holdings [2]

Core Viewpoint - The article highlights a wave of fund self-purchases by various public funds in China, signaling confidence in the long-term stability and health of the Chinese capital market, with a total self-purchase amount of 145 million yuan [1][3]. Group 1: Fund Self-Purchases - Several public funds, including Pengyang Fund, Bosera Fund, and CMB Fund, announced self-purchases of their equity funds, with amounts of 30 million yuan, 65 million yuan, and 50 million yuan respectively, totaling 145 million yuan [1][3]. - The self-purchase actions are expected to trigger a new wave of self-purchases from other fund companies, as various institutions, including the central bank and listed companies, are also taking actions to stabilize the capital market [1][4]. Group 2: Historical Context and Trends - Over the past decade, the total self-purchase amount by public funds has approached 43 billion yuan, with equity funds accounting for approximately 9.395 billion yuan of that total [5][6]. - Historically, fund self-purchases tend to occur during market downturns, often at stage-specific lows, which contrasts with typical investor behavior [7]. Group 3: Confidence Transmission - Fund self-purchases not only reflect confidence in the capital market but also in the fund companies themselves, as seen in recent cases where funds initiated self-purchases during new fund launches or following key personnel changes [9][11]. - The trend of self-purchases is increasingly recognized as a collective behavior among fund companies, particularly during periods of market volatility [6][8].

Core Viewpoint - Public funds in China, including Pengyang Fund, Bosera Fund, and China Merchants Fund, have initiated self-purchase announcements, signaling confidence in the long-term stability and health of the Chinese capital market, with a total self-purchase amount of 145 million yuan [2][3]. Group 1: Fund Self-Purchase Actions - Pengyang Fund announced a self-purchase of 30 million yuan in its actively managed equity funds, with 15 million yuan already invested in specific funds on April 8 [2]. - Bosera Fund committed to investing 65 million yuan in its equity public funds, reinforcing its confidence in the market [2]. - China Merchants Fund declared a self-purchase of 50 million yuan in its stock and mixed public funds, promising to hold the investment for at least one year [3]. Group 2: Market Response and Trends - Other fund companies are expected to follow suit, potentially leading to a new wave of self-purchase activity, as institutions like the Central Bank and listed companies are also taking action to stabilize the market [3]. - Over the past decade, the total self-purchase amount by public funds has approached 43 billion yuan, with stock funds accounting for approximately 9.395 billion yuan of that total [4]. - Historical data indicates that self-purchase activities often occur during market downturns, typically at stage-specific lows, suggesting a counter-cyclical investment strategy [5]. Group 3: Confidence Transmission - Fund self-purchases not only reflect confidence in the capital market but also in the fund companies themselves, with many firms initiating self-purchases during new fund launches to signal trust [6]. - Recent examples include Anxin Fund, which invested 10 million yuan in its newly launched fund, committing to hold the investment for at least one year [6]. - The trend of self-purchases has been observed in various funds, including the A500 ETF, where firms like China Merchants Fund and Southern Fund made significant investments [7].