Core Viewpoint - Yahua Group's stock price increased by 5.08% to 25.84 CNY per share, with a trading volume of 1.311 billion CNY and a turnover rate of 4.88%, resulting in a total market capitalization of 29.782 billion CNY [1] Company Overview - Sichuan Yahua Industrial Group Co., Ltd. is located in Chengdu, Sichuan Province, and was established on December 25, 2001, with its listing date on November 9, 2010 [1] - The company operates in two main business segments: lithium business and civil explosives, with civil explosives further divided into production, blasting, and transportation services [1] - The revenue composition of the main business includes lithium salt products at 51.54%, civil explosive products and blasting services at 42.81%, and transportation services at 5.66% [1] Shareholder Information - Southern Fund's Southern CSI 1000 ETF (512100) is among the top ten circulating shareholders of Yahua Group, having reduced its holdings by 95,400 shares in the third quarter, now holding 10.5386 million shares, which accounts for 1% of circulating shares [2] - The estimated floating profit from this position is approximately 13.1732 million CNY [2] Fund Performance - The Southern CSI 1000 ETF (512100) has a total asset size of 78.996 billion CNY, with a year-to-date return of 9.38%, ranking 1624 out of 5546 in its category, and a one-year return of 43.79%, ranking 1722 out of 4261 [2] - The fund has achieved a cumulative return of 25.09% since its inception on September 29, 2016 [2] Fund Holdings - The Southern Cycle Optimal Mixed Fund A (021711) holds 126,800 shares of Yahua Group, representing 4.08% of the fund's net value, making it the seventh-largest holding [4] - The estimated floating profit from this position is around 158,500 CNY [4] Fund Manager Information - The fund manager of Southern Cycle Optimal Mixed Fund A is Bao Yuchen, who has been in the position for 1 year and 127 days, managing a total asset size of 76.9868 million CNY [5] - During his tenure, the best fund return achieved was 71.05%, while the worst return was 69.69% [5]

Group 1 - The core point of the news is that Rongjie Co., Ltd. has seen a stock price increase of 5.06%, reaching 51.74 yuan per share, with a trading volume of 960 million yuan and a turnover rate of 7.47%, resulting in a total market capitalization of 13.435 billion yuan [1] - Rongjie Co., Ltd. is primarily engaged in the new energy lithium battery materials industry, which includes lithium ore mining, lithium salt processing and smelting, and lithium battery equipment manufacturing. The main revenue composition is as follows: lithium concentrate 86.31%, lithium battery equipment 12.76%, lithium salt 0.66%, and others 0.28% [1] Group 2 - From the perspective of major circulating shareholders, Southern Fund's Southern CSI 1000 ETF (512100) reduced its holdings by 15,700 shares in the third quarter, now holding 1.8989 million shares, which accounts for 0.73% of circulating shares. The estimated floating profit today is approximately 4.7283 million yuan [2] - The Southern CSI 1000 ETF (512100) has a total scale of 76.63 billion yuan, with a year-to-date return of 23.72%, ranking 1988 out of 4197 in its category, and a one-year return of 18.96%, ranking 2400 out of 4147 [2] Group 3 - The fund manager of Southern CSI 1000 ETF (512100) is Cui Lei, who has a cumulative tenure of 7 years and 44 days, with a total asset scale of 122.76 billion yuan. The best fund return during the tenure is 183.96%, while the worst is -15.93% [3] Group 4 - From the perspective of the fund's top holdings, Southern Fund's Southern Cycle Preferred Mixed Fund A (021711) held 32,700 shares of Rongjie Co., Ltd. in the third quarter, accounting for 2.68% of the fund's net value, ranking as the ninth largest holding. The estimated floating profit today is approximately 81,400 yuan [4] - The Southern Cycle Preferred Mixed Fund A (021711) has a total scale of 30.6922 million yuan, with a year-to-date return of 61.3%, ranking 476 out of 8098 in its category, and a one-year return of 58.13%, ranking 504 out of 8067 [4] Group 5 - The fund manager of Southern Cycle Preferred Mixed Fund A (021711) is Bao Yuchen, who has a cumulative tenure of 1 year and 92 days, with a total asset scale of 4.8049 million yuan. The best fund return during the tenure is 51.36%, while the worst is 50.24% [5]

Core Viewpoint - The stock of Zhongtung High-tech increased by 5.08% to 18.41 CNY per share, with a trading volume of 1.033 billion CNY and a turnover rate of 4.01%, resulting in a total market capitalization of 41.956 billion CNY [1] Company Overview - Zhongtung High-tech Materials Co., Ltd. is located in Zhuzhou City, Hunan Province, and was established on March 18, 1993, with its listing date on December 5, 1996. The company specializes in the research, development, production, sales, and trade of hard alloys and rare metals such as tungsten, molybdenum, tantalum, and niobium [1] - The revenue composition of the company includes: - Concentrate and powder products: 34.74% - Other hard alloys: 23.13% - Cutting tools and tools: 21.68% - Refractory metals: 16.23% - Trade and equipment: 4.22% [1] Shareholder Information - Southern Fund's Southern CSI 1000 ETF (512100) is among the top ten circulating shareholders of Zhongtung High-tech, having increased its holdings by 2.1378 million shares in the second quarter, totaling 8.4049 million shares, which represents 0.67% of the circulating shares. The estimated floating profit today is approximately 7.4803 million CNY [2] - The Southern CSI 1000 ETF (512100) was established on September 29, 2016, with a latest scale of 64.953 billion CNY. Year-to-date return is 24.69%, ranking 2096 out of 4218 in its category; the one-year return is 26.71%, ranking 1724 out of 3869; and since inception, the return is 10.35% [2] Fund Manager Information - The fund manager of Southern CSI 1000 ETF (512100) is Cui Lei, who has been in the position for 6 years and 351 days. The total asset scale under management is 94.976 billion CNY, with the best fund return during the tenure being 163.98% and the worst being -15.93% [3] Fund Holdings - Southern Fund's Southern Cycle Preferred Mixed Fund A (021711) has also increased its holdings in Zhongtung High-tech by 10,000 shares in the second quarter, holding a total of 95,500 shares, which constitutes 4.8% of the fund's net value. The estimated floating profit today is around 85,000 CNY [4] - The Southern Cycle Preferred Mixed Fund A (021711) was established on September 19, 2024, with a latest scale of 2.11457 million CNY. Year-to-date return is 51.94%, ranking 751 out of 8160 in its category; the one-year return is 42.34%, ranking 1291 out of 8026; and since inception, the return is 42.43% [4] Additional Fund Manager Information - The fund manager of Southern Cycle Preferred Mixed Fund A (021711) is Bao Yuchen, who has been in the position for 1 year and 34 days. The total asset scale under management is 2.35862 million CNY, with the best fund return during the tenure being 40.75% and the worst being 39.84% [5]

Core Viewpoint - The report outlines the performance and investment strategy of the Southern Cycle Preferred Mixed Fund for the second quarter of 2025, highlighting a recovery in the market after initial declines due to external factors, with a focus on asset allocation and sector selection to achieve long-term stable growth. Fund Product Overview - Fund Name: Southern Cycle Preferred Mixed Fund - Fund Code: 021711 - Fund Type: Contractual open-end fund - Total Fund Shares at Period End: 22,672,903.02 shares - Investment Objective: Achieve long-term stable appreciation of fund assets through professional research and analysis while controlling portfolio risk and maintaining good liquidity [2][3]. Investment Strategy - The fund employs a cyclical perspective to select sectors based on the economic cycle, macroeconomic policies, market interest rates, and inflation data. Key strategies include asset allocation, stock investment, bond investment, financial derivatives, and asset-backed securities [2][3]. Performance Metrics - The fund's A share net value at the end of the reporting period was 1.0408 RMB, with a net value growth rate of 4.71%, outperforming the benchmark growth rate of 0.47%. The C share net value was 1.0358 RMB, with a growth rate of 4.54% [10][9]. Market Overview - The market exhibited a "V" shape recovery in Q2 2025, with the CSI 300 index rising by 1.25%, and the ChiNext index increasing by 2.34%. The report notes a significant sector performance divergence, with industries like military, banking, and telecommunications seeing gains over 10%, while traditional sectors like food and beverage faced declines [9][10]. Investment Composition - As of the end of the reporting period, the fund's asset allocation included 80.60% in stocks (19,932,779.81 RMB) and 4.87% in bonds (1,205,288.88 RMB). The fund also had a 19.04% exposure to Hong Kong stocks through the Stock Connect mechanism [12][13]. Manager's Report - The fund manager emphasized compliance with relevant laws and regulations, ensuring that the fund's operations were legal and did not harm the interests of fund shareholders. The report also highlighted the absence of abnormal trading activities during the reporting period [7][8].