Core Viewpoint - The article provides a ranking of open-end funds based on their net asset value growth as of July 30, 2025, highlighting the top and bottom performers in the market [2][4][6]. Fund Performance Summary - The top 10 funds with the highest net value growth include: 1. Tongtai Huili Mixed C (1.1489) 2. Tongtai Huili Mixed A (1.1748) 3. Tianhong New Vitality Mixed Initiation A (1.8416) 4. Tianhong New Vitality Mixed Initiation C (1.8278) 5. Shenwan Lixin Consumption Growth Mixed A (1.4380) 6. Shenwan Saixin Consumption Growth Mixed C (1.3440) 7. Harvest Cultural and Entertainment Stock A (1.9870) 8. Harvest Cultural and Entertainment Stock C (1.9050) 9. Guotai Zhongzheng Steel ETF (1.4591) 10. Huaxia Zhongzheng Petrochemical Industry ETF (0.7368) [2][6]. - The bottom 10 funds with the lowest net value growth include: 1. Huitianfu Zhongzheng Hong Kong Stock Connect Automotive Industry Theme (1.0073) 2. Hong Kong Automotive ETF Fund (1.0437) 3. GF Zhongzheng Hong Kong Stock Connect Automotive ETF (1.2142) 4. Huaxia Zhongzheng Hong Kong Stock Connect Automotive Industry Theme ETF (1.2598) 5. Southern Zhongzheng Hong Kong Stock Connect Automotive Industry Theme Index Initiation A (1.1851) 6. Southern Zhongzheng Hong Kong Stock Connect Automotive Industry Theme Index Initiation C (1.1852) 7. GF Zhongzheng Hong Kong Stock Connect Automotive ETF Initiation Link C (1.0387) 8. GF Zhongzheng Hong Kong Stock Connect Automotive ETF Initiation Link A (1.0390) 9. Huaxia Zhongzheng Hong Kong Stock Connect Automotive Industry Theme ETF Initiation Link C (1.0099) 10. Huaxia Zhongzheng Hong Kong Stock Connect Automotive Industry Theme ETF Initiation Link A (1.0100) [4][6]. Market Analysis - The Shanghai Composite Index showed volatility with a high trading volume of 1.87 trillion, indicating a mixed performance in the market with 1,713 stocks rising and 3,559 falling [6]. - Leading sectors included tourism, oil, media and entertainment, home goods, steel, insurance, and chemical fiber, while multi-financial and electrical equipment sectors lagged [6].

Core Viewpoint - The report outlines the performance and investment strategy of the Tongtai Huili Mixed Securities Investment Fund for the second quarter of 2025, highlighting a focus on technology and entertainment sectors, particularly short dramas and games, as key investment opportunities driven by AI technology and domestic consumption trends [6][7]. Fund Overview - Fund Name: Tongtai Huili Mixed Fund - Fund Code: 008180 - Fund Type: Contractual open-end fund - Effective Date of Fund Contract: July 3, 2020 - Total Fund Shares at Period End: 69,084,386.23 shares - Investment Objective: To achieve capital appreciation exceeding the fund's performance benchmark through proactive asset allocation and management [2][3]. Performance Metrics - Fund Net Value Growth Rate for Class A: - Last 3 Months: -1.01% - Last 6 Months: 3.87% - Last Year: 18.88% - Since Inception: -19.41% [3][6] - Fund Net Value Growth Rate for Class C: - Last 3 Months: -1.11% - Last 6 Months: 3.65% - Last Year: 18.40% - Since Inception: -20.36% [3][6] Investment Strategy - The fund employs a top-down analysis approach to determine asset allocation among fixed income, equity, and cash, adjusting dynamically based on market conditions and risk-return characteristics [2][3]. - The performance benchmark is set at 70% of the CSI 300 Index return and 30% of the China Bond Composite Index return [2]. Investment Composition - As of the report period, the fund's total assets included: - Stocks: 72,080,891.00 RMB (93.78% of total assets) - No holdings in bonds or asset-backed securities [9][10]. - Key sectors of investment include: - Information Transmission, Software, and Information Technology Services: 33,366,553.00 RMB (43.61%) - Culture, Sports, and Entertainment: 26,162,463.00 RMB (34.19%) [9][10]. Market Outlook - The report emphasizes the potential of the short drama and gaming industries as they align with the rise of domestic mental consumption and advancements in AI technology, suggesting a favorable environment for investment in these sectors [6][7]. - The integration of AI in production processes is noted to enhance efficiency and reduce costs, further supporting the growth of these industries [7].