Group 1 - The stock of China Three Gorges Tourism fell by 5.01%, trading at 8.92 CNY per share, with a transaction volume of 116 million CNY and a turnover rate of 1.78%, resulting in a total market capitalization of 6.463 billion CNY [1] - China Three Gorges Tourism Group Co., Ltd. was established on August 10, 1998, and went public on November 3, 2011. The company's main business includes passenger station operations, inter-provincial bus services, domestic express delivery, insurance agency services, port machinery leasing, ticketing services, and tourism operations [2] - The revenue composition of the company includes: tourism comprehensive services (34.47%), comprehensive transportation services (21.36%), travel agency services (15.80%), sightseeing cruise services (12.18%), and other segments [2] Group 2 - According to data, one fund under Debon Fund holds a significant position in China Three Gorges Tourism, with Debon Consumer Mixed A (008840) holding 500,000 shares, accounting for 4.57% of the fund's net value, ranking as the ninth largest holding [3] - The fund has reported a floating loss of approximately 235,000 CNY today [3] - Debon Consumer Mixed A (008840) was established on June 18, 2020, with a current scale of 37.0831 million CNY, and has experienced a year-to-date return of 3.07% [3]

Core Viewpoint - The report outlines the performance and investment strategy of the Debon Large Consumption Mixed Fund for the second quarter of 2025, highlighting its focus on high-quality companies in the large consumption sector while managing risks and maintaining liquidity [1][3]. Fund Overview - Fund Name: Debon Large Consumption Mixed Fund [3] - Fund Manager: Debon Fund Management Co., Ltd. [3] - Fund Custodian: Industrial and Commercial Bank of China [3] - Total Fund Shares at Period End: 84,755,515.93 shares [3] - Investment Objective: To achieve long-term stable growth of fund assets by selecting quality companies in the large consumption sector [3]. - Investment Strategy: Combines top-down industry allocation with bottom-up stock selection, focusing on economic cycles and policy trends [3]. - Performance Benchmark: 80% of the return from the CSI Consumer Services Leading Index and 20% from the after-tax one-year bank deposit rate [3]. Financial Performance - Net Asset Value (NAV) of Debon Large Consumption A Fund: 0.8878 RMB, with a net value growth rate of -3.13% [9]. - Net Asset Value (NAV) of Debon Large Consumption C Fund: 0.8767 RMB, with a net value growth rate of -3.19% [9]. - Performance comparison shows that both funds underperformed against their benchmarks, which had a return of 0.92% during the same period [9]. Market Conditions - The market experienced fluctuations, initially declining due to political events but later recovering with supportive policies and easing trade tensions between China and the U.S. [8]. - Key indices showed mixed results, with the Shanghai Composite Index rising by 2.78% and the Shenzhen Component Index falling by 1.34% [8]. - The report anticipates a focus on service consumption and value-driven spending in the upcoming quarter, with expectations for new consumption trends to emerge [8]. Investment Composition - The fund's total assets include 90.81% in stocks, with significant allocations in manufacturing (57.59%) and wholesale and retail (14.58%) sectors [10]. - The fund did not hold any bonds or asset-backed securities during the reporting period [10]. Share Changes - Total shares at the beginning of the reporting period: 47,400,537.93 for A shares and 40,560,147.69 for C shares [11]. - Total subscriptions during the period: 1,528,349.38 for A shares and 8,375,102.15 for C shares [11]. - Total redemptions during the period: 3,156,571.83 for A shares and 9,952,049.39 for C shares [11].