Core Viewpoint - Zhuzhou Smelter Group's stock price has increased by 5.09% on January 15, reaching 19.39 CNY per share, with a total market capitalization of 20.803 billion CNY, reflecting a cumulative increase of 8.21% over four consecutive days [1] Group 1: Company Overview - Zhuzhou Smelter Group Co., Ltd. is located in Hunan Province, established on December 20, 1993, and listed on August 30, 2004 [1] - The company's main business involves the production and sales of zinc and zinc alloys, with revenue composition as follows: zinc and zinc alloys 38.48%, others 28.17%, gold ingots 13.94%, silver ingots 10.71%, lead and lead alloys 7.85%, indium ingots 0.51%, sulfuric acid 0.20%, and non-ferrous metal trading 0.14% [1] Group 2: Shareholder Information - Yongying Fund has a fund that ranks among the top ten circulating shareholders of Zhuzhou Smelter Group, with the Golden Stock ETF (517520) newly entering the top ten shareholders in Q3, holding 6.1738 million shares, which is 0.82% of the circulating shares [2] - The floating profit from the stock during the four-day increase is approximately 864.33 thousand CNY, with a daily floating profit of about 580.34 thousand CNY [2] Group 3: Fund Performance - The Golden Stock ETF (517520) has a total asset size of 11.669 billion CNY, with a year-to-date return of 13.37%, ranking 423 out of 5525 in its category, and a one-year return of 104.71%, ranking 58 out of 4208 [2] - The fund manager of the Golden Stock ETF is Liu Tingyu, who has been in the position for 2 years and 156 days, with the best fund return during this period being 119.5% [3] Group 4: Major Holdings - Yongying Fund's ETF, the Yongying CSI Hong Kong and Shanghai Gold Industry Stock ETF Initiated Link A (020411), holds 500 shares of Zhuzhou Smelter Group, making it the largest holding, with a floating profit of approximately 700 CNY during the four-day increase [4] - This fund has a total asset size of 634 million CNY, with a year-to-date return of 12.72%, ranking 494 out of 5525, and a one-year return of 96.69%, ranking 118 out of 4208 [4]

Group 1 - The core point of the news is that Shenyu Co., Ltd. experienced a stock price increase of 5.93%, reaching 40.90 CNY per share, with a trading volume of 321 million CNY and a turnover rate of 6.57%, resulting in a total market capitalization of 7.339 billion CNY [1] - Shenyu Co., Ltd. is located in Jiangyin City, Jiangsu Province, and was established on August 6, 2003. It was listed on November 14, 2016. The company's main business involves the research, development, production, and sales of RF coaxial cables, with revenue composition as follows: coaxial cables 81.83%, others 9.78%, and gold wire products 8.39% [1] Group 2 - From the perspective of major circulating shareholders, a fund under Yongying Fund ranks among the top shareholders of Shenyu Co., Ltd. The Gold Stock ETF (517520) increased its holdings by 556,000 shares in the third quarter, holding a total of 1.2324 million shares, which accounts for 0.99% of the circulating shares. The estimated floating profit today is approximately 2.8222 million CNY [2] - The Gold Stock ETF (517520) was established on October 24, 2023, with a latest scale of 11.669 billion CNY. Year-to-date return is 13.37%, ranking 423 out of 5525 in its category; the one-year return is 104.71%, ranking 58 out of 4208; and since inception, the return is 132.55% [2] Group 3 - The fund manager of the Gold Stock ETF (517520) is Liu Tingyu, who has a cumulative tenure of 2 years and 156 days. The current total asset scale of the fund is 21.354 billion CNY, with the best fund return during his tenure being 119.5% and the worst being -1.14% [3][5] Group 4 - From the perspective of the fund's top heavy positions, a fund under Yongying Fund holds Shenyu Co., Ltd. as a significant position. The Yongying CSI Hong Kong and Shanghai Gold Industry Stock ETF (020411) held 100 shares in the third quarter, ranking as the second-largest heavy position. The estimated floating profit today is approximately 229 CNY [4] - The Yongying CSI Hong Kong and Shanghai Gold Industry Stock ETF (020411) was established on February 1, 2024, with a latest scale of 634 million CNY. Year-to-date return is 12.72%, ranking 494 out of 5525 in its category; the one-year return is 96.69%, ranking 118 out of 4208; and since inception, the return is 122.4% [4]

Core Viewpoint - Shen Yu Communication Technology Co., Ltd. has experienced a stock price decline of 1.03% as of December 31, with a current share price of 36.63 yuan and a total market capitalization of 6.573 billion yuan [1] Company Overview - Shen Yu Communication Technology Co., Ltd. was established on August 6, 2003, and went public on November 14, 2016. The company specializes in the research, production, and sales of radio frequency coaxial cables [1] - The revenue composition of the company is as follows: coaxial cables account for 81.83%, other products for 9.78%, and gold wire products for 8.39% [1] Shareholder Information - The top circulating shareholder of Shen Yu is a fund under Yongying Fund, which increased its holdings in the Golden Stock ETF (517520) by 556,000 shares in the third quarter, holding a total of 1.2324 million shares, representing 0.99% of the circulating shares [2] - The Golden Stock ETF (517520) was established on October 24, 2023, with a current size of 11.669 billion yuan. It has achieved a year-to-date return of 91.97%, ranking 58 out of 4189 in its category [2] Fund Performance - The fund manager of the Golden Stock ETF (517520) is Liu Tingyu, who has been in the position for 2 years and 141 days. The fund's total asset size is 21.354 billion yuan, with the best return during his tenure being 104.58% and the worst being -1.68% [3][5] - The Yongying CSI Hong Kong and Shanghai Gold Industry Stock ETF (020411) is another fund that holds Shen Yu shares, with 100 shares held as the second-largest position. This fund was established on February 1, 2024, with a current size of 634 million yuan and a year-to-date return of 84.82%, ranking 116 out of 4189 [4]

Core Viewpoint - Yongying Fund's stock funds have underperformed compared to peers over the past six months, despite some individual funds experiencing significant gains due to concentrated investments in technology sectors [1][6]. Group 1: Fund Performance - Yongying Fund's stock funds have consistently lagged behind the average returns of similar funds over the past five years, three years, and one year, failing to outperform the CSI 300 index [1][6]. - As of December 4, 2023, Yongying Technology Select Fund (022364) achieved a remarkable annual return of 200.34%, ranking first among 18,728 funds, significantly outperforming the second-best fund, AVIC Opportunity Navigator (140.43%) [1][2]. - Approximately 40% of Yongying Fund's active equity products are currently in a loss position, with over 30% of these products experiencing cumulative losses exceeding 30% [1][8]. Group 2: Investment Strategy - The recent surge in performance is attributed to a concentrated investment strategy in the technology sector, particularly cloud computing, which has yielded high returns in a favorable market environment [5]. - This "betting" investment strategy, while effective in the short term, poses risks of increased volatility and potential significant losses if the market conditions change adversely [5][6]. - Yongying Fund has multiple technology-themed funds, referred to as the "Yongying Seven Brothers," which also employ similar concentrated investment strategies [5]. Group 3: Fund Management and Costs - Yongying Fund has seen a significant increase in its public fund management scale, reaching 552.718 billion yuan, with a growth of 430 billion yuan over five years [3]. - The fund's high turnover rate among managers, with an average tenure of only 3.6 years, raises concerns about the stability and continuity of investment strategies [9]. - The fund's trading costs are notably high, with the commission-to-management fee ratio for passive index funds reaching 1.22, which is nearly five times the industry average [13].

Core Insights - The article provides an objective ranking of fund net asset values, highlighting the top-performing and bottom-performing funds without any subjective bias [1] Fund Performance Summary Top 10 Funds by Net Value Growth - The top-performing funds include: - Huafu Yongxin Flexible Allocation Mixed A with a net value of 1.7137, up by 4.96% [2] - Huafu Yongxin Flexible Allocation Mixed C with a net value of 1.6648, also up by 4.96% [2] - Wanjia Cycle Vision Stock Initiation A with a net value of 0.9939, up by 4.89% [2] - Wanjia Cycle Vision Stock Initiation C with a net value of 0.9931, up by 4.88% [2] - Qianhai Kaiyuan Gold and Silver Jewelry Mixed A with a net value of 2.4180, up by 4.45% [2] - Qianhai Kaiyuan Gold and Silver Jewelry Mixed C with a net value of 2.3630, up by 4.42% [2] - Southern CSI Hong Kong Gold Industry Stock Index Initiation A with a net value of 1.6638, up by 4.26% [2] - Southern CSI Hong Kong Gold Industry Stock Index Initiation C with a net value of 1.6596, up by 4.25% [2] - Yongying CSI Hong Kong Gold Industry ETF Initiation Link C with a net value of 1.8692, up by 4.24% [2] - Yongying CSI Hong Kong Gold Industry ETF Initiation Link A with a net value of 1.8793, up by 4.24% [2] Bottom 10 Funds by Net Value Decline - The underperforming funds include: - Huabao Overseas China Growth Mixed with a net value of 1.4560, down by 3.77% [3] - Bosera Greater China Mixed with a net value of 1.0430, down by 2.89% [3] - AVIC New Start A with a net value of 0.8586, down by 2.85% [3] - AVIC New Start C with a net value of 0.8421, down by 2.85% [3] - Huaan Greater China A with a net value of 2.2590, down by 2.67% [3] - Guofu National Certificate Hong Kong C with a net value of 0.9463, down by 2.66% [3] - Guofu National Certificate Hong Kong A with a net value of 0.9464, down by 2.66% [3] - Huaan Hong Kong Precision A with a net value of 2.8020, down by 2.64% [3] - Huaan Greater China C with a net value of 1.8460, down by 2.64% [3] - Fortune Core Advantage C with a net value of 1.6357, down by 2.57% [3] Market Overview - The Shanghai Composite Index showed slight fluctuations, closing with a minor increase, while the ChiNext Index exhibited similar behavior [5] - The total trading volume reached 1.74 trillion, with a stock rise-to-fall ratio of 1200:4175 [5] Leading Industries and Concepts - Industries with significant gains include: - Shipbuilding, Oil, Insurance, and Non-ferrous Metals, each rising over 2% [6] - Concepts leading the market include: - Aquaculture and Military Trade, both also increasing over 2% [6] Notable Holdings and Fund Strategies - The top holdings in the best-performing fund, Huafu Yongxin Flexible Allocation Mixed A, include: - Shandong Gold, with a daily increase of 5.98% [9] - Other significant holdings include Shandong International and Zijin Mining, contributing to a total holding concentration of 88.53% [9] - Conversely, the underperforming fund, Huabao Overseas China Growth Mixed, has a holding concentration of 38.75%, with major holdings in Jiangxi Copper and Luoyang Molybdenum, which have seen declines [9]

Group 1 - The core viewpoint of the news is that Western Gold has seen a significant increase in its stock price, rising by 5.01% to 29.79 CNY per share, with a trading volume of 938 million CNY and a turnover rate of 3.62%, resulting in a total market capitalization of 27.139 billion CNY [1] - Western Gold Co., Ltd. is located in Urumqi, Xinjiang, and was established on May 14, 2002, with its listing date on January 22, 2015. The company primarily engages in gold mining and smelting, as well as iron ore and chrome ore mining [1] - The revenue composition of Western Gold includes: standard gold (42.49%), purchased gold (39.08%), electrolytic manganese (6.87%), self-produced gold (3.41%), gold concentrate and roasted sand (2.74%), manganese ore (1.73%), beryllium copper alloy (1.50%), manganese ingots (1.40%), jewelry, gold extraction agents, and others (0.44%), and other (supplementary) (0.23%) [1] Group 2 - From the perspective of fund holdings, Yongying Fund has one fund heavily invested in Western Gold. The Yongying CSI Hong Kong-Shenzhen Gold Industry Stock ETF (020411) held 400 shares in the second quarter, ranking as the fourth largest holding [2] - The Yongying CSI Hong Kong-Shenzhen Gold Industry Stock ETF (020411) was established on February 1, 2024, with a current scale of 1.67 billion CNY. Year-to-date returns are 64.44%, ranking 132 out of 4222 in its category; the one-year return is 59.62%, ranking 1551 out of 3813; and since inception, the return is 75.06% [2] - The fund manager of Yongying CSI Hong Kong-Shenzhen Gold Industry Stock ETF (020411) is Liu Tingyu, who has been in the position for 2 years and 41 days, managing total assets of 9.046 billion CNY, with the best fund return during his tenure being 80.47% and the worst being -1.41% [2]

Group 1 - The article provides a ranking of open-end funds based on their net asset value growth as of August 11, 2025, highlighting the top 10 funds with significant increases [2][4]. - The top-performing fund is "Guoshou Anbao New Materials Stock Initiation A," with a net value of 1.6123, showing an increase from 1.5382 on August 8, 2025, representing a growth of 0.07 [2]. - The bottom-performing fund is "Southern CSI Hong Kong Gold Industry Stock Index Initiation C," which decreased from 1.3488 to 1.3088, reflecting a decline of 0.04 [4]. Group 2 - The overall market performance indicates a rebound, with the Shanghai Composite Index showing a small upward trend and the ChiNext Index experiencing a more significant rise, with a trading volume of 1.85 trillion [6]. - Leading sectors include components, software services, and advertising packaging, all showing gains of over 2%, while the shipping industry faced a decline of over 2% [6]. - The fund "Guoshou Anbao New Materials Stock Initiation A" is noted for its rapid net value growth, outperforming the market [6].

Group 1 - The fund aims to closely track the performance of the underlying index, minimizing tracking deviation and error [2][3] - The fund's investment strategy includes various asset allocation strategies, targeting ETF investments, stock investments, and bond investments [2][3] - The fund's performance benchmark is set at 95% of the return of the CSI Hong Kong-Shenzhen Gold Industry Stock Index and 5% of the bank's current deposit rate (after tax) [2] Group 2 - The fund's net asset value growth rate for the A share class was 12.67% during the reporting period, while the benchmark return was 10.55% [14] - The fund's net asset value growth rate for the C share class was 12.58%, also outperforming the benchmark [14] - The fund's total share amount at the end of the reporting period was 306,900,148.24 shares [2] Group 3 - The fund's investment in gold-related stocks is expected to benefit from the anticipated weakening of the US dollar and US debt credit trends [12][13] - The report highlights the significant growth potential of gold stocks, supported by the Chinese government's emphasis on the gold industry as a strategic resource [12][13] - The average price-to-earnings (PE) ratio of major gold mining companies is currently 13.5, indicating a potential for valuation recovery [13]