Group 1 - The report covers the performance of the Yongying Hexiang Mixed Initiated Securities Investment Fund for the second quarter of 2025, highlighting the fund's management and investment strategies [1][2][3] - The fund aims to achieve investment returns that exceed its performance benchmark while controlling investment portfolio risks [2][3] - The total fund shares at the end of the reporting period were 90,403,587.55 shares, with specific strategies including asset allocation, stock investment, and bond investment [2][3] Group 2 - The fund's net asset value (NAV) for the A share class was 1.1929 RMB, with a net value growth rate of -1.62% during the reporting period, while the benchmark return was 1.30% [12] - For the C share class, the NAV was 1.1769 RMB, with a net value growth rate of -1.68%, also against a benchmark return of 1.30% [12] - The fund's investment portfolio included 35.19% in stocks and 43.82% in bonds, with a fair value of 40,955,680.56 RMB in stocks and 50,998,079.58 RMB in bonds [13] Group 3 - The fund's management adhered to a strict fair trading system, ensuring no significant violations occurred during the reporting period [10][9] - The macroeconomic environment during the second quarter showed stable overall economic performance in China, with industrial production remaining resilient and infrastructure investment at high levels [10][11] - The report indicates that the fund maintained a high allocation to convertible bonds and made strategic adjustments to its equity positions towards the end of June [12]