Core Viewpoint - The report provides an overview of the performance and investment strategy of the Yongying Xincheng Mixed Securities Investment Fund for the second quarter of 2025, highlighting its focus on stable asset appreciation while managing risks effectively [1][2]. Fund Product Overview - Fund Name: Yongying Xincheng Mixed Securities Investment Fund - Fund Manager: Yongying Fund Management Co., Ltd. - Fund Custodian: Huaxia Bank Co., Ltd. - Total Fund Shares at Period End: 173,529,451.42 shares [2]. - Investment Objective: Long-term stable appreciation of net asset value [2]. - Investment Strategies: Includes major asset allocation strategies, stock investment strategies, convertible bond investment strategies, and futures investment strategies [2]. Financial Indicators and Fund Performance - As of the end of the reporting period, the net asset value of Yongying Xincheng Mixed A was 1.0466 RMB, with a net value growth rate of 1.05% against a benchmark return of 1.33% [10]. - The net asset value of Yongying Xincheng Mixed C was 1.0408 RMB, with a net value growth rate of 1.19% against a benchmark return of 1.33% [11]. - The fund's performance over the past three months showed a net value growth rate of 1.05% for Class A, 1.05% for Class C, and 1.19% for Class E [10][11]. Investment Portfolio Report - The fund's total assets included 192,186,502.32 RMB in bonds, representing 93.21% of total assets, with no stocks held at the end of the reporting period [12]. - The portfolio included 126,227,020.55 RMB in policy financial bonds, accounting for 69.70% of the fund's net assets [12]. Management Report - The fund management adhered to a strict fair trading system, ensuring equitable treatment of all investment portfolios without significant violations [9]. - The management team consists of experienced professionals, including Liu Xingyu with 11 years of experience and Yuan Xu with 15 years of experience in the securities industry [6][7].