在公募行业，择时投资不是一件容易的事，但仍有一些基金经理能在行情震荡之中，通过仓位控制，游 刃有余地踏准市场涨跌的节奏。 以益民服务领先为例，观察该基金的净值曲线可知，年内益民服务领先在仓位调整上体现了出色的管理 能力——截至去年末，该基金股票仓位仅有0.89%，但从年初开始，随着行情升温，该基金亦同步拉 升，涨幅一度达近20%，这意味着基金经理在一季度内迅速将仓位抬升到高位。 但"风光"了第一季度后，据二季报数据，该基金股票仓位又降至0。基金经理写道："在3月中下旬，考 虑到4月份的财报披露以及退市新规的实施，再次降低了权益资产的比重。同时，由于对10年期国债收 益率短期上行风险的担忧，该基金在季末以短久期利率债配置为主。" 在起伏不定的行情里，合理且缜密的仓位控制能够较大程度地稳定基金净值，并防止基金在高位重仓权 益资产，从而面临较大回撤。 如农银汇理区间收益混合基金就将仓位控制写进了基金合同，合同中写到：基金的资产配置策略涉及股 票和非股票类资产，在投资组合中严格按照纪律进行调整，随着参照指数累积到一定阈值之后，基金将 按照纪律逐渐降低股票类资产配置比例，相应增加非股票类资产比例，从而确保基金能够部分锁 ...

Core Viewpoint - The report outlines the performance and investment strategy of the Yongying Rui Jian Progressive Mixed Securities Investment Fund for the second quarter of 2025, highlighting a focus on long-term asset value appreciation while managing risks through diversified investment strategies [1][3]. Fund Product Overview - Fund Name: Yongying Rui Jian Progressive Mixed - Fund Code: 022717 - Total Fund Shares at Period End: 140,963,027.99 shares - Investment Objective: Long-term stable appreciation of net asset value while controlling investment portfolio risks [2]. - Investment Strategies: Includes macroeconomic analysis, asset allocation, stock investment, fixed income strategies, convertible bonds, and various derivatives [2]. - Performance Benchmark: 70% CSI 800 Index, 10% Hang Seng Index (converted by valuation exchange rate), and 20% China Bond Composite Index [2]. Financial Indicators and Fund Performance - Fund A Net Value Growth Rate (Last Three Months): 13.25%, Benchmark Return: 1.46% [3]. - Fund C Net Value Growth Rate (Last Three Months): 13.08%, Benchmark Return: 1.46% [3]. - Fund A Net Value at Period End: 1.1216 CNY, Fund C Net Value at Period End: 1.1187 CNY [5]. Investment Portfolio Report - Total Value of Stocks: 146,645,935.96 CNY (83.45% of total assets) [6]. - Total Value of Bonds: 6,921,321.95 CNY (3.94% of total assets) [6]. - Value of Hong Kong Stocks via Stock Connect: 42,115,095.09 CNY (26.68% of net value) [7]. Management Report - The fund manager adheres to legal regulations and maintains a disciplined investment research and decision-making process to ensure fair treatment of different investment portfolios [4]. - No significant violations of fair trading practices were reported during the period [4]. Changes in Fund Shares - Fund A Initial Shares: 56,426,195.51, Final Shares: 52,633,871.37 [8]. - Fund C Initial Shares: 231,101,907.25, Final Shares: 88,329,156.62 [8].

Group 1 - Fund managers are actively seeking new investment opportunities through a combination of portfolio adjustments and research activities in the current market environment [1] - Notable changes in shareholder structures of several A-share listed companies indicate clear investment trends from well-known fund managers [3] - The latest data shows significant increases in holdings for certain funds, such as the Guangfa High-end Manufacturing Fund, which increased its stake substantially compared to the previous quarter [3] Group 2 - Institutional research activities are intensifying, with BoShi Fund leading with 945 research engagements, followed by HuaXia Fund with 867 [4] - Prominent fund managers are frequently participating in company research activities, focusing on key topics such as capital expenditure planning and technology iteration [4] - YiHeDa has gained the highest attention in research activities in June, with several well-known institutions participating in discussions on various topics including drug development and international cooperation [4]

Group 1 - The core point of the news is that the fund manager Fan Yan at Wanguo Fund has committed to invest at least 2.5 million yuan in the newly launched Wanguo Balanced Investment Mixed Fund, alongside the company and its senior management [1][2][3] - Since the beginning of 2025, a total of 113 public fund companies have engaged in self-purchase of their own fund products, indicating a trend in the industry [4] - The self-purchase behavior of fund companies can enhance fund scale and investor confidence, indirectly promoting the expansion of fund size [5] Group 2 - Fan Yan's management of the Wanguo Stable Growth Fund has led to significant growth in fund size, increasing from 3.409 billion yuan at the end of Q4 last year to 7.461 billion yuan by the end of Q1 this year [2][3] - The new fund, Wanguo Balanced Investment Mixed Fund, has a performance benchmark that increases the reference weight of the CSI 300 Index return to 70%, indicating a shift in investment strategy compared to the Wanguo Stable Growth Fund [3] - The top ten holdings of the Wanguo Stable Growth Fund have seen substantial increases in positions, with some exceeding 100% in the first quarter [2][3]