Core Viewpoint - The report outlines the performance and investment strategy of the Galaxy Industrial Power Mixed Securities Investment Fund for the second quarter of 2025, emphasizing its focus on high-quality enterprises benefiting from industrial upgrades and structural adjustments in the new economic cycle [1][2]. Fund Product Overview - The fund, named Galaxy Industrial Power Mixed, was established on January 25, 2021, with a total share of 552,016,316.89 at the end of the reporting period [1]. - The investment objective is to achieve returns exceeding the performance benchmark through active portfolio management while controlling risks [1]. Investment Strategy - The fund primarily invests in liquid financial instruments, including domestic stocks, bonds, and other financial tools approved by regulatory authorities [2]. - The investment portfolio is structured to maintain a maximum of 50% in stock assets and at least 5% in cash or short-term government bonds [2]. Performance Benchmark - The performance benchmark is composed of 60% of the CSI 800 Index return, 20% of the CSI Hong Kong Stock Connect Composite Index return, and 20% of the China Bond Composite Index return [3]. Financial Indicators and Fund Value Performance - For the reporting period from April 1, 2025, to June 30, 2025, the net value growth rates for Galaxy Industrial Power Mixed A and C were -4.93% and -5.07%, respectively, against a benchmark return of 1.65% [6][10]. - The net asset value for Galaxy Industrial Power Mixed A was 0.8100 RMB, while for C it was 0.8010 RMB at the end of the reporting period [10]. Investment Portfolio Report - The fund's total assets included 92.48% in stocks, with a fair value of 414,284,417.48 RMB, and 16.61% of the portfolio was invested in Hong Kong stocks through the Stock Connect mechanism [5][10]. - The major industry allocations were in manufacturing (62.76%) and information technology services (13.21%) [11]. Fund Management - The fund is managed by Galaxy Fund Management Co., Ltd., with a commitment to adhere to legal regulations and ensure the interests of fund shareholders [8]. - The fund manager, Zheng Weishan, has 17 years of experience in the securities industry and has been managing this fund since March 2022 [7][8].