Core Viewpoint - The report outlines the performance and investment strategy of the Galaxy High-end Equipment Mixed Initiated Securities Investment Fund for the second quarter of 2025, emphasizing its focus on high-end equipment manufacturing and the impact of global economic factors on investment returns [1][2]. Fund Overview - The fund is managed by Galaxy Fund Management Co., Ltd. and is designed to invest primarily in high-end equipment-related securities, aiming for long-term stable asset appreciation [1][2]. - The fund's performance benchmark is a combination of the CSI High-end Equipment Manufacturing Index and other indices, reflecting its investment strategy [1][3]. Financial Indicators and Fund Performance - As of the end of the reporting period, the total fund shares amounted to 10,391,741.03, with specific shares for Class A and Class C being 10,207,949.73 and 183,791.30 respectively [1][2]. - The net value growth rates for Class A and Class C during the reporting period were -0.55% and -0.70%, respectively, while the benchmark return was 0.52% [5][13]. Investment Strategy - The fund focuses on three main areas: import substitution in equipment, overseas expansion in advantageous sectors, and cyclical fluctuations in the equipment industry [2][3]. - The investment strategy aims to leverage professional research capabilities to select competitively strong companies with good cost-performance ratios [2][3]. Market Influences - The report highlights that external factors, such as tariffs and geopolitical conflicts, significantly impacted the stock market during the reporting period [12]. - The fund adjusted its industry allocation by increasing investments in electronics and communications while reducing exposure to power equipment [12]. Asset Allocation - The fund's asset allocation at the end of the reporting period included a significant portion in stocks, with a fair value of approximately 10,914,929.04 RMB, representing 84.30% of the total net asset value [16]. - The fund did not hold any bonds or asset-backed securities during the reporting period [16][18]. Management Report - The fund manager, with 25 years of experience in the securities industry, emphasizes adherence to legal regulations and a commitment to the interests of fund shareholders [7][11]. - The management team has implemented strict risk management and internal control systems to ensure compliance and protect investor interests [11][12].