长城周期优选混合发起式A（021636）基金经理为陈子扬。 9月29日，招金黄金涨6.09%，截至发稿，报10.80元/股，成交2.26亿元，换手率2.35%，总市值100.33亿 元。 资料显示，招金国际黄金股份有限公司位于山东省济南市历下区解放东路25-6号山东财欣大厦9层，成 立日期1988年5月11日，上市日期1993年3月12日，公司主营业务涉及矿业开采与自有房产的出租。主营 业务收入构成为：黄金销售98.37%，其他业务1.63%。 从基金十大重仓股角度 数据显示，长城基金旗下1只基金重仓招金黄金。长城周期优选混合发起式A（021636）二季度持有股 数4.04万股，占基金净值比例为3.38%，位居第八大重仓股。根据测算，今日浮盈赚取约2.5万元。 长城周期优选混合发起式A（021636）成立日期2024年7月2日，最新规模922.67万。今年以来收益 41.74%，同类排名1644/8244；近一年收益24.33%，同类排名4891/8080；成立以来收益18.59%。 截至发稿，陈子扬累计任职时间2年48天，现任基金资产总规模1.37亿元，任职期间最佳基金回报 42.03%， 任职期间最差基金 ...

Core Viewpoint - The report outlines the performance and investment strategy of the Great Wall Cycle Preferred Mixed Initiated Securities Investment Fund for the second quarter of 2025, emphasizing its focus on long-term asset appreciation through a combination of top-down and bottom-up approaches in asset allocation and stock selection [1][2]. Fund Product Overview - The fund was established on July 2, 2024, with a total share of 13,028,226.17 at the end of the reporting period [1]. - The investment objective is to achieve long-term stable appreciation of assets based on fundamental research [1]. - The fund employs a dynamic asset allocation strategy, adjusting investment proportions in stocks, bonds, and other asset classes based on market conditions [1][3]. A-Share Investment Strategy - The fund focuses on sector allocation based on mid-term perspectives, investing in high-quality companies at reasonable or low prices during periods of improving industry conditions [2]. - The investment strategy aims to capture excess returns by constructing a core pool of companies with long-term value, considering industry cycles and corporate strategies [2]. Financial Indicators and Fund Performance - For the reporting period from April 1, 2025, to June 30, 2025, the net value growth rate for the Great Wall Cycle Preferred Mixed Initiated Fund A was 4.98%, while Fund C recorded a growth rate of 4.84% [11]. - The performance benchmark for the funds was 0.57% during the same period [11]. Investment Portfolio Report - As of the reporting period, the fund's total assets included 84.50% in stocks, with a significant portion (27.88%) invested in Hong Kong stocks through the Stock Connect mechanism [12]. - The fund's major holdings were concentrated in cyclical industries such as non-ferrous metals and chemicals, with increased positions in gold and rare earth sectors to enhance risk resilience [11][12]. Management Report - The fund manager has adhered to relevant laws and regulations, ensuring the fair treatment of different investors and maintaining a focus on risk management [10]. - The fund manager has not engaged in any abnormal trading activities during the reporting period [10].