Fund Overview - The fund is named Changsheng Tongzhi Advantage Growth Mixed Securities Investment Fund (LOF) and is managed by Changsheng Fund Management Co., Ltd. [1] - The fund aims to invest in growth-oriented listed companies with sustainable performance advantages, seeking to maximize asset appreciation and income while diversifying and mitigating investment risks [1][12] - The fund's performance benchmark is a combination of the CSI 300 Index return (65%), the Shanghai Government Bond Index return (30%), and the one-year fixed deposit rate (5%) [1][12] Financial Performance - For the reporting period from January 1, 2025, to June 30, 2025, the fund reported a realized loss of approximately RMB 23.20 million and a net profit loss of about RMB 18.42 million [2][11] - The fund's net asset value at the end of the reporting period was approximately RMB 300.99 million, with a net asset value per share of RMB 0.6533 [2][11] - The fund's share net value growth rate for the period was -5.62%, while the benchmark's return was 0.61% [6][11] Investment Strategy and Adjustments - The fund's investment strategy is actively managed, focusing on macroeconomic conditions, industry status, and company growth potential [1][12] - Adjustments made during the reporting period included reducing exposure to cyclical industries and increasing allocations to rare earths and large financial sectors, anticipating valuation recovery and business innovation [5][6] - The fund also decreased its holdings in the food and beverage sector while increasing positions in high-growth, reasonably valued stocks in sectors like chemicals, semiconductors, and military industry [6][7] Market Conditions - The macroeconomic environment remained stable, with consumption growth supported by policies like "old-for-new" exchanges, and exports exceeding market expectations [4][5] - The market saw a preference for small-cap and thematic investments, with small-cap stocks outperforming large-cap stocks during the first half of the year [5][7] - The outlook for the second half of the year suggests increased pressure on exports and consumption, but potential for policy stimulus to stabilize economic growth [7]