Core Viewpoint - The report outlines the performance and investment strategy of the Penghua High-Quality Growth Mixed Securities Investment Fund for the second quarter of 2025, emphasizing a focus on high-quality, sustainable growth companies while managing risks effectively [1][2]. Fund Overview - The fund is managed by Penghua Fund Management Co., Ltd. and is custodied by Bank of China Limited. The total fund shares at the end of the reporting period amounted to 1,281,862,482.62 shares [1][2]. - The fund aims to achieve excess returns and long-term capital appreciation by investing in companies that demonstrate high-quality and sustainable growth [2][3]. Investment Strategy - The fund employs a combination of top-down and bottom-up approaches to identify quality companies in A-shares and Hong Kong stocks. The top-down analysis focuses on industry growth prospects and competitive factors, while the bottom-up analysis evaluates companies' core competencies and management [3][4]. - The fund defines high-quality growth companies as those that can maintain sustainable growth, generate stable cash flows, and possess strong competitive advantages [4][6]. Financial Performance - For the reporting period from April 1, 2025, to June 30, 2025, the A-class share net value growth rate was 9.06%, while the C-class share net value growth rate was 8.83%. Both classes outperformed the benchmark growth rate of 1.85% [11][18]. - The fund's performance over the past year showed a growth rate of 41.13% for A-class shares and 40.00% for C-class shares, indicating strong annual returns [12][18]. Asset Allocation - The fund's investment portfolio is primarily composed of stocks, which accounted for 93.68% of the total assets, while there were no investments in bonds or asset-backed securities during the reporting period [19][20]. - The fund's investment strategy includes a focus on sectors such as defense, banking, and technology, which have shown strong performance, while sectors like food and beverage and home appliances lagged [18]. Market Outlook - The report expresses a cautious optimism regarding market conditions, highlighting potential volatility due to ongoing trade negotiations and economic pressures. However, it notes that the market is gradually adapting to these challenges, with opportunities in emerging industries and technology advancements [18].

Core Insights - GaoHua Technology (688539.SH) released its 2024 annual report on April 19, 2025, indicating that 30 institutional investors disclosed holdings in the company's A-shares, totaling 20.7691 million shares, which represents 11.17% of the total share capital [1] - The top ten institutional investors collectively hold 10.87% of the shares, with a decrease of 0.79 percentage points compared to the previous quarter [1] Institutional Holdings - The number of institutional investors holding GaoHua Technology shares is 30, with a total holding of 20.7691 million shares [1] - The top ten institutional investors include various investment management companies and funds, with a combined holding percentage of 10.87% [1] - There was a slight decline in the holding percentage of the top ten institutional investors compared to the last quarter [1] Public Fund Activity - One public fund, Penghua High-Quality Growth Mixed A, increased its holdings, while another, Penghua Stable Return Mixed A, saw a decrease in holdings [2] - A total of 23 new public funds disclosed their holdings, including several mixed funds from Huashang [2] Pension Fund Activity - One pension fund, the Basic Pension Insurance Fund 1203 Combination, reported a decrease in holdings [2]

Group 1 - Zhenxin Technology (300101.SZ) released its 2024 annual report on March 31, 2025, indicating that as of March 30, 2025, 97 institutional investors disclosed holdings in Zhenxin Technology A-shares, totaling 261 million shares, which accounts for 45.98% of the total share capital [1] - The top ten institutional investors include Chengdu Guoteng Electronics Group Co., Ltd., China Merchants Bank Co., Ltd. - Quan Guo Xu Yuan Three-Year Holding Period Mixed Securities Investment Fund, and others, with the top ten institutions holding a combined 43.11% of shares, a decrease of 1.01 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, two public funds increased their holdings compared to the previous period, including Bosera Military Industry Theme Stock A and Morgan Stanley Innovation Mixed A, with an increase ratio of 0.22% [2] - One public fund, Guolian An Semiconductor ETF, decreased its holdings by 0.33% compared to the previous quarter [2] - A total of 84 new public funds were disclosed this period, including Penghua High-Quality Growth Mixed A and others, while two public funds were no longer disclosed compared to the previous quarter [2] - One foreign fund, Hong Kong Central Clearing Limited, reduced its holdings by 0.12% compared to the previous quarter [2]