Core Insights - The best-performing fund managed by manager Shi Hongjun is the Pengyang Zhongzheng Kechuang Chuangye 50 ETF (588350), which achieved a quarterly net value increase of 65.01% by the end of Q3 2025 [1][2]. Fund Performance Summary - **Pengyang Zhongzheng Kechuang Chuangye 50 ETF**: - Size: 14.70 billion CNY - Annualized Return: 12.95% - Q3 2025 Increase: 65.01% - Top Holding: Ningde Times (10.72% weight) [2] - **Pengyang Zhongzheng Digital Economy Theme ETF**: - Size: 7.58 billion CNY - Annualized Return: 1.47% - Q3 2025 Increase: 41.28% - Top Holding: Dongfang Caifu (8.64% weight) [2] - **Pengyang Zhongzheng 500 Quality Growth ETF**: - Size: 5.20 billion CNY - Annualized Return: 4.11% - Q3 2025 Increase: 22.66% - Top Holding: Huazhi Technology (3.37% weight) [2] - **Pengyang Zhongzheng State-owned Enterprises Dividend ETF**: - Size: 0.46 billion CNY - Annualized Return: 7.66% - Q3 2025 Increase: 1.28% - Top Holding: Zhongjiang Haikong (2.24% weight) [2] Manager's Performance Metrics - Shi Hongjun's management of the Pengyang Zhongzheng 500 Quality Growth ETF Link A (007593) resulted in a cumulative return of 106.77% with an average annualized return of 12.5% [2]. - The fund had 102 adjustments in its top holdings, with a success rate of 61.76% (63 profitable adjustments) [2]. Notable Stock Adjustments - **Top Performing Stocks**: - **Zhongji Xuchuang**: Bought in Q1 2023, sold in Q2 2023, with an estimated return of 174.88% and a company profit growth of 77.58% [3][5]. - **Fucait**: Held from Q2 2020 to Q4 2020, with an estimated return of 173.04% and a company profit growth of 127.09% [3]. - **Underperforming Stocks**: - **Lili Diamond**: Bought in Q1 2023, sold in Q1 2024, with an estimated return of -54.72% and a company revenue decline of 8.74% [7]. - **Huayou Diamond**: Held from Q1 2023 to Q1 2024, with an estimated return of -52.64% despite a company profit growth of 23.99% [4].

Group 1 - A-shares saw all three major indices rise, with the technology sector performing notably well, as evidenced by the Pengyang CSI Digital Economy Theme ETF (560800) increasing by 1.59% to a price of 1.025 yuan and a trading volume exceeding 35 million yuan [1] - Tencent Cloud's recent announcement to adapt to domestic chips and upgrade AI technology signifies a deepening of domestic technology companies' efforts in independent innovation and domestic substitution, enhancing the application scenarios for domestic chips and supporting the development of AI technology [1][2] - The State Council's recent approval of a pilot implementation plan for the market-oriented allocation of factors in certain regions aims to explore new mechanisms for the market-oriented allocation of data elements, providing institutional support for the development of the digital economy [1] Group 2 - In the short term, Tencent Cloud's adaptation of domestic chips is expected to expand the procurement and application scale of domestic chips, providing business support to related semiconductor and chip companies, while also helping cloud service providers reduce hardware procurement costs and alleviate supply chain pressures [2] - Long-term, Tencent Cloud's decision to fully adapt to domestic chips reflects the active construction of a technology supply chain that is not reliant on external sources, indicating a structural shift in the entire industry towards independent innovation and supply chain security [2] - The Pengyang CSI Digital Economy Theme ETF (560800) tracks the CSI Digital Economy Theme Index (931582), covering core industries such as semiconductors, software development, and computer equipment, with key weighted stocks including leading chip companies like SMIC and Cambrian [2][3]

Core Viewpoint - The China Securities Digital Economy Theme Index has shown a decline of 0.14% recently, reflecting the overall performance of listed companies involved in the digital economy sector [1][2]. Group 1: Index Performance - The China Securities Digital Economy Theme Index has decreased by 6.42% over the past month, increased by 6.35% over the last three months, and has risen by 1.24% year-to-date [2]. - The index was established on December 30, 2016, with a base point of 1000.0 [2]. Group 2: Index Composition - The top ten weighted companies in the index are: Dongfang Caifu (8.13%), SMIC (6.58%), Huichuan Technology (5.65%), Northern Huachuang (5.27%), Cambricon (5.01%), Haiguang Information (4.96%), Weir Shares (4.17%), Hikvision (4.15%), Zhongke Shuguang (3.59%), and iFlytek (3.35%) [2]. - The index's holdings are divided between the Shanghai Stock Exchange (50.40%) and the Shenzhen Stock Exchange (49.60%) [2]. Group 3: Industry Breakdown - The industry composition of the index shows that Information Technology accounts for 78.28%, Finance for 8.13%, Industry for 7.87%, Communication Services for 3.79%, and Consumer Discretionary for 1.93% [2]. Group 4: Index Adjustment and Fund Tracking - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [3]. - Public funds tracking the digital economy include: Pengyang China Securities Digital Economy Theme Link A, Pengyang China Securities Digital Economy Theme Link C, Huaan China Securities Digital Economy Theme Link A, Huaan China Securities Digital Economy Theme Link C, Huaan China Securities Digital Economy Theme ETF, and Pengyang China Securities Digital Economy Theme ETF [3].