In July, we maintained a medium-to-high portfolio exposure, with positioning largely unchanged. Our core investment themes were unchanged, with continued focus on internet, semiconductors, cloud computing, consumer sectors, and fintech. Within AI, we concentrated on AI applications, cloud infrastructure, and leading chip manufacturers.

Market valuations have increased while the composite discount rate has declined, now belowthe median level seen between 2002 and 2024.

In May, the U.S. stock market saw significant gains, prompting us to reduce our holdings based on risk-reward considerations. Our current portfolio maintains a moderately high allocation. Key investments focus on internet, semiconductors, cloud computing, consumer goods, and financial technology.

Following the tariff "black swan" event in early April, markets experienced a panic-driven decline.during which we made modest portfolio increases. As markets subsequently recovered, our totalposition remains roughly the same as last month, at a relatively reasonable level.

The total portfolio position was slightly reduced in March, but the overall position remainsrelatively high. Key investment areas included the internet, semiconductors, cloud computingconsumer goods, and financial technology.

In February, we maintained a high position level. Key investment areas included the internet,semiconductors, cloud computing, consumer goods, and fintech, with continued increases ininvestments in fintech and emerging markets.

In January, the company maintained a high position, focusing on investments in the Internet, semiconductors, cloud computing, consumption an

In 2024, we maintained a high position, focusing on sectors such as internet, semiconductors, cloud computing, consumer goods, and fintech.

In November, we maintained a high portfolio position and increased investments in AI applications and emerging market Super Apps.

In October, we maintained a high position, focusing on the internet, cloud computing,semiconductors, consumer sectors, and financial te...

In September, we maintained a high position, focusing on the internet, cloud computing,semiconductors, consumer sectors, and financial ...

In August, we maintained a high position, focusing on the internet, cloud computing,semiconductors, consumer sectors, and financial techn..

In July, we maintained a high position, focusing on internet, cloud computing, semiconductors, consumer goods, and fintech. The proportion o

In the first half of the year, the performances of the A-shares, Hong Kong stocks, and U.S. stocks diverged significantly. The A-share exper

Overall, there was little change in positions in May. We increased investment in Latin American internet while slightly reducing the holding

In April, the net value of the products experienced some pullback. On one hand, although the position was slightly reduced, the level of hol

Operational Review: Adjusting the structure of technology holdings, increasing investment in consumer and financial technology sectors In...

Operation Review: Slightly increased investment in U.S. consumer stocks, maintaining a high position  The changes in investment in...

Investment Strategy Review: Adjusting AI Investment Structure, Maintaining High Positions In January, we made minor adjustments to our...