Today, the second quarter report of the Ruiyuan Fund's products was disclosed. Fund managers Fu Pengbo and Zhu Lin mentioned in the second quarter report that compared to the previous quarter's increase in stock holdings, the Ruiyuan Growth Value Fund's overall stock position decreased to 87.83%, but the Hong Kong stock position further increased to 23.63%. The report mentioned that in the second half of the year, the market may face some upward driving factors, such as property data improving more than expected, the Third Plenum policy boosting market sentiment, and accelerated issuance of national and local bonds. Currently, they will dynamically respond to market changes and control the portfolio's drawdown. As of the end of the reporting period, the net asset value of Ruiyuan Growth Value Mixed Fund A shares was 1.1053 yuan, with a growth rate of 1.66% during the reporting period, compared to a benchmark return rate of 0.00%. As of the end of the reporting period, the net asset value of Ruiyuan Growth Value Mixed Fund C shares was 1.0823 yuan, with a growth rate of 1.56% during the reporting period, compared to a benchmark return rate of 0.00%. Regarding portfolio adjustments, Fu Pengbo stated that the proportion of the top ten holdings has increased. They have increased their holdings of stocks in the machinery equipment, power equipment, and energy industries, reduced holdings of telecommunications operators but to a limited extent, and the holdings of other key companies have remained almost unchanged. There have been relatively more changes in holdings after the top ten holdings, with reductions in companies facing pressure on fundamentals, valuations, and mismatched growth. Specifically, as of the end of the second quarter of this year, the top four heavy-weighted stocks of the fund remained the same as at the end of the first quarter, namely China Mobile (600941.SH), CATL (300750.SZ), Luxshare Precision (002475.SZ), and Tencent Holdings (00700). However, except for CATL, the other three stocks were reduced, with Luxshare Precision being reduced by over 3 million shares, and China Mobile being reduced by over 1 million shares. In addition, the holdings of Wanhua Chemical (600309.SH) decreased month-on-month, and Tongwei Group (600438.SH) and Oriental Yuhong (002271.SZ) exited the top ten heavy-weighted stocks. Maiwe Corporation (300751.SZ) was increased to the fifth heavy-weighted stock, and the holdings of Guanghui Energy (600256.SH) and Sannuo Bio (300298.SZ) also increased, while Haitian International (06078) and Jupiter Technology (002444.SZ) entered the top ten heavy-weighted stocks. Fu Pengbo stated that as listed companies continue to disclose their interim reports, they will actively seek out cyclical growth companies, and the process and criteria for screening will be more cautious. They will evaluate the ability of the targets to create future cash flows, focusing on the odds and success rate of stock selection. In the second half of the year, the market may face some upward driving factors, such as property data improving more than expected, the Third Plenum policy boosting market sentiment, and accelerated issuance of national and local bonds. Currently, they will dynamically respond to market changes and control the drawdown of the portfolio.