On July 19th, Huang Yaofeng and Wang Zhihua, managers of the Huatai Bao Hong Kong and Shanghai New Value Stock Securities Investment Fund, disclosed their second-quarter report. As of the end of the second quarter, the top ten holdings of the fund were China Mobile (00941), Tencent Holdings (00700), Kweichow Moutai (600519.SH), Zijin Mining (02899), CNOOC (00883), AIA Insurance (01299), Zhaojin Mining (01818), Hong Kong Exchanges and Clearing (00388), CR Beer (00388), and China Shenhua (01088). Compared to the end of the first quarter, China Mobile, CNOOC, Zhaojin Mining, and China Shenhua entered the top ten holdings, while Sands China Limited (01928) and PICC (02328) exited the top ten holdings. Huang Yaofeng stated that they will continue to hold high-quality core assets listed in Hong Kong, and increase positions in value blue-chip stocks that demonstrate sustainable high dividends and clear advantages in commercial operation monopolies. They will continue to search for Hong Kong-listed companies with solid business models, outstanding core competitiveness, sound corporate governance, and a commitment to high-quality development, buying at a reasonable price and holding for the long term to seek stable returns for investors. Specifically, the second-quarter report shows that the Huatai Bao Hong Kong and Shanghai New Value stock fund had an equity investment position of 82.14% at the end of the second quarter. In terms of adding or reducing positions, as of the end of the second quarter, the top ten holdings of the Huatai Bao Hong Kong and Shanghai New Value stock fund were China Mobile, Tencent Holdings, Kweichow Moutai, Zijin Mining, CNOOC, AIA Insurance, Zhaojin Mining, Hong Kong Exchanges and Clearing, CR Beer, and China Shenhua. Compared to the end of the first quarter, China Mobile, CNOOC, Zhaojin Mining, and China Shenhua entered the top ten holdings, while Sands China Limited and PICC exited the top ten holdings. As for the net asset value of the fund, as of the end of the second quarter, the Huatai Bao Hong Kong and Shanghai New Value stock fund had a net asset value growth rate of 2.52%. Huang Yaofeng pointed out that the fund maintained a high position in the second quarter, continued to hold high-quality core assets listed in Hong Kong, and increased positions in value blue-chip stocks with sustainable high dividends and clear advantages in commercial operation monopolies. They will continue to search for Hong Kong-listed companies with solid business models, outstanding core competitiveness, sound corporate governance, and a commitment to high-quality development, buying at a reasonable price and holding for the long term to seek stable returns for investors. Huang Yaofeng also mentioned that looking ahead to the third quarter, market opportunities come from domestic fundamental repairs and policy catalysts. The market is closely watching the introduction of dividend tax incentives for Hong Kong stock market connectivity, adjustments to mainland investor access standards, and the introduction of renminbi trading counters.