During the reporting period of1-May, the market basically showed an upward trend, while from the end of May to June, the market showed a large fluctuation adjustment trend, and wide fluctuation was an important feature of the market operation in the past six months. During the reporting period, steel, electricity, coal, nonferrous metals and other sectors with low P/E ratio, securities companies and other sectors with unexpected growth, asset injection and low-priced stocks performed outstandingly. During the reporting period, policy control also had a great impact on market operation.

In the past six months, the Fund has mainly invested in sectors and stocks with low P/E ratio and exceeding expectations. In the first quarter, we mainly dispersed and optimized the position structure, focusing on investing in brokerage, medicine, consumption, railway transportation, tourism, nonferrous metals, steel and other industries, while in the second quarter, we successively increased the allocation of real estate, building materials, paper, coal, automobile, banking, insurance and other industries. Judging from the actual investment effect, the operation is ideal. The growth rate of fund net value in the first quarter was 22.34%, that in the second quarter was 49.73%, and that in the half year was 83.0 1%. Moreover, the yield and ranking in the second quarter and half a year have been greatly improved compared with the first quarter.