In the past six months, Taixin Pioneer Strategy Fund 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.

In the long run, we believe that the sustained, rapid and healthy growth of the domestic economy, the persistence of excess liquidity under the background of RMB appreciation and the continuous improvement of the performance of listed companies will all constitute favorable conditions for supporting the long-term improvement of the capital market. As far as investment strategy is concerned, the second half of the year will focus on enterprises with sustained investment growth and core competitive advantages in the industry. We will still adhere to the balanced allocation, emphasize the combination of top-down investment opportunities and bottom-up stock selection, and pay attention to improving the in-depth research and mining of individual stocks. From the investment direction, we believe that finance, real estate, machinery, consumption, automobiles and asset injection, including brokerage, insurance and banks, will present greater investment opportunities.