5 19674 The estimated net value of the fund is 8. 1345, -0.0 124, -0. 15%.

This fund is a hybrid fund, and its expected risk and expected return level is higher than that of money market funds and bond funds, but lower than that of stock funds, and it belongs to a variety of securities investment funds with higher risk and expected return.

1. Use appropriate stock valuation methods, including free discounted cash flow method method, dividend discount, PE, PB, PEG, EV/EBITDA, etc. , excluding stocks whose share prices are greatly overvalued, and mainly investing in high-quality innovative growth stocks whose valuations are at a reasonable level or undervalued. Under the premise of risk control, the Fund will select the depositary receipts with comparative advantages based on the fund investment objectives and stock investment strategies, and on the basis of in-depth research and judgment on the value of the benchmark securities investment, through the combination of qualitative analysis and quantitative analysis.

2. The policy factors considered by the Fund include the changing trend of monetary policy, fiscal policy and industrial policy. The market factors considered by the fund include the change of market capital supply and demand, the profit growth of listed companies, the deviation of the overall market price-earnings ratio and price-to-book ratio from the long-term average, the increase of IPO, and the market rotation in different industries.

3. The fund mainly invests in innovative listed companies with good growth. The innovation referred to in this Fund includes technological innovation and commercial innovation. Technological innovation refers to the activities that enterprises apply new knowledge and technology, or adopt new technology to develop and produce new products, provide new services, or improve product quality, reduce product costs, occupy the market and realize market value. Business innovation refers to the behavior of an enterprise to continuously improve its profitability and competitive strength through the innovation of business model, marketing, management system and production process.

4. The Fund believes that business innovation is often an activity of saving manpower and capital, that is, achieving greater growth with less manpower and capital investment. Therefore, the Fund will use indicators including but not limited to the ratio of current sales revenue change to fixed assets change and whether the ratio of current sales revenue change to employee cash change increases as reference indicators for enterprise primary selection, and the Fund will also adjust the indicators used according to the research results.

5. For business innovative enterprises, we will focus on the sustainability of business innovation, the replicability of business innovation in business model, and the sustainability of promoting sales revenue growth, market share growth and cost reduction. After the evaluation of enterprise innovation ability, the fund will screen out the enterprises with the top ranking of 1/2 innovation ability.