Entering a period of intensive disclosure of results in semi-annual reports, the layout narrative of the fund's heavy stock positions has changed to a logic that emphasizes performance and light topics. As the difference in expectations became the key to pricing after the results were released, the public fund stock selection logic has recently begun to change. The theme label premium has declined somewhat, and the ability to deliver individual stock performance has become the core of valuation repair. It has also enabled a number of targets with previously low public offering positions to break out of the independent market by relying on profits that exceeded expectations. Many public fundraisers have judged that semi-annual performance reports may be the key to observing whether the change in style can actually be implemented. In the stock selection framework of many fund managers, during the performance disclosure period, the popularity of the racetrack is no longer the primary consideration; performance delivery and high growth are the core measures that determine the elasticity of individual stocks. Over the past month, many products in the consumer, pharmaceutical, and digital economy sectors have continued to rank at the top of the performance list. Most market launches are tied to the implementation of semi-annual reports. The market narrative has gradually broken away from the main line logic of a single industry in the first half of the year, and opportunities for individual stocks from the bottom up have continued to emerge. Industry insiders analyzed that many of the targets that have been strengthened recently have been in a state of low public offering for a long time, and some have even experienced continuous reduction in capital holdings. Once the semi-annual report surrenders profit data that exceeds the market's unanimous expectations, it will form a significant difference in expectations and drive valuation repair. In the stage of intensive disclosure of performance, the focus on fund research and position layout shifted. Compared to chasing popular track concepts, capital was more willing to pay a premium for realized profit growth.

Entering a period of intensive disclosure of results in semi-annual reports, the layout narrative of the fund's heavy stock positions has changed to a logic that emphasizes performance and light topics. As the difference in expectations became the key to pricing after the results were released, the public fund stock selection logic has recently begun to change. The theme label premium has declined somewhat, and the ability to deliver individual stock performance has become the core of valuation repair. It has also enabled a number of targets with previously low public offering positions to break out of the independent market by relying on profits that exceeded expectations. Many public fundraisers have judged that semi-annual performance reports may be the key to observing whether the change in style can actually be implemented. In the stock selection framework of many fund managers, during the performance disclosure period, the popularity of the racetrack is no longer the primary consideration; performance delivery and high growth are the core measures that determine the elasticity of individual stocks. Over the past month, many products in the consumer, pharmaceutical, and digital economy sectors have continued to rank at the top of the performance list. Most market launches are tied to the implementation of semi-annual reports. The market narrative has gradually broken away from the main line logic of a single industry in the first half of the year, and opportunities for individual stocks from the bottom up have continued to emerge. Industry insiders analyzed that many of the targets that have been strengthened recently have been in a state of low public offering for a long time, and some have even experienced continuous reduction in capital holdings. Once the semi-annual report surrenders profit data that exceeds the market's unanimous expectations, it will form a significant difference in expectations and drive valuation repair. In the stage of intensive disclosure of performance, the focus on fund research and position layout shifted. Compared to chasing popular track concepts, capital was more willing to pay a premium for realized profit growth.