For the 2026 semi-annual fund reports, a noteworthy indicator has been added that deserves the attention of every fund holder: the "proportion of profitable investors." This figure calculates the ratio of investors who realized a profit over the past year (July 1, 2025, to June 30, 2026) to the total number of investors. It directly addresses a key question: of those holding this fund, how many actually made money? Moving forward, this metric warrants a closer look when selecting funds.

What does this indicator signify?

The calculation formula for the "proportion of profitable investors" is straightforward: profitable investor count divided by total investor count. However, the methodology is nuanced. A profitable investor is defined as one whose net return during the calculation period is not less than zero, after deducting all transaction fees such as subscription and redemption charges, and excluding short-term trades held for fewer than seven days. In essence, it measures the true net returns investors achieve after costs.

So, how does this differ from a fund's net asset value (NAV) growth rate? The NAV growth rate reflects the fund's own investment performance, akin to a "product exam score." In contrast, actual investor returns are influenced by timing of purchases and sales, holding periods, and fees. A rising NAV does not guarantee that every holder has profited—this is precisely the gap the new metric aims to highlight.

Regular disclosure of this data signifies more than a format change in reports; it marks a regulatory shift in focus from "fund performance" to "real returns for holders," encouraging the market to evaluate funds using investor experience as the benchmark.

How does Great Wall Fund perform under this metric?

Since its inception, Great Wall Fund has consistently prioritized investor interests, strengthening its investment research advantages in areas such as "fixed income, leading technology, and distinctive growth," striving to genuinely enhance investor experience. The newly disclosed "proportion of profitable investors" metric makes this commitment tangible and measurable. Based on the 2026 semi-annual report data, over the past year, among Great Wall Fund's actively managed equity and balanced funds, 39 products recorded a profitable investor proportion exceeding 80%, accounting for nearly 60% of the total. Additionally, 29 funds saw more than 90% of their investors achieve profitability. (Data as of June 30, 2026. Past performance does not guarantee future results. Funds carry risks; investors should proceed with caution.)

Fund manager representative products and market outlooks

As we enter the second half of the year, the market continues to search for new consensus amid volatility. Fund managers who posted strong "investor experience" data in their semi-annual reports have also shared their latest views on market opportunities:

1) Technology and growth direction

Chen Liangdong's market outlook: Looking ahead, the macro economy may exhibit characteristics of aggregate recovery alongside structural transformation and upgrading. The leapfrog advancement in artificial intelligence technology is expected to act as a key catalyst for this structural trend. Therefore, the AI industry, along with sectors undergoing transformation and upgrading driven by AI, represents key long-term investment focuses. However, in the medium term, industry prosperity and market expectations may experience periodic fluctuations. Subsequently, sub-sectors are likely to diverge, requiring a bottom-up approach to assess industry execution capability and fundamental quality of individual stocks. Additionally, in traditional industries, certain high-quality leading companies show strong earnings resilience and valuations at historical lows, warranting further research and exploration. (Source: Great Wall Jiufu (LOF) 2026 Interim Report)

Chu Wenyu's market outlook: We believe the market may shift from the extreme one-sided, sharply volatile state of the first half to a more moderate and balanced condition. The technology sector may undergo a process of correction and concentration, as overly optimistic expectations are recalibrated. Stocks with strong fundamentals and high earnings delivery still have upside potential, while non-tech sectors such as cyclicals and consumer goods may also present opportunities. In the third quarter, closer attention should be paid to changes in overseas AI narratives and liquidity conditions. In the second half, we will focus more on directions with strong earnings delivery, advantageous industry positioning, and pricing or capacity expansion potential, such as domestic computing power, wafer manufacturing, semiconductor materials, and components. For overseas computing power, we can wait for opportunities after expectations adjust. Meanwhile, we are beginning to explore investment opportunities in edge-side intelligent hardware as AI applications expand more deeply and broadly. (Source: Great Wall Jiuyang 2026 Interim Report)

Han Lin's market outlook: Looking forward, we maintain cautious optimism. From an industry trend perspective, we still favor the long-term productivity transformation driven by AI. However, the pricing logic in the next phase is likely to shift from thematic narratives and valuation expansion more toward order, revenue, and profit delivery. Concerns about the sustainability of capital expenditure must ultimately be alleviated by improving financials, capex guidance, AI business revenue, and return on investment from cloud vendors and chip leaders. In the sectors we track, AI infrastructure remains a core direction, with a focus on advanced computing chips, ASICs, optical communications, PCBs, server power supplies, liquid cooling, and storage where earnings visibility is high. We will maintain a balance between overseas and domestic computing power chains. As investment moves from broad gains to differentiation, we will place greater emphasis on customer structure, order quality, capacity rhythm, cash flow, and valuation alignment. In semiconductors, storage prosperity, advanced process and packaging expansion, and self-sufficiency remain key themes. We will monitor companies with technical barriers and market share gains in equipment, materials, components, and the storage supply chain. In computer, media, and internet sectors, we will track commercialization progress in AI coding, intelligent agents, enterprise software, cloud services, and content production, as well as directions like gaming with product cycles, cash flow, and overseas expansion. In consumer electronics and communication terminals, we will watch for replacement demand and hardware innovation driven by edge AI, validated through shipment delivery and earnings improvement. (Source: Great Wall Digital Economy 2026 Interim Report)

Liu Jiang's market outlook: We continue to hold a positive long-term view on macroeconomic and equity investment opportunities. Core logic includes: 1) The macroeconomy is achieving rapid transformation and upgrading through high-quality development, with technology and strategic emerging industries becoming the core engines. Returns on societal assets are expected to rise, and globally competitive export and information technology industries are growing rapidly. 2) Policy measures are precise and positively oriented, focusing on expanding domestic demand and mitigating industry involution for the existing economy, while strongly supporting technology, emerging, and future industries. Sectors such as AI, hydrogen and nuclear fusion energy, commercial aerospace, 6G, quantum technology, brain-computer interfaces, embodied intelligence, low-altitude economy, and marine economy are designated as key development areas. 3) Moderately loose monetary policy benefits the equity market, while regulators continue to optimize capital market systems, guiding the market toward a steady, long-term bull and encouraging incremental capital inflow. For ordinary investors, equity investment is a relatively favorable path to share in industrial development dividends from technology and growth. 4) In global comparison, many A-share companies with international competitiveness and strong fundamentals offer prominent investment value. 5) Building on iterative breakthroughs in AI technology, the world has entered a new cycle of innovation, with various emerging industries thriving and likely to continue generating abundant investment opportunities. (Source: Great Wall Jiuxiang 2026 Interim Report)

Yang Weiwei's market outlook: Looking ahead, in terms of capacity expansion, AI has a clear pull on demand across the entire semiconductor supply chain, including analog, power, and memory. Notably, memory has entered a historically significant upcycle, and equipment, materials, and components related to subsequent capacity expansion are expected to benefit. In domestic computing power, as overseas large models achieve leapfrog improvements in coding and agent capabilities, large models are gradually becoming new productivity tools. The domestic large model industry is accelerating its catch-up, and the demand pull on the domestic computing power industry has yet to peak. Meanwhile, domestic computing power chips are iterating and upgrading, with increasingly prominent cost-effectiveness, making market-driven volume adoption an inevitable trend. Our primary areas of focus include domestic computing power, as well as semiconductor materials, equipment, and components benefiting from wafer fab expansion. (Source: Great Wall Semiconductor Industry 2026 Interim Report)

Fund manager Yu Huan's market outlook: Looking ahead to the second half, we expect the domestic economy to continue operating within a reasonable range, with new growth drivers expanding rapidly and counter-cyclical adjustments potentially strengthening. Overseas economies and liquidity may be affected by geopolitical conflicts and expectations of Fed rate hikes. Against this backdrop, structural opportunities are likely to persist in the market, with emerging sectors represented by AI still worthy of focused research and investment. (Source: Great Wall Small and Mid-Cap Growth 2026 Interim Report)

Zhao Fengfei's market outlook: At present, China's economy faces both pressure and resilience, demonstrating growing confidence amid a complex international landscape. In the industrial sphere, the new wave of AI development driven by large models continues to progress vigorously, with the implementation of AI agents highly anticipated. Domestic frontier models are being released sequentially, continuously elevating the capability ceiling of open-source models. Concurrently, breakthroughs in critical areas such as domestic semiconductors persist. Over the medium to long term, we believe the direction of national industrial upgrading is clear, and the development of new quality productive forces is imperative. On the other hand, as US technology restrictions against China intensify in recent years, independent innovation and mastery of core technologies have become formidable challenges that China must overcome on its development path. Innovation represents China's future, and technology is crucial to national prominence. The immense space for industrial development also underscores the long-term opportunities in the A-share market. (Source: Great Wall STAR Market Two-Year Lock-Up 2026 Interim Report)

Lin Hao's market outlook: Looking ahead to the second half, we anticipate the AI industry will continue its rapid progress, with accelerated large model iteration and applications gradually expanding across various industries. We remain optimistic but must be wary of the impact of rising upstream raw material prices on overall industry capex, as well as market volatility risks from overcrowded positions and leverage changes. Beyond this, we maintain active interest in industries and companies with improving fundamentals and reasonable valuations that are currently off the market's radar, primarily distributed in new energy, non-bank financials, and banking. (Source: Great Wall Core Advantage 2026 Interim Report)

2) Balanced style

Liao Hanbo's market outlook: Looking ahead to the second half of 2026, geopolitical risks persist. The ongoing conflict in the Middle East may keep oil prices elevated for longer, introducing inflation risks and suppressing global risk appetite. The K-shaped economic development pattern determines structural differentiation in A-share investment opportunities. AI-related industries remain a focus, but opportunities may rotate, and other sectors with low prosperity and low valuations might see periodic rebound opportunities. The AI industry is booming, yet investment narratives have diverged. The core disagreement centers on the sustainability of global AI-related capex growth and whether capital expenditure can cover downstream hardware inflation. We believe AI industry development is an irreversible trend. As AI's intelligence and generalization improve, breakthroughs may occur in more fields. Reviewing the growth trajectory of emerging industries like new energy vehicles, excessive investment and supply-demand mismatches lead to upstream chain inflation, while temporary ultra-high returns drive capital injection and capacity expansion, ultimately achieving supply growth and price deflation, propelling downstream prosperity. Therefore, we have full confidence in AI industry development and will continue seeking investment opportunities within this sector. (Source: Great Wall Jiuding 2026 Interim Report)

Su Junyan's market outlook: In the second half, we expect the profit recovery trend to become more pronounced. The equity market should remain generally stable, with tech stocks performing well, though there are concerns about overly concentrated positions. We anticipate more sectors will present opportunities in the latter half of the year. (Source: Great Wall Balanced Optimized Selection 2026 Interim Report)

3) QDII

Qu Shaojie's market outlook: This round of global technological innovation remains dominated by artificial intelligence. In the first half, the market focused on cloud computing infrastructure construction. Moving into the second half, AI innovation may accelerate its diffusion from data centers to terminal hardware, with smart vehicles likely becoming one of the most critical end-side application scenarios. Cloud-based large models and in-vehicle AI will form a synergistic development loop. We firmly believe in the long-term logic of the AI industrial revolution and will not deviate from the core track due to short-term market fluctuations. We will continue to delve into frontier areas such as intelligent driving, striving for steady long-term returns for holders through rigorous research. (Source: Great Wall Global New Energy Vehicles (QDII) 2026 Interim Report)

4) FOF

Xu Liheng's market outlook: We continue to trust the growth trajectory of the AI industry, but market expectation volatility often appears much larger than the actual industry changes. The extreme market deviation in the first half has its rationality but also increases market fragility, requiring us to identify potential risks. Looking ahead, maintaining appropriate asset diversification remains our key choice for addressing future uncertainty. Specifically, within growth equity assets, besides scarce hardware components, we also pay attention to long-term allocation opportunities in sectors like cloud assets and biopharmaceuticals. For broad asset classes, we expect to focus on certain long-duration interest rate instruments and commodities. Some of these assets may not be positively correlated with future growth but could help reduce portfolio volatility at certain times. (Source: Great Wall Hengkang Stable Pension One-Year Mixed (FOF) 2026 Interim Report)

Ying Junshuai's market outlook: In the second half, we expect a higher probability of style rebalancing in the market, with potential divergence within the technology growth direction. From a strategic perspective, the current rally has persisted for some time, with main themes having risen significantly and showing signs of froth. In the latter half, greater emphasis should be placed on risk control, particularly in crowded technology growth areas. Given current market assessments and the product's positioning, we anticipate maintaining a relatively balanced strategy, potentially making modest counter-cyclical adjustments to appropriately reduce net value volatility. (Source: Great Wall Select Aggressive Three-Month Holding 2026 Interim Report)

Risk disclaimer

Funds carry risks; investors should invest cautiously. Investors are advised to fully understand the risk characteristics of the fund, heed the suitability recommendations of sales institutions, and invest prudently based on their own risk tolerance after carefully reading the Fund Contract, Prospectus, and other disclosure documents. The fund manager promises to manage and use fund assets with integrity, diligence, and responsibility but does not guarantee profitability or minimum returns. Given the relatively short operating history of funds in China, past performance cannot reflect all stages of stock and bond market development. Historical fund performance and net value levels do not indicate future results, and the performance of other funds managed by the same manager does not constitute a guarantee of this fund's performance. After making investment decisions, risks arising from fund operations and net value changes are borne by investors themselves. Specific subscription/redemption fees and sales rates are subject to the then-effective fund legal documents and sales institution business rules. Investors should strictly comply with anti-money laundering regulations during investment. The investment views expressed herein represent only views at the time and may change, for reference only, and do not constitute substantive investment advice or Great Wall Fund's final investment stance. The company is not liable for any investment actions based on views expressed herein. This product is issued and managed by Great Wall Fund Management Co., Ltd., which operates and bears legal responsibility independently; sales institutions do not bear product investment or redemption responsibilities. This material is for promotional purposes only and does not serve as any legal document.