The disclosure of the 2022 interim report of securities investment funds officially kicked off. Ruiyuan fund, Zhonggeng fund, HSBC Jinxin and other fund companies took the lead in disclosing the 2022 interim report of some of their funds, and the fund's invisible heavy holdings and the latest investment strategy of fund managers emerged. Many star fund managers said that they could still grasp structural opportunities in the future and focus on high-quality companies with performance. The quarterly report of the fund only discloses the top 10 heavy position stocks, that is, the stocks whose stock market value accounts for the top 10 of the net asset value of the fund. Only the interim report and the annual report will disclose all the holdings. People in the industry generally refer to the fund holdings ranked 11th to 20th as the hidden heavy position stocks of the fund. These objects were held by the fund manager but did not appear in the top ten heavy positions of the fund. Take the Ruiyuan growth value mix managed by Fu Pengbo as an example, compared with the end of last year, the fund's invisible heavy stocks have appeared "new faces", including Jinkong coal industry and Guanghui energy, which are the targets of the coal sector. Since August, the above two stocks have increased by more than 40%. Fu Pengbo also added to the new energy sector. By the end of the second quarter, the market value of Jinbo shares held by Ruiyuan growth value accounted for 2.17% of the fund's net value, compared with 0.07% at the end of last year. Jinbo shares also ranked among the top 20 heavyweight stocks of the fund. In addition, pioneer intelligence, Han's laser, Weining health, new Zebang, sannuo biology, SIMORE international, guanghetong, etc. have also become invisible heavy positions of Ruiyuan's growth value, with the market value of their holdings accounting for more than 2% of the fund's net value. Qiu Dongrong, another well-known fund manager, also prefers coal stocks. Take the Zhonggeng value pilot hybrid managed by Qiu Dongrong as an example, Guanghui energy is the 14th largest heavy stock, and the market value of the fund's holdings accounts for 2.2% of the fund's net value. In addition, the market value of holdings of funds such as Chuanyin holdings, wangneng environment and Chihong Zinc Germanium also accounted for more than 2% of the net value of the fund. The HSBC Jinxin dynamic strategy mix managed by Lu Bin, the champion of the stock base in 2020, also released the interim report in 2022. The 11th to 20th largest stocks are Hangke technology, perfect world, Aiwei electronics, kailaiying, Siwei tuxin, Wuxi apptec, Hengyi petrochemical, dongfangtong, youyou network and Zhongwang software. Compared with the end of last year, the list of hidden heavy positions of new funds of pharmaceutical stocks such as Carlyle and Wuxi apptec. In the disclosed 2022 fund interim report, star fund managers shared their latest views on the market. Fu Pengbo said that dynamic adjustment and portfolio optimization in the second half of the year have always been the focus of investment. "We will comprehensively investigate the medium - and long-term growth ability, competitive barriers and advantages, performance certainty, management initiative and internal execution of the candidate companies, and use various tools to evaluate the company's valuation level. We will continue to explore investment opportunities, especially for companies with resilient operations, and at the same time, we will transfer out companies whose businesses are subject to major economic impact. We will eliminate companies whose operations are inconsistent with expectations, and try our best to control the fluctuation of the fund's net value." Qiu Dongrong said that from the perspective of risk premium, the current risk premium level of the CSI 800 index is 0.5 times higher than the historical average level. The implied return level of equity assets remains high, and there is still an advantage in allocating equity assets. Meanwhile, still