In the economic cycle of June, 70% of the investment portfolio companies of the Tengyun Global  Growth Equity Fund exceeded expected returns. These data only cover stocks released in the  recent reporting period. As the performance of most companies aligned with our expectations,  the liquidity of the portfolio remains relatively stable. 

Companies in the renewable energy sector continue to drive the market to new highs. Market  information indicates that as of June 30, six automakers, including Volkswagen, Ford, General  Motors, Rivian, Volvo, and Polestar, have announced their adoption of Tesla’s charging standard,  encompassing both traditional automotive giants and emerging vehicle manufacturers.  Furthermore, companies like Stellantis, Mercedes-Benz, and Hyundai are also considering or  evaluating the adoption of this standard. As a result, Tesla is expanding the influence of its  charging infrastructure and replacing the officially promoted Combined Charging System (CCS)  in practical operation. Tesla’s NACS standard surpasses CCS in both the number of charging  stations and charging speed, offering a significant competitive advantage and making it more  likely to win the favor of new energy vehicle users. This news has had a positive impact on the  new energy industry, with Tesla leading the way and the industry expected to continue to shine  in the future.