1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Ye Feng of Huatai-PineBridge Fund constructs an investment framework based on the "macro setting - meso allocation - micro execution" system, aiming to achieve a balance between offense and defense through a deep combination of policy sensitivity and industry understanding [4]. - The active equity representative product, Huatai - PineBridge Zhiyuan, has shown excellent performance in terms of return - risk characteristics, asset allocation, and industry allocation. It has achieved remarkable returns and effectively managed risks [4]. - The fixed - income plus representative product, Huatai - PineBridge Jinrui, has also demonstrated outstanding performance in return - risk characteristics, asset allocation, bond investment, and stock investment, with high returns and strong risk - control capabilities [4]. 3. Summary According to the Table of Contents 3.1 Huatai - PineBridge Ye Feng: Building an Offense - Defense Balanced Investment Portfolio with an Absolute Return Orientation - **Basic Information of the Fund Manager**: Ye Feng graduated with a doctorate from the Investment Department of the Chinese Academy of Social Sciences. He has 7 years of policy research experience in central enterprises and government think - tanks and 9 years of investment practice experience. He currently manages 4 products with a total scale of 2.445 billion yuan [10]. - **Investment Framework**: Ye Feng's investment framework combines macro - trend analysis with industry understanding. At the macro level, he focuses on analyzing the monetary environment; at the meso level, he focuses on three major fields: dividends, technology, and non - ferrous metals; at the micro level, he selects stocks based on his industry experience to form an offense - defense balanced portfolio [13]. 3.2 Huatai - PineBridge Zhiyuan: Seizing Inflection Points through Precise Timing and Capturing Main Lines through Cyclical Rotation - **Return - Risk Characteristics**: Since 2025, the cumulative return of Huatai - PineBridge Zhiyuan has been 25.35% (ranked in the top 7% of the market), with a Sharpe ratio of 2.39 (ranked in the top 10% of the market). It has a quarterly win - rate of 75% and an average excess return of 3.37%. It has also shown good adaptability in complex market environments [15][23]. - **Asset Allocation**: The fund manager uses "macro analysis + position timing" to achieve a balance between offense and defense. For example, in September 2024, the position was increased to 92.82% to capture the rebound, and before the tariff risk in 2025, the position was reduced to 63.67% [30]. - **Stock Investment**: The fund manager focuses on the cyclical rotation of "cycle - dividend - technology" sectors. He can rotate industries in advance, heavily invest in favored industries, and construct a dumbbell - shaped portfolio to reduce volatility [33]. 3.3 Huatai - PineBridge Jinrui: A Top - Performing Fixed - Income Plus Product with Returns in the Top 2% - **Return - Risk Characteristics**: The cumulative return of Huatai - PineBridge Jinrui is 10.90% (ranked in the top 2% of the same - strategy funds), with a Sharpe ratio of 1.66 (ranked in the top 20% of the same - strategy funds). It has a quarterly win - rate of 100% and an average excess return of 1.40% [43]. - **Asset Allocation**: The equity part of Huatai - PineBridge Jinrui is invested in stocks, with an average stock position of 8.49%. The fund manager can adjust the position extremely flexibly, such as being empty - position in the semi - annual report of 2024 and increasing the position to 12.14% during the 924 market [55]. - **Bond Investment**: The fund adopts a short - duration interest - rate bond strategy, mainly investing in short - term and highly liquid government bonds and policy - bank bonds to provide liquidity for the stock portfolio [56]. - **Stock Investment**: The fund manager heavily invests in favored industries and stocks. The top ten heavy - position stocks account for a high proportion of the stock investment market value. The simulated portfolio of heavy - position stocks has outperformed the CSI 300 Index, and the stock investment return significantly leads the same - strategy funds [61][71].

Investment Rating - The report maintains a "Buy" rating for the company [2][25] Core Insights - The main brand of the company shows steady growth, while the outdoor brand is experiencing strong momentum. The children's segment is growing faster than the adult segment, with footwear outperforming apparel. The newly introduced brand, Saucony, has seen over 20% growth in Q2 2025 and over 30% growth in the first half of the year [6][5] - The company is focusing on optimizing its multi-brand matrix and has initiated a Direct-to-Consumer (DTC) transformation, which is expected to enhance market responsiveness and efficiency [6][5] - The financial forecast indicates a projected net profit of 1.37 billion RMB for FY2025, with a corresponding PE ratio of 10 [6][16] Financial Data and Profit Forecast - Revenue projections for FY2023 to FY2027 are as follows: - FY2023: 14.346 billion RMB - FY2024: 13.577 billion RMB - FY2025E: 14.636 billion RMB - FY2026E: 15.759 billion RMB - FY2027E: 16.911 billion RMB - Net profit projections for the same period are: - FY2023: 1.034 billion RMB - FY2024: 1.303 billion RMB - FY2025E: 1.368 billion RMB - FY2026E: 1.496 billion RMB - FY2027E: 1.633 billion RMB - The gross margin is expected to improve from 42% in FY2023 to 45% in FY2027 [6][16] Retail Performance - The retail performance for 2023 shows a year-on-year growth of approximately 20% in Q1, high double digits in Q2, and over 30% in Q4, with a consistent discount level of 7-7.5 [15][6] - The inventory turnover ratio is healthy, with a stock-to-sales ratio of about 4 to 4.5 months at the end of Q2 2025 [6][15] Brand Strategy - The company is focusing on its core running products, which have shown double-digit growth, while casual products have experienced some fluctuations. The newly launched products have received positive market feedback [6][5] - The DTC transformation is expected to enhance the company's ability to adapt to market changes and consumer demands, with plans to open larger stores and new store formats [6][5]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [6]. Core Insights - The company's H1 2025 performance exceeded expectations, with revenue of 55.1 billion yuan, a year-on-year decrease of 1.5%, and a net profit attributable to shareholders of 650 million yuan, a year-on-year increase of 13% [6]. - The shipbuilding segment is showing gradual profit release, with a total profit increase of 98% year-on-year in H1 2025. The company has a strong order backlog of approximately 3.3 billion USD, ensuring revenue visibility [6]. - The diesel generator business is expected to benefit from demand growth due to AIDC expansion, highlighting the business's resilience and potential for profit growth [6]. - The company has a diversified business model and a global operational network, which helps mitigate risks associated with market fluctuations. The apparel segment saw a 49% year-on-year increase in exports in H1 2025 [6]. - The dividend yield is projected to be around 4.3% for 2025, providing a competitive edge [6]. - The profit forecast for 2025-2027 has been revised upwards, with net profit estimates of 1.35 billion, 1.48 billion, and 1.61 billion yuan respectively, reflecting improved profitability in the shipbuilding sector [6]. Financial Data and Profit Forecast - Total revenue for 2024 is projected at 117.174 billion yuan, with a slight decline of 1.6% expected in 2025. Net profit for 2025 is estimated at 1.349 billion yuan, representing a 17.5% increase year-on-year [2]. - The company's gross margin is expected to improve from 7.4% in 2025 to 7.9% by 2027, indicating better cost management and pricing power [2]. - The return on equity (ROE) is projected to be 16.2% in 2025, reflecting strong profitability relative to shareholder equity [2]. Market Data - As of July 17, 2025, the company's closing price was 10.03 yuan, with a market capitalization of 13.107 billion yuan. The price-to-earnings (P/E) ratio is projected to decrease from 11 in 2024 to 8 by 2027, indicating potential undervaluation [3].

行 业 及 产 业 商贸零售 行 业 研 究 / 行 业 点 评 证 券 研 究 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 报 《京东（JD）点评：核心零售延续增势， 坚定投入外卖协同主业》 2025/07/12 《阿里巴巴（BABA）点评：投入闪购加码 即时零售，AI 驱动云智能加速》 2025/07/10 证券分析师 赵令伊 A0230518100003 zhaoly2@swsresearch.com 联系人 李秀琳 (8621)23297818× lixl2@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 07 月 18 日 平台加码即时零售，关注优质新消 费标的 看好 ——商业零售行业 2025 年二季报业绩前瞻 资料来源：公司公告，申万宏源研究；注：莱绅通灵、重庆百货、永辉超市、小商品城已发布 25Q2 业绩预告 表 1：重点跟踪的商贸零售企业 25Q2 业绩预测 | 代码 | 公司简称 | 25Q2 收入预测 | | 25Q2 归母净利润预测 | | | --- | --- | --- | --- | --- | --- | | | ...

Group 1: Market Overview - The Shanghai Composite Index closed at 3517 points, with a daily increase of 0.37% and a monthly increase of 0.2% [1] - The Shenzhen Composite Index closed at 2146 points, with a daily increase of 1.19% and a monthly increase of 1.85% [1] - Large-cap indices showed a daily increase of 0.67%, while mid-cap and small-cap indices increased by 1.38% and 1.05% respectively over the same period [1] Group 2: Industry Performance - The components industry saw a significant daily increase of 6.77%, with a one-month increase of 30.19% and a six-month increase of 36.56% [1] - The aviation equipment sector increased by 3.84% daily, with a one-month increase of 9.56% and a six-month increase of 13.62% [1] - The communication equipment sector experienced a daily increase of 3.61%, with a one-month increase of 21.99% and a six-month increase of 25.02% [1] Group 3: Public Utilities Sector Analysis - The public utilities sector is expected to see significant performance improvements, particularly in hydropower and coal power [13] - Hydropower companies like China Yangtze Power and Huaneng Water Power reported year-on-year increases in power generation of 5.01% and 10.93% respectively [13] - Coal power profitability is expected to improve due to a significant decrease in coal prices, with the average price of 5500 kcal thermal coal dropping by 25.5% year-on-year [13] Group 4: Investment Recommendations - For the electricity sector, recommendations include China National Power, Sichuan Investment Energy, and Huaneng Water Power due to their strong performance in hydropower [13] - In the green energy sector, companies like Xintian Green Energy and Funi Co. are recommended for their stable profitability in wind power [13] - The nuclear power sector is also highlighted for its growth potential, with recommendations for China Nuclear Power and China General Nuclear Power [13]

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Views of the Report - The Wanjia China Securities Aerospace and Aviation Industry ETF (159208) is an ETF product under Wanjia Fund, established on April 28, 2025, and officially listed on May 12, 2025. The current fund manager is Mr. He Fangzhou. The fund closely tracks the underlying index, aiming to minimize tracking deviation and tracking error, with a management fee rate of 0.50% and a custody fee rate of 0.10% [2][122]. - Multiple logics drive the rapid development of the aerospace industry. China is in the sprint stage of the fourth re - equipment cycle, and increasing quality and quantity are still the current demands. In the critical period of the 14th Five - Year Plan, it promotes the transformation from "point - like orders" to "linear orders", and the military's mechanization and informatization are still improving. The new era of military trade has opened a large cycle. Short - term catalysts are continuous, and the downstream demand for high - end fighter jets and aero - engines is accelerating. New formats such as the new - quality low - altitude economy are expected to drive a trillion - level market. Attention should be paid to the two core mainlines of aerospace - aviation equipment and aerospace equipment [2]. - The China Securities Aerospace and Aviation Industry Index has prominent military industry attributes, combining stable R & D, stable revenue, and high industry elasticity. It is established to reflect the price changes of relevant listed companies in the aerospace industry on the Shanghai, Shenzhen, and Beijing stock exchanges, screening large - market - capitalization stocks in the "Aerospace" industry of the China Securities third - level industry. It has strong national defense and military attributes, focusing on aviation equipment and military electronics [2]. - The fundamental characteristics of the index show a relatively high and stable R & D investment. Compared with broad - based indexes, the R & D investment ratios of several national defense and military - related indexes are significantly prominent. The R & D investment ratio of the China Securities Aerospace Index has a stable upward trend, reaching 4.53% by the end of 2024. Its net profit level is relatively stable. Compared with comparable growth indexes and military indexes, the China Securities Aerospace Index focuses on aerospace - related enterprises with heavy - asset attributes, and its net profit stability is outstanding [2]. - In terms of index investment value, its long - term performance is similar to that of the CSI Military Index, and it has shown prominent elasticity recently. Benefiting from its pure industry theme attribute, it shows high elasticity among military - related indexes during market rebound periods, and its return performance during several rebound periods has led comparable military indexes [2]. - Wanjia Fund is a public - offering fund management company established for over 22 years, with strong comprehensive strength and a leading industry ranking. Its four major businesses, including equity, fixed - income, quantitative, and portfolio investment, are developing in a balanced way, and its product line is complete. As of March 31, 2025, its total asset management scale reached 511.654 billion yuan, of which the public - offering fund management scale was 496.633 billion yuan, and it has served over 73 million investors. It has won 56 industry - authoritative awards such as the "Golden Bull Award", "Golden Fund Award", and "Star Fund Award" [2]. Group 3: Summary According to the Directory 1. Multiple Logics Driving the Rapid Development of the Industry and Grasping the Two Mainlines of Aerospace 1.1 Multiple Logics Supporting the Military Industry's Fundamentals and Its Long - term Growth Potential - **14th Five - Year Plan Promoting Performance**: China is in the sprint stage of the fourth re - equipment cycle, and increasing quality and quantity are the current core demands, which will help achieve the goal of a century - strong army in 2027. During the critical period of the 14th Five - Year Plan, military orders are gradually being fulfilled, and there is an expectation of a full - scale "surface - like order" explosion, which will support the industry's fundamentals and factory performance [8][9]. - **Initial Implementation of Military Intelligence Expanding Space**: Military mechanization and informatization are still improving, and intelligence and unmanned operations are expected to become a new trend in equipment development after 2027. Globally, military transformation is accelerating towards intelligence, with AI becoming the core variable in reshaping battlefield rules. Military robots, empowered by AI, are expected to become new combat forces on the battlefield [10][12][14]. - **New Era of Military Trade Opening a Large Cycle**: China's net military trade export volume has been steadily increasing, and there is still much room for market share growth. In 2024, the net export volume reached 1.059 billion TIV, accounting for about 4% of the global military market. In terms of military strength, China's military industry has achieved many scientific research results during the 14th Five - Year Plan, and various weapon equipment models have made new breakthroughs. In terms of diplomacy, China's improved relations with countries along the "Belt and Road" are expected to deepen military trade cooperation [16][20][25]. 1.2 Continuous Short - term Catalysts Boosting Industry Attention - The "15th Five - Year Plan" is being comprehensively planned. It runs through the period around the centenary goal of building a strong army in 2027, and the construction of the next - generation equipment system in the plan is expected to further boost industry valuations. The 80th anniversary of the victory of the Chinese People's War of Resistance against Japanese Aggression and the World Anti - Fascist War commemorative activities, especially the military parade, will be a short - term catalyst to boost military industry attention [29][33]. 1.3 New - Quality Low - Altitude Economy: A New Aviation Development Format with Trillion - Level Market Potential - The low - altitude economy is a new format in the aviation industry, with an expected scale of over one trillion yuan by 2026. Since the Central Economic Work Conference in 2023, a series of favorable policies have been introduced, promoting the development of the low - altitude economy. Currently, the main flying vehicles in the low - altitude area are industrial drones and manned aircraft, and small - scale applications of unmanned and manned aircraft have begun [36][40][47]. 1.4 Focus on the Two Core Mainlines of Aerospace - **Aviation Equipment**: The downstream demand for high - end fighter jets and aero - engines is accelerating, and the market space is expanding. Aircraft manufacturers have growth resilience, with multiple growth logics such as increasing downstream demand, model iteration, and potential for foreign trade exports. Aero - engines have high certainty of long - term stable growth, with a future market space of trillions of yuan. High - end supporting materials, such as stealth materials, are in high demand due to downstream growth and high - consumption in maintenance [55][68][73]. - **Aerospace Equipment**: In the guidance equipment sector, the missile industry chain is expected to have high elasticity, as the importance of missiles in modern warfare is increasing, and the demand for related materials and components is accelerating. In the commercial space sector, the satellite industry chain has a pyramid structure, with a huge potential market of hundreds of billions. The operation end has a large market value and significant head - concentration effect [76][82]. 2. China Securities Aerospace and Aviation Industry Index: Prominent Military Industry Attributes, Combining Stable R & D, Stable Revenue, and High Industry Elasticity 2.1 Index Compilation Method: Focusing on Stocks in the China Securities Aerospace Industry The China Securities Aerospace Index is established to reflect the price changes of relevant listed companies in the aerospace industry on the Shanghai, Shenzhen, and Beijing stock exchanges, screening large - market - capitalization stocks in the "Aerospace" industry of the China Securities third - level industry. It selects stocks from the "National Defense and Military - Aviation Equipment/Aerospace Equipment/Ground Military Equipment" and other sub - industries, with a few stocks from communication, electronics, computer, and machinery industries [92]. 2.2 Index Weight and Market - Capitalization Distribution: Strong National Defense and Military Attributes, Focusing on Aviation Equipment and Military Electronics As of July 1, 2025, the index has 50 constituent stocks, with a relatively dispersed weight distribution. The top ten and top twenty constituent stocks account for 49.42% and 70.82% respectively. It significantly focuses on the military - aviation equipment industry. The average free - floating market capitalization of its constituent stocks is 12.665 billion yuan, and the average total market capitalization is 29.859 billion yuan [95][101]. 2.3 Index Industry/Theme Characteristics: Higher Proportion of National Defense and Military Industry than Comparable Indexes, with Prominent Industry Attributes Among the constituent stocks of the China Securities Aerospace Index, 48 stocks belong to the national defense and military industry, with a weight proportion of 98.20%. It has a high concentration in a single industry, mainly in the Aviation Equipment II industry (59.93%) and military electronics (18.73%). Compared with comparable indexes, it has the highest concentration in the military industry and the most prominent industry theme attribute [106]. 2.4 Fundamental Characteristics: Relatively High and Stable R & D Investment, Relatively Stable Net Profit Level The R & D investment ratio of the China Securities Aerospace Index has a stable upward trend, reaching 4.53% by the end of 2024. Its net profit stability is outstanding. From 2021 to 2024, its net profit decreased by only about 5%, while other comparable indexes had larger declines. In the new upward cycle of the military industry, its net profit is expected to grow rapidly again [112][113]. 2.5 Index Investment Value Analysis: Similar Long - Term Performance to the CSI Military Index, with Prominent Elasticity Recently Its long - term performance is similar to that of the CSI Military Index and the Military Industry Leader Index, and it has shown high elasticity during market rebound periods. Its return performance during several rebound periods since 2022 has led comparable military indexes [116][118]. 3. Wanjia China Securities Aerospace and Aviation Industry ETF (159208) It is an ETF product under Wanjia Fund, established on April 28, 2025, and officially listed on May 12, 2025. The current fund manager is Mr. He Fangzhou. It closely tracks the underlying index, aiming to minimize tracking deviation and tracking error, with a management fee rate of 0.50% and a custody fee rate of 0.10%. It is the earliest - established and listed ETF tracking the China Securities Aerospace and Aviation Industry Index, and its recent liquidity performance is relatively prominent [122]. 4. Fund Manager and Fund Manager Information 4.1 Fund Manager Introduction Wanjia Fund is a public - offering fund management company established for over 22 years, with strong comprehensive strength and a leading industry ranking. As of March 31, 2025, its total asset management scale reached 511.654 billion yuan, of which the public - offering fund management scale was 496.633 billion yuan, and it has served over 73 million investors. It has won 56 industry - authoritative awards. Currently, it has 20 public - offering ETF products, all of which are equity - type ETFs [126][127]. 4.2 Fund Manager Introduction Mr. He Fangzhou holds an MBA from Fudan University. He has worked in positions such as the operation manager of Huatai - PineBridge Fund and the researcher of the index and futures investment department of Dacheng Fund. He joined Wanjia Fund in June 2022 and is currently a fund manager in the quantitative investment department. He currently manages 19 products, with a total non - linked product scale of 3.469 billion yuan [128].

宏 观 研 究 "反内卷"系列 2025 年 07 月 17 日 "反内卷"：市场可能误解了什么？ ——"反内卷"系列专题之四 市场对"反内卷"重视度明显上升，但对"内卷"的理解却有很大分歧；多数观点以供给侧改革的 思维理解，但差之毫厘、谬以千里；除产量调控与自律约谈外，"反内卷"也有很多"隐藏手段"。 ⚫ 误解"内卷内涵"："反内卷"="反过剩"？ 需求成因不同："过剩"是需求下滑、供给被动过剩，"内卷"是需求强劲领域供给主动增加。供 给侧改革前，地产基建需求走弱，高耗能行业产能被动过剩；当下外需表现更强，但外需行业固定 资产周转率下滑至历史最低水平（2.6 以下），内需行业固定资产周转率虽在下行，但仍处于历史中 位数，外需行业比内需行业更卷；外卖等服务业（非贸易部门）不存在产能过剩问题、但也在内卷。 物价表现不同："过剩"是企业因需求下滑跟随式降价，"内卷"是企业因需求强劲"降价无序竞 争"。供给侧改革前，地产基建需求走弱，煤炭钢铁等 PPI 随之明显回落，相关行业制造业投资也 下行；当下内卷领域，盈利偏弱而制造业投资大幅扩张，外需领域投资增速更高（13%）。出口商 品价格（同比-5%以下）甚至低于相同商 ...

Investment Rating - The report maintains a "Buy" rating for Anta Sports [2][5][24] Core Views - Anta Sports has shown strong group revenue growth driven by multiple brands, with significant results from new retail formats [5][7] - The company is expected to stabilize its performance in the second half of 2025 after a temporary slowdown in the main brand's growth [7] - The multi-brand strategy continues to demonstrate strong potential for future growth, particularly with the acquisition of the Wolf Claw brand [7] Financial Data and Profit Forecast - Revenue projections for Anta Sports are as follows: - FY2023: 623.6 billion RMB - FY2024: 708.3 billion RMB - FY2025E: 779.5 billion RMB - FY2026E: 839.2 billion RMB - FY2027E: 900.7 billion RMB - Year-on-year growth rates are projected at 16% for FY2023, 14% for FY2024, and gradually decreasing to 7% by FY2027 [6][15] - Net profit forecasts are as follows: - FY2023: 102.4 billion RMB - FY2024: 156.0 billion RMB - FY2025E: 134.1 billion RMB - FY2026E: 147.0 billion RMB - FY2027E: 160.1 billion RMB - The projected PE ratios are 23 for FY2023, 15 for FY2024, and 18 for FY2025E [6][15] Brand Performance - Anta's main brand experienced low single-digit growth in Q2 2025, while FILA showed mid-single-digit growth [7] - Other brands such as Descente and KOLON saw revenue growth between 50-55% in Q2 2025, continuing strong performance in niche segments [7] - The new retail formats, including Champion stores and SV collection stores, have shown significantly higher sales efficiency compared to traditional stores [7] Market Position and Strategy - Anta Sports is focusing on enhancing its brand health and optimizing its online product distribution system [7] - The company has successfully maintained healthy inventory levels, with inventory turnover ratios around five months [7] - The report highlights the scarcity and quality of Anta's multi-brand matrix as a key competitive advantage [7]

Investment Rating - The report maintains a "Buy" rating for the company [2][7][17] Core Views - The company has announced a significant earnings forecast for the first half of 2025, with revenue growth expected to be no less than 200% and profit growth no less than 350% compared to the same period in 2024 [7] - The report highlights the company's strong IP (Intellectual Property) long-term operational capabilities, with a focus on expanding product categories and enhancing brand presence in new markets [7] Financial Data and Earnings Forecast - Revenue projections for the company are as follows: - 2023: 6,301 million RMB - 2024: 13,038 million RMB - 2025E: 30,994 million RMB - 2026E: 42,415 million RMB - 2027E: 52,922 million RMB - The expected growth rates for revenue are 36% in 2023, 107% in 2024, and 138% in 2025 [6][8] - Non-IFRS net profit forecasts are: - 2023: 1,184 million RMB - 2024: 3,220 million RMB - 2025E: 10,336 million RMB - 2026E: 14,353 million RMB - 2027E: 17,992 million RMB - The expected growth rates for net profit are 107% in 2023, 172% in 2024, and 221% in 2025 [6][8] Market Expansion and Product Development - The company has increased its retail presence in mainland China, with a total of 177 stores, a 40.5% increase from the beginning of the year [7] - The company is expanding its international footprint, particularly in North America, where the number of stores has doubled to 53, and in Southeast Asia, with 9 new stores [7] - New product launches have shown strong market engagement, with several IP products achieving record popularity on social media [7] Updated Earnings Forecast - The earnings forecast has been revised upwards, with expected revenues for 2025-2027 now at 30.994 billion RMB, 42.415 billion RMB, and 52.922 billion RMB respectively [7] - Non-IFRS net profit estimates for the same period have also been increased to 10.336 billion RMB, 14.353 billion RMB, and 17.992 billion RMB [7]

Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. Report's Core View - Western Lide Fund's Chen Baoguo, with 15 years of securities experience and 5 years of fund management experience, manages 4 funds with a total scale of 1.258 billion yuan. He adheres to reverse investment in the high - prosperity general manufacturing sector, aiming for long - term growth while emphasizing safety margins [2][6]. - Western Lide Jingrui, a representative product, has outstanding short - and long - term performance, maintains growth elasticity, and has good long - term holding profitability. It focuses on the general manufacturing sector, with investment styles shifting and high turnover [2][20]. - The fund manager has strong capabilities in various aspects, including excellent performance in prosperous market conditions, long - term outstanding invisible trading capabilities, and recent prominent industry rotation and stock - selection abilities [2][56]. - The excess returns of Western Lide Jingrui mainly come from stock - selection and industry allocation, and the fund manager's ability circle covers a wide range of general manufacturing fields [2][61]. Summary According to the Directory 1. Western Lide Fund Chen Baoguo: Persisting in Reverse Investment in High - Prosperity General Manufacturing 1.1 Fund Manager's Basic Information: A Veteran with Over 5 Years of Product Management - Chen Baoguo is a master of finance from Shanghai University of Finance and Economics, holding multiple positions at Western Lide Fund. He has 15 years of securities experience, 5 years of fund management experience, and currently manages 4 funds with a total scale of 1.258 billion yuan. His in - charge products include Western Lide Huixin 6 - month Holding, Western Lide Green Energy Mix, Western Lide Carbon Neutralization, and Western Lide Jingrui [6]. - The representative product, Western Lide Jingrui, has achieved a total return of 98.69% and an annualized return of 13.57% since Chen Baoguo took over on February 15, 2020 [7]. 1.2 Fund Manager's Investment Framework: Left - hand Reverse Investment in Long - term Prosperous Industries, Emphasizing Safety Margins - Investment philosophy: Seeking long - term logic and growing with the capital market, similar to being an "orchard farmer." The investment strategy involves finding companies with short - term callbacks but good long - term prospects in favored sectors for reverse investment or left - hand layout, while emphasizing safety margins [2][17]. - Stock - selection strategy: Qualitative screening focuses on company governance, platform level, and industry; quantitative analysis selects undervalued stocks with certain long - term prospects from good industries [17]. 2. Return - Risk Characteristics: Balancing Short - and Long - term Returns, Maintaining Growth Elasticity 2.1 Outstanding Performance Since Taking Over, Continuously Maintaining Elastic Returns Recently - Since taking over on February 15, 2020, Western Lide Jingrui has a cumulative return of 98.69%, ranking 9th among similar active equity funds. Its maximum drawdown is within the top 30% of similar products. After the market rebound on September 24, 2024, it still maintained prominent elasticity, with a cumulative return of 43.97% and a maximum drawdown within the top 50% of similar products [21]. - Compared with other high - performing products, Western Lide Jingrui is one of the few funds that focus on the advanced manufacturing field and maintain high elasticity recently [27]. - Western Lide Jingrui ranks 5th in the information ratio compared to the advanced manufacturing index among similar products, with a relatively low tracking error [29]. 2.2 Good Long - term Holding Profitability - As the holding time of Western Lide Jingrui increases, the historical probability of making money and the return rate gradually rise. The probability of making money after holding for five years is as high as 100%, with an average return of 91.4%. In different holding periods, its average return and winning rate exceed those of the Shenwan Advanced Manufacturing Index and the CSI 300 Total Return Index [31]. 3. Fund Holding Characteristics: Growth Investment with High Turnover, Outstanding Stock - selection Ability 3.1 Industry Allocation: Focusing on General Manufacturing, with Recent Industry Allocation Adjustments - Since taking over, Western Lide Jingrui has long focused on the general manufacturing sector, mainly including advanced manufacturing and technology industries. There have been two major industry allocation changes within the general manufacturing sector, with the focus shifting from power equipment to technology recently [34]. - In terms of secondary - industry allocation, it was previously concentrated in power equipment with a new - energy theme and has recently shown prominent characteristics in software development, semiconductors, and computer equipment [36]. 3.2 Investment Style: Growth - style Investment with High Turnover, Recently Tending towards Small - cap Growth - Since 2023, the fund's turnover rate has gradually increased, with the latest annualized turnover rate exceeding 12 times, and the investment style has changed from mid - and large - cap growth to small - cap growth [2][39]. - In the early stage, the fund's allocation was relatively balanced, but since the second half of 2022, it has mainly held small - and medium - cap stocks. The stability of heavy - position stocks has declined, but some stocks have been held continuously for more than three quarters [46][50]. - The heavy - position stock - selection ability is outstanding, and the heavy - position stocks can achieve relatively stable excess returns compared to the industry index [52]. 4. Fund Manager's Ability Circle: Excellent Performance in Prosperous Market Conditions, Long - term Outstanding Invisible Trading Capabilities, and Recent Prominent Industry Rotation, Allocation, and Stock - selection Abilities - The fund manager's investment strategy is suitable for prosperous market conditions, with high elasticity in high - prosperity industries. The product has shown continuous and prominent performance in prosperous market conditions since taking over [56]. - The long - term high turnover rate of Western Lide Jingrui is consistent with the investment strategy of selecting undervalued stocks and selling them in time after value regression. The long - term strong invisible trading ability indicates that the reverse investment strategy can provide stable returns [57]. - In late 2024, the fund manager adjusted the industry and stock allocation structure. The ability to rotate industries and select stocks is the basis for the product's long - term high elasticity and adaptability to prosperous market conditions [57]. 5. Fund Return Contribution Breakdown: Stock - selection and Industry Allocation Contribute Mainly to Excess Returns, with a Wide Stock - selection Ability Circle - The excess returns of Western Lide Jingrui since taking over can be explained by stock - selection and industry allocation, resulting from the investment strategy of selecting high - prosperity industries and undervalued stocks for left - hand layout. During the market decline from the second half of 2022 to the first half of 2024, trading also contributed significantly [61]. - The absolute and relative contributions of the automotive and power equipment industries are prominent. Technology industries such as communication, media, and computer also contribute excess returns in most periods, indicating that the fund manager's ability circle covers a wide general manufacturing field [65].