CSC(SH:601066) Sou Hu Cai Jing·2025-04-07 02:04Core Insights - The article discusses the performance of public funds managed by Zhou Ziguang of CITIC Construction Investment, highlighting a significant decline in returns for his funds, particularly the CITIC Construction Investment Smart Life fund, which has dropped over 40% in the past two years [2][4][5] - Zhou Ziguang's investment strategy, heavily focused on the renewable energy sector, has led to poor performance as many of his top holdings have underperformed in the market [4][5][9] Fund Performance - Zhou Ziguang's CITIC Construction Investment Smart Life fund, established on November 4, 2020, had a strong performance in 2021 with a gain of approximately 31%, but has since faced continuous declines starting in 2022 [4][8] - As of April 2, 2025, the fund's net value growth rate is at -11%, ranking poorly among its peers [2][4] - The fund's top holdings include companies from the renewable energy sector, with significant weightings in Tianhe Solar, Deye Technology, and JA Solar, all of which have seen declines in 2025 [4][5] Investment Strategy and Market Conditions - Zhou Ziguang acknowledges investment mistakes, stating that the focus on consumer and renewable sectors has led to underperformance, particularly in the fourth quarter of 2025 [5][9] - The article notes that the renewable energy sector is currently in a low growth phase, prompting a shift in investment strategy towards more cyclical and stage-based opportunities [9] - The CITIC Construction Investment Low Carbon Growth fund, while also focused on renewable energy, has shown similar struggles, with many of its top holdings experiencing significant declines [6][8] Future Outlook - Zhou Ziguang plans to adapt his investment approach to focus on high-growth emerging industries while managing volatility and potential drawdowns [9] - The current valuations of the two funds are low, with one priced at 0.6 and the other at 0.4, raising questions about their potential recovery to face value [9]