CSC(SH:601066) Sou Hu Cai Jing·2025-04-07 08:57Core Viewpoint - The significant decline in net asset values of two actively managed equity funds under CITIC Construction Investment Fund has raised market concerns, highlighting potential weaknesses in asset allocation and risk control strategies [1][6][9] Group 1: Fund Performance - CITIC Construction Investment's fund "CITIC Low Carbon Growth A" has seen a cumulative net value drop of 54.59% since its inception in December 2021, underperforming its benchmark by over 40 percentage points [1][3] - In Q1 2025, "CITIC Low Carbon Growth A" experienced a net value decline of 11.07%, significantly lagging behind its performance benchmark [1] - "CITIC Smart Life A," established in November 2020, reported a net value decrease of 13.07% in Q1 2025, underperforming its benchmark by more than 14 percentage points, with a cumulative decline of 36% since inception [6][8] Group 2: Investment Strategy and Holdings - Both funds have a high concentration in photovoltaic (solar energy) stocks, with "CITIC Low Carbon Growth A" holding its top ten positions entirely in solar equipment companies [3][8] - The fund manager indicated that while the renewable energy sector has likely hit bottom, the anticipated V-shaped recovery has not yet materialized, leading to weaker performance due to a lack of investment in early-stage opportunities [8] - The top holdings of "CITIC Smart Life A" include major solar companies such as Trina Solar, JA Solar, and LONGi Green Energy, reflecting a strategic focus on the renewable energy sector [8]