南方优质企业混合A：2025年第一季度利润1289.86万元 净值增长率2.56%

Core Viewpoint - The South Quality Enterprise Mixed A Fund (011216) reported a profit of 12.89 million yuan for Q1 2025, with a net asset value growth rate of 2.56% during the period [3]. Fund Performance - As of April 25, the fund's unit net value was 0.669 yuan, with a fund size of 508 million yuan [3][17]. - The fund's recent performance includes a three-month net value growth rate of -2.11%, a six-month rate of -3.70%, a one-year rate of -2.75%, and a three-year rate of -7.87%, ranking 177/256, 159/256, 217/256, and 128/236 respectively among comparable funds [4]. Fund Management Strategy - The fund manager, Ying Shuai, maintained a stable position in Q1 while adjusting the industry allocation by reducing exposure to the home appliance and liquor sectors, and increasing investments in engineering machinery, heavy trucks, two-wheelers, pesticides, and banks, along with a significant increase in Hong Kong internet stocks [3]. Risk Metrics - The fund's three-year Sharpe ratio stands at -0.05, ranking 173/238 among comparable funds [10]. - The maximum drawdown over the past three years is 36.21%, with the largest single-quarter drawdown recorded at 18.52% in Q1 2022 [12]. Portfolio Composition - The average stock position over the last three years was 88.75%, compared to the industry average of 85.88% [15]. - As of Q1 2025, the fund's top ten holdings include Yunnan Rural Commercial Bank, Tencent Holdings, Giant Star Technology, Kweichow Moutai, Ninebot, Industrial and Commercial Bank of China, Alibaba-W, Midea Group, Sinopec Engineering, and Yinlun Holdings [20].