ICBC(SH:601398) Zheng Quan Zhi Xing·2025-07-18 01:36Core Viewpoint - The report outlines the performance and investment strategy of the Penghua High-end Equipment One-Year Holding Mixed Securities Investment Fund, emphasizing its focus on high-end equipment sectors and the management's commitment to achieving long-term asset appreciation while controlling risks [1][2][11]. Fund Overview - The fund primarily invests in listed companies within the high-end equipment theme, utilizing an active investment strategy to seek returns that exceed the performance benchmark [2][3]. - As of the end of the reporting period, the total fund shares amounted to 90,172,149.47 [1]. Investment Strategy - The fund employs an asset allocation strategy that considers macroeconomic variables and national policies to assess economic cycles and adjust asset classes accordingly [2][4]. - High-end equipment is defined as industries with high technology and added value, including aerospace, marine engineering, and advanced manufacturing sectors [3][4]. - The fund utilizes both top-down and bottom-up approaches for stock selection, focusing on industry growth prospects and individual company fundamentals [4][5]. Financial Performance - For the reporting period from April 1, 2025, to June 30, 2025, the A class shares experienced a net value growth rate of -5.91%, while the C class shares had a growth rate of -6.06% [18]. - The performance benchmark for the fund is a combination of the CSI High-end Equipment Manufacturing Index, the Hang Seng Index, and the China Bond Composite Wealth Index [6][18]. Portfolio Composition - The fund's total assets include a significant allocation to stocks, with a fair value of approximately 91,063,219.92 RMB, representing 92.61% of the total assets [15]. - The fund also invests in Hong Kong stocks through the Stock Connect program, with a fair value of 28,534,465.68 RMB, accounting for 29.55% of the net asset value [15][19]. Market Analysis - The report indicates that the A-share market experienced fluctuations during the second quarter, with small and micro-cap stocks outperforming larger companies [11][12]. - The fund's investment focus has shifted towards the AI industry chain, particularly in sectors related to AI inference applications and related software [12][13].