Zheng Quan Zhi Xing·2025-07-18 01:36Core Viewpoint - The report outlines the performance and investment strategy of the Penghua High-Quality Growth Mixed Securities Investment Fund for the second quarter of 2025, emphasizing a focus on high-quality, sustainable growth companies while managing risks effectively [1][2]. Fund Overview - The fund is managed by Penghua Fund Management Co., Ltd. and is custodied by Bank of China Limited. The total fund shares at the end of the reporting period amounted to 1,281,862,482.62 shares [1][2]. - The fund aims to achieve excess returns and long-term capital appreciation by investing in companies that demonstrate high-quality and sustainable growth [2][3]. Investment Strategy - The fund employs a combination of top-down and bottom-up approaches to identify quality companies in A-shares and Hong Kong stocks. The top-down analysis focuses on industry growth prospects and competitive factors, while the bottom-up analysis evaluates companies' core competencies and management [3][4]. - The fund defines high-quality growth companies as those that can maintain sustainable growth, generate stable cash flows, and possess strong competitive advantages [4][6]. Financial Performance - For the reporting period from April 1, 2025, to June 30, 2025, the A-class share net value growth rate was 9.06%, while the C-class share net value growth rate was 8.83%. Both classes outperformed the benchmark growth rate of 1.85% [11][18]. - The fund's performance over the past year showed a growth rate of 41.13% for A-class shares and 40.00% for C-class shares, indicating strong annual returns [12][18]. Asset Allocation - The fund's investment portfolio is primarily composed of stocks, which accounted for 93.68% of the total assets, while there were no investments in bonds or asset-backed securities during the reporting period [19][20]. - The fund's investment strategy includes a focus on sectors such as defense, banking, and technology, which have shown strong performance, while sectors like food and beverage and home appliances lagged [18]. Market Outlook - The report expresses a cautious optimism regarding market conditions, highlighting potential volatility due to ongoing trade negotiations and economic pressures. However, it notes that the market is gradually adapting to these challenges, with opportunities in emerging industries and technology advancements [18].