Bank of Ningbo(SZ:002142) Zheng Quan Zhi Xing·2025-07-18 01:42Core Viewpoint - The report outlines the performance and investment strategy of the Penghua Industrial Upgrade Mixed Securities Investment Fund for the second quarter of 2025, emphasizing its focus on industries benefiting from China's economic transformation and industrial upgrades [1][2]. Fund Overview - Fund Name: Penghua Industrial Upgrade Mixed Fund - Fund Manager: Penghua Fund Management Co., Ltd. - Fund Custodian: Ningbo Bank Co., Ltd. - Total Fund Shares at Period End: 1,214,284,247.32 shares - Investment Objective: To selectively invest in companies aligned with industrial upgrade themes while controlling risks, aiming for excess returns and long-term capital appreciation [1][2]. Investment Strategy - The fund employs a combination of top-down and bottom-up approaches to identify quality listed companies, focusing on their competitive advantages, management quality, and alignment with future industry growth trends [2][3]. - The fund's asset allocation strategy considers macroeconomic variables and national policies to assess economic cycles and adjust asset classes accordingly [1][2]. Financial Performance - For the reporting period (April 1, 2025 - June 30, 2025), the A class shares achieved a net value growth rate of 5.59%, while the C class shares recorded a growth rate of 5.37%, both outperforming the benchmark growth rate of 1.64% [8]. - The fund's performance over the past year shows a growth rate of 34.23% for A class shares and 33.18% for C class shares, indicating strong returns relative to the benchmark [4][8]. Investment Composition - The fund's investment portfolio is heavily weighted towards equities, with 94.61% of total assets allocated to stocks, amounting to approximately 962,873,168.88 yuan [9]. - The fund has also invested in Hong Kong stocks through the Stock Connect program, with a fair value of 297,911,184.18 yuan, representing 29.39% of the net asset value [9][10]. Sector Allocation - The manufacturing sector constitutes the largest portion of the fund's investments, with a fair value of 581,083,797.28 yuan, accounting for 57.32% of the total assets [9][10]. - Other notable sectors include healthcare, which represents 22.57% of the portfolio, and information technology, accounting for 4.97% [10]. Market Outlook - The market is expected to maintain a volatile pattern, with a focus on structural opportunities, particularly in sectors like pharmaceuticals and electronics, which are anticipated to perform well in the upcoming periods [7]. - The fund manager emphasizes a strategy of selecting undervalued growth stocks with significant future potential and stable operations, aiming to capitalize on market recovery and sectoral trends [7].