南方周期优选混合发起A,南方周期优选混合发起C: 南方周期优选混合型发起式证券投资基金2025年第2季度报告

Core Viewpoint - The report outlines the performance and investment strategy of the Southern Cycle Preferred Mixed Fund for the second quarter of 2025, highlighting a recovery in the market after initial declines due to external factors, with a focus on asset allocation and sector selection to achieve long-term stable growth. Fund Product Overview - Fund Name: Southern Cycle Preferred Mixed Fund - Fund Code: 021711 - Fund Type: Contractual open-end fund - Total Fund Shares at Period End: 22,672,903.02 shares - Investment Objective: Achieve long-term stable appreciation of fund assets through professional research and analysis while controlling portfolio risk and maintaining good liquidity [2][3]. Investment Strategy - The fund employs a cyclical perspective to select sectors based on the economic cycle, macroeconomic policies, market interest rates, and inflation data. Key strategies include asset allocation, stock investment, bond investment, financial derivatives, and asset-backed securities [2][3]. Performance Metrics - The fund's A share net value at the end of the reporting period was 1.0408 RMB, with a net value growth rate of 4.71%, outperforming the benchmark growth rate of 0.47%. The C share net value was 1.0358 RMB, with a growth rate of 4.54% [10][9]. Market Overview - The market exhibited a "V" shape recovery in Q2 2025, with the CSI 300 index rising by 1.25%, and the ChiNext index increasing by 2.34%. The report notes a significant sector performance divergence, with industries like military, banking, and telecommunications seeing gains over 10%, while traditional sectors like food and beverage faced declines [9][10]. Investment Composition - As of the end of the reporting period, the fund's asset allocation included 80.60% in stocks (19,932,779.81 RMB) and 4.87% in bonds (1,205,288.88 RMB). The fund also had a 19.04% exposure to Hong Kong stocks through the Stock Connect mechanism [12][13]. Manager's Report - The fund manager emphasized compliance with relevant laws and regulations, ensuring that the fund's operations were legal and did not harm the interests of fund shareholders. The report also highlighted the absence of abnormal trading activities during the reporting period [7][8].