Xin Lang Ji Jin·2025-07-21 10:32Core Insights - The article discusses the performance and strategy of Penghua Fund's carbon neutrality theme mixed fund, which achieved a year-to-date return of 57.35% and over 131% in the past year, ranking it at the top among equity funds in the second quarter [1][5]. Group 1: Fund Performance - The fund manager, Yan Siqian, highlighted significant impacts from global supply chain restructuring and increased policy uncertainties affecting manufacturing, particularly in sectors like home appliances, automotive, and military [1]. - The fund's strategy has shifted towards "supply-side reform" and "technological upgrades" in manufacturing, focusing on enhancing global competitiveness through technology [1][5]. - The fund's performance is reflected in its two-year return of 50.42%, placing it in the top 2% of its category, while its Class C shares achieved a one-year return of 129.96%, ranking in the top 15% [5]. Group 2: Portfolio Adjustments - The fund made significant adjustments to its top holdings in the second quarter, with new additions including Zhaomin Technology, Longsheng Technology, and Beite Technology, while exiting positions in companies like Zhaowei Machinery [2][5]. - The adjustments indicate a stronger focus on technological upgrades, with new holdings related to lightweight materials for electric vehicles and increased investments in lithium battery production capacity [5]. - The overall portfolio has shifted towards more efficient "manufacturing + AI" targets, supporting the fund's high return performance [5]. Group 3: Future Outlook - The future success of Yan Siqian's strategy will depend on the pace of technological upgrades and the ability to navigate uncertainties in manufacturing and global competition [6]. - The recent overhaul of the fund's holdings has injected new momentum, but challenges remain due to the uncertainties surrounding manufacturing and global competition [6]. - Investors are encouraged to pay attention to innovative fields such as embodied intelligence, which may become key pillars for China's manufacturing leadership [6].