一位高端制造基金经理的二季报

Core Viewpoint - The fund manager Wang Zhaoxiang expresses optimism about the technology manufacturing sector, particularly in high-end manufacturing, and maintains a high position in the portfolio, anticipating a second wave of market growth in the third quarter [2][3][4]. Group 1: Fund Performance - The Guotai Valuation Advantage fund achieved a return of 24.15% in the first half of the year, significantly outperforming the CSI 300 index, which rose only 0.03% during the same period [2]. - Over the past year, the fund's return was 37.96%, compared to the CSI 300's 13.70%, placing it in the top 9% of its category [2]. - Despite strong performance, Wang Zhaoxiang reflects on the second quarter's results, attributing underperformance to external events affecting technology manufacturing stocks [2][3]. Group 2: Investment Strategy - The investment strategy focuses on value growth, emphasizing companies with platform capabilities and solid core businesses that benefit from AI trends [3][4]. - Wang Zhaoxiang highlights the importance of mid-cycle industry research, particularly in the electric power equipment sector, which is expected to see significant growth due to domestic and international investment [4][5]. - The portfolio is primarily composed of undervalued growth stocks, with a focus on sectors like electric power equipment and high-end manufacturing [5][6]. Group 3: Market Outlook - The outlook for the third quarter is positive, with expectations of a second wave of growth in the technology manufacturing sector as external tariff issues become clearer and domestic economic conditions improve [3][4]. - The fund manager emphasizes the need to adapt to changing market styles and believes in the importance of long-term value investing, focusing on companies with strong fundamentals [6][7].