Zheng Quan Zhi Xing·2025-08-27 09:52Core Viewpoint - The Morgan Stanley Resource Select Mixed Securities Investment Fund (LOF) aims to convert the economic value of Chinese resources into sustainable investment returns, focusing on long-term and stable investment returns for its shareholders [3][11]. Fund Overview - The fund is managed by Morgan Stanley Fund Management (China) Co., Ltd. and is custodied by China Everbright Bank Co., Ltd. [2][3]. - The fund was established on September 27, 2005, and its shares were listed on the Shenzhen Stock Exchange on July 5, 2007 [3]. - As of June 30, 2025, the total number of fund shares is 496,274,366.14 [3]. Investment Strategy - The fund employs a "top-down" approach combined with a "bottom-up" investment strategy, focusing on resource-related stocks and adjusting the allocation based on market conditions [3][11]. - The investment strategy includes a focus on high-quality companies in the resource sector, aiming to share in the long-term value appreciation of these resources [3][11]. Financial Performance - For the reporting period from January 1, 2025, to June 30, 2025, the fund achieved a profit of CNY 17,947,197.08 and realized income of CNY 4,806,520.12 [5][11]. - The fund's net asset value at the end of the reporting period was CNY 403,140,050.35, with a share net value of CNY 0.8123 [5][11]. - The fund's share net value growth rate for the period was 4.60%, outperforming the benchmark return of 0.45% [11]. Market Conditions - The A-share market experienced fluctuations in the first half of 2025, with the Shanghai Composite Index rising by 2.76% [10]. - The fund maintained a relatively stable position in its asset allocation, optimizing both industry and individual stock selections based on macroeconomic and sectoral variables [11]. Future Outlook - The fund anticipates that while tariff issues have caused some market disturbances, the overall economic resilience and policy shifts will support investment opportunities, particularly in high-end manufacturing and domestic demand sectors [12][13]. - The fund will continue to focus on value investment principles, seeking companies with strong growth potential and stable earnings [13].