Core Viewpoint - The report outlines the performance and investment strategy of the Penghua Dynamic Growth Mixed Securities Investment Fund (LOF) for the first half of 2025, highlighting its focus on high-growth, undervalued stocks while managing risks through dynamic asset allocation between stocks and bonds [1][2][3]. Fund Overview - Fund Name: Penghua Dynamic Growth Mixed Securities Investment Fund (LOF) - Fund Manager: Penghua Fund Management Co., Ltd. - Fund Custodian: Agricultural Bank of China Co., Ltd. - Total Fund Shares at Period End: 1,284,776,120.21 shares - Fund Net Asset Value at Period End: 1,157,612,350.62 RMB - Fund Share Net Value at Period End: 0.901 RMB [1][3][4]. Investment Strategy - The fund employs a combination of top-down and bottom-up investment strategies, focusing on strategic asset allocation and dynamic adjustments based on market conditions [3][4]. - The investment strategy emphasizes selecting stocks with high growth potential and sustainable profitability, particularly those that are undervalued relative to their growth prospects [3][4][5]. - The fund utilizes a quantitative model for dynamic asset allocation, adjusting the proportion of stocks and bonds based on market conditions [2][3][4]. Financial Performance - Realized income for the period was -34,075,181.59 RMB, while the profit for the period was 102,032,146.76 RMB - The weighted average net value profit rate for the period was 9.13%, and the fund share net value growth rate was 9.48% [1][3][4]. - Cumulative net value growth rate since inception is 263.25% [1][3][4]. Market Analysis - The report indicates that the A-share market is currently in a reasonable valuation range, with overall risk premiums returning to historical averages, suggesting potential for future growth [14][15]. - The fund's portfolio is primarily focused on sectors such as pharmaceuticals and electronics, which have shown significant performance [15][16]. - The outlook for the second half of 2025 anticipates continued market volatility, with a focus on structural opportunities within the market [16][17]. Risk Management - The fund aims to mitigate systemic risks associated with stock investments by adjusting the allocation between stocks and bonds based on market conditions [8][9]. - The fund employs various investment strategies, including duration strategies and relative value exploration, to ensure the safety and liquidity of the bond portfolio [8][9]. Management and Compliance - The fund management adheres to strict compliance with relevant laws and regulations, ensuring fair treatment of all investment portfolios [13][19]. - The custodian, Agricultural Bank of China, confirms that the fund management has operated within legal frameworks and has not engaged in any actions detrimental to the interests of fund shareholders [19].
鹏华动力LOF: 鹏华动力增长混合型证券投资基金(LOF)2025年中期报告