2025年基金中报划重点！泓德基金李子昂：不断迭代模型更好适应市场

Group 1 - The core viewpoint of the article highlights the strong performance of the Hongde Zhixuan Qiyuan Mixed A Fund, which achieved a net value growth rate of 12.05% in the first half of 2025, significantly outperforming its benchmark return of 3.07% [1] - Since its establishment on November 21, 2023, the fund has recorded a cumulative net value growth rate of 14.21%, compared to a benchmark return of 5.13% [1] Group 2 - The A-share market showed an upward trend in the first half of the year, with active trading volumes and small-cap stocks outperforming large-cap stocks, while growth styles surpassed value styles [3] - The hard technology sector has seen a revaluation, driven by various market trends such as the DeepSeek and robotics sectors, alongside a continuous focus on innovative pharmaceuticals [3] - The fund manager, Li Ziang, emphasized a cautious exposure to styles to mitigate excessive volatility in excess returns while iterating models to better adapt to market conditions [3] Group 3 - Macroeconomic performance remained resilient despite external challenges, with GDP growth of 5.3% year-on-year, driven primarily by consumer spending supported by subsidy policies [4] - Investment faced overall pressure, but structural improvements were noted, with new productive forces accelerating development [4] - Looking ahead, the company anticipates continued economic stability and growth, supported by ongoing macro policies and increased investor enthusiasm in the capital market [4]