鹏华陈大烨：当前环境仍有利A股，重点关注国内AI与半导体板块

Core Viewpoint - The recent strong performance of the Shanghai Composite Index, particularly driven by the technology sector, presents investment opportunities, but direct stock investment in this volatile sector is challenging for ordinary investors. Therefore, "fixed income +" products focusing on technology are recommended to capture market gains while controlling volatility [1]. Group 1: Investment Strategy - Chen Daye, a fund manager at Penghua Fund, emphasizes the importance of managing volatility while investing in technology growth through "fixed income +" products, which provide a differentiated path for investors [1]. - The strategy involves a focus on "technology + manufacturing growth," with a meticulous approach to managing drawdowns and balancing risk and return [2]. Group 2: Product Performance - The two main "fixed income +" products managed by Chen Daye, Penghua Anyi A and Penghua Jingxin Tianli A, have both achieved new net asset value highs in 2025, with annual net value growth rates of 8.55% and 9.10%, respectively [3]. - The maximum drawdown for Penghua Jingxin Tianli since inception is 2.03%, while Penghua Anyi has a maximum drawdown of approximately 2.2%, indicating effective volatility management [3]. Group 3: Market Outlook - The current low interest rate environment and supportive policies create a favorable backdrop for the technology sector, with a positive outlook for investments in AI and semiconductors [4]. - Domestic advancements in AI are accelerating, with significant investments from major tech companies, suggesting a potential for further market pricing adjustments in the future [4][5].