这只基金提前布局的行业已连涨5月，净值逆势上涨的背后

Group 1 - The photovoltaic industry has emerged from a bottom range, with the China Securities Photovoltaic Industry Index rising by 22.39% year-to-date as of October 14 [1][19] - The Silver Hua Shanghai-Shenzhen Stock Connect Fund has achieved a return of 46.71% this year, with its net value rising against the market trend [2][6] - The fund manager, He Wei, has a strong background in TMT industry research and has been managing the fund since its inception in May 2020 [2][7] Group 2 - He Wei's investment style emphasizes risk control and the pursuit of absolute returns, with a focus on avoiding significant drawdowns [3][5] - The fund's allocation to the photovoltaic sector has significantly increased, with a 61.25% allocation as of June 2025, up 53.79 percentage points from the previous report [15][17] - The fund has actively increased its holdings in leading photovoltaic companies, with eight out of the top ten holdings being in this sector [18][19] Group 3 - The fund's performance during market downturns has been notable, achieving positive returns even in bear markets [6][21] - He Wei believes that the current market expectations for the photovoltaic industry are at a low point, with leading companies well-prepared financially [22][24] - The strategy of early positioning in the photovoltaic sector aligns with He Wei's investment philosophy of avoiding passive trend chasing [25] Group 4 - The fund has also benefited from a strong performance in the non-ferrous metals sector, with significant returns from long-held positions [27][30] - He Wei's investment approach involves a deep understanding of macro trends and supply-demand dynamics, particularly in the non-ferrous metals market [32] - The fund maintains a high allocation to core commodities like aluminum, copper, and gold, despite increasing exposure to photovoltaic stocks [33] Group 5 - He Wei's investment framework focuses on risk-reward ratios and controlling drawdowns, aiming for higher win rates rather than high payouts [34][37] - The strategy involves careful stock selection based on fundamental analysis, valuation, and trading conditions [36][39] - This approach results in stable long-term performance, making the fund suitable for investors seeking steady returns [40][41]