又见基金经理5000字走心三季报：因没持有科技股在这个阶段落后 但乐于见到其大涨！

Core Viewpoint - The third-quarter report from Chen Jinwei, manager of Penghua Industrial Select Fund, has gained significant attention for its insights on the rise of technology stocks and the debunking of four misconceptions about "anti-involution" [1][2]. Group 1: Fund Performance - In the third quarter, Penghua Industrial Select Fund achieved a net value growth of 13.90%, with a year-to-date increase of 30.56%, ranking in the top 35 among 2,292 flexible allocation funds [1]. - The report highlights the importance of fund managers communicating their operational strategies and market views through financial reports, which serve as a crucial channel for investor engagement [1]. Group 2: Insights on Technology Stocks - Chen Jinwei noted that the market exhibited characteristics of a "slow bull" in the third quarter, with a significant portion of gains driven by a few technology leaders, as the top 10 stocks contributed nearly half of the gains in the CSI 300 index [3]. - Despite not holding technology stocks, Chen expressed a positive outlook on their rise, emphasizing that the development of emerging industries requires some market bubble to thrive, which ultimately benefits society [4][5]. Group 3: Debunking Misconceptions about "Anti-Involution" - Chen Jinwei addressed four misconceptions regarding "anti-involution," arguing that true market efficiency is hindered by involution, which is often perpetuated by local governments' leniency towards enterprises [8]. - He clarified that "anti-involution" encompasses both supply-side and demand-side policies, as it involves market reforms that enhance the returns on various factors of production, thus stimulating domestic demand [8][9]. - The report also suggests that "anti-involution" does not necessarily require significant capacity reduction, as controlling new increments can be effective [9]. - Chen pointed out that the disparity between leading and secondary companies has widened, indicating that only industry leaders currently possess substantial growth potential [9]. Group 4: Investment Strategy - The current focus of Penghua Industrial Select Fund is on midstream cyclical leaders, particularly in the chemical, pharmaceutical, and service consumption sectors [11]. - The fund has significantly increased its holdings in midstream cyclical leaders, with a notable emphasis on the chemical sector due to its competitive advantages and resilience against global consumption fluctuations [13]. - Chen Jinwei remains optimistic about specific segments within the pharmaceutical and consumer sectors, particularly service consumption, which is expected to benefit from easing supply and time constraints [13].