从定期报告，复盘和考察基金经理的心理护城河

Core Viewpoint - The article discusses the performance and investment strategy of the Guotai Junan New Silk Road Fund, highlighting the challenges faced in the stock market and the importance of maintaining a long-term investment perspective despite short-term volatility [1][3][6]. Fund Performance - As of the end of the reporting period, the fund's net asset value was 0.851 yuan, with a net asset value growth rate of -18.88%, compared to a benchmark return of 1.62% [1]. - For the subsequent reporting period, the fund's net asset value was 0.9448 yuan, with a growth rate of -9.94%, while the benchmark return was 11.30% [7]. - By mid-2025, the fund's net asset value reached 1.0423 yuan, achieving a growth rate of 10.32%, significantly outperforming the benchmark return of 0.13% [13]. Investment Strategy and Analysis - The fund manager emphasizes a strategy of "independent thinking, probabilistic thinking, contrarian courage, and forward-looking vision," focusing on identifying stocks priced below their long-term value [4][10]. - The fund maintains a diversified yet focused investment approach, with key sectors including machinery, pharmaceuticals, electronics, computers, and food and beverages [4][10]. - The fund's performance is characterized by significant stock price divergence, with a median decline of -23% among over 5,100 stocks in the first half of 2024, while the CSI 300 index showed a slight increase of 0.89% [3][4]. Market Outlook - The fund manager expresses confidence in the Chinese economy, noting that macroeconomic growth, revenue, and net profit growth of major listed companies are strong, despite a lack of confidence leading to market declines [6][12]. - The article highlights that A-shares are currently undervalued compared to historical levels and other major markets, suggesting potential for recovery and growth [11][12]. - The manager acknowledges the challenges posed by global economic changes and emphasizes the importance of maintaining a consistent investment framework to navigate uncertainties [16][18].