Xi Niu Cai Jing·2025-11-07 13:50Core Viewpoint - The report highlights the performance of the CITIC Securities Smart Life Fund, indicating a significant decline in net asset value and unit net value since its inception, with a focus on maintaining a high equity position despite underperformance against benchmarks in the third quarter of 2025 [1][3]. Financial Performance - The CITIC Securities Smart Life Fund A class reported a realized loss of approximately 189.64 million and a profit of about 2.29 million for the period from July 1, 2025, to September 30, 2025 [1]. - The net asset value at the end of the reporting period was approximately 33.94 billion for Fund A and 25.31 billion for Fund C [1]. - The unit net value for Fund A has decreased by 35.86% since inception, 41.11% over the past three years, and 22.55% in the last year [1]. Investment Strategy - The fund maintains a high equity position, with 92.77% of its portfolio in stocks and no bonds held as of the end of the third quarter [2]. - The fund's investment focus is on low-altitude economy sectors, with an optimistic outlook for the A-share market, although it anticipates potential corrections in overvalued stocks [3]. - The fund aims to optimize its investment strategy by adhering to a growth style and selectively choosing quality stocks for its portfolio [4]. Market Outlook - The fund's performance in the third quarter was below its benchmark by 12.23 percentage points, with a unit net value growth of 6.20% [3]. - The fund plans to adjust its investment strategy based on market conditions, emphasizing a more active and flexible approach to portfolio management [4].