新华基金赵强：以ROIC为锚逆向抄底源杰科技，算力+科技全链条布局拒绝短期博弈

Group 1 - The core viewpoint of the articles highlights the significant rise in the Shanghai and Shenzhen stock indices in 2025, driven by policy support, capital inflow, and sectoral benefits, with the Shanghai Composite Index reaching 3963.68 points and the Shenzhen Component Index at 13603.89 points as of December 26 [2] - The China Securities Regulatory Commission has implemented reforms such as the Sci-Tech Innovation Board and expanded Sci-Tech bonds to promote deep integration of technology and capital, resulting in 102 strategic emerging industry companies entering the A-share market in 2025 [2] - Northbound capital significantly increased its holdings in the electronics and communications sectors in Q3, with the electronics sector's market value rising by 67.78% quarter-on-quarter, contributing to the index's rise [2] Group 2 - Fund manager Zhao Qiang's investment strategy focuses on a high-quality stock selection system anchored by ROIC, emphasizing long-term value over short-term speculation [3] - Zhao Qiang's funds, such as Xinhua Strategy Selected Stock A, achieved returns of 78.52% in 2025, benefiting from a focus on high-growth sectors like communications and electronics, which saw returns of 81.7% and 45.9% respectively [2][3] - The Xinhua Preferred Dividend Mixed A fund has shown exceptional performance with a year-to-date return of 74.66% and a total return of 1243.24% since inception, attributed to Zhao Qiang's unique investment strategy and precise industry allocation [6] Group 3 - The Xinhua Trend Leading Mixed Fund also performed well, with a year-to-date return of 77.93% and a total return of 452.98% since inception, driven by a focus on technology innovation and high-quality companies [19] - Key holdings in the fund include Ding Tong Technology and Maiwei Bio, both of which have shown significant price increases, with Ding Tong Technology's stock price rising by 210% during the holding period [10][7] - The fund's strategy includes dynamic adjustments to the portfolio, increasing exposure to high-quality companies while avoiding high-volatility risks, enhancing the overall risk management of the portfolio [15][20] Group 4 - The investment philosophy emphasizes capturing structural opportunities in technology and high-end manufacturing sectors, with a focus on companies with ROIC exceeding 15% [6][7] - The fund manager's approach includes a diversified investment across different segments of the technology chain, such as chip design and equipment manufacturing, to mitigate concentration risk [15] - The strategy of "value as an anchor, trend as a sail" has proven effective in navigating the structural market conditions of 2025, providing a replicable reference model for long-term investors [31]