国泰鑫利一年持有期混合A：2025年第四季度利润25.1万元 净值增长率0.3%

Core Viewpoint - The report highlights the performance and positioning of the Guotai Xinyi One-Year Holding Period Mixed A Fund (008666) for the fourth quarter of 2025, indicating a modest profit and a stable fund size amidst market fluctuations. Fund Performance - The fund reported a profit of 251,000 yuan in the fourth quarter, with a weighted average profit per fund share of 0.0036 yuan [3] - The fund's net value growth rate for the reporting period was 0.3%, with a total fund size of 81.8903 million yuan as of the end of the fourth quarter [3][14] - As of January 21, the unit net value was 1.233 yuan [3] Comparative Performance - Over the past three months, the fund's net value growth rate was 1.51%, ranking 395 out of 629 comparable funds [4] - The fund's six-month growth rate was 4.50%, ranking 295 out of 629 [4] - The one-year growth rate was 7.43%, ranking 319 out of 626 [4] - The three-year growth rate was 11.53%, ranking 288 out of 564 [4] Risk and Return Metrics - The fund's Sharpe ratio over the past three years was 0.7557, ranking 221 out of 542 comparable funds [8] - The maximum drawdown over the past three years was 4.39%, with a ranking of 147 out of 526 [10] - The single-quarter maximum drawdown occurred in Q3 2022, at 2.67% [10] Investment Strategy - The average stock position over the past three years was 13%, compared to the industry average of 19.2% [13] - The fund reached a peak stock position of 22.54% in mid-2020 and a low of 6.95% at the end of 2023 [13] - In Q4, the fund reduced its equity position to manage market volatility, maintaining a balanced allocation in sectors such as power equipment, chemicals, and high-dividend stocks [3] Top Holdings - As of the end of Q4 2025, the fund's top ten holdings included major companies such as Industrial and Commercial Bank of China, Shanghai Pudong Development Bank, and China Mobile [17]