产业思维×平台力量，解码工银新兴制造混合穿越波动的底层逻辑

Core Viewpoint - The article emphasizes the importance of clear product strategies and sustainable performance in asset allocation for investors in the current market environment, highlighting the ICBC Emerging Manufacturing Mixed Fund as a valuable option for long-term asset allocation due to its focus on quality sectors in the technology industry and strong performance metrics [1][2]. Performance Analysis - The ICBC Emerging Manufacturing Mixed Fund's C share has ranked first among similar funds in terms of performance over the past five years, with a return significantly exceeding its benchmark [2]. - As of the end of 2025, the fund's A share achieved a net value growth rate of 65.78% over the past year and 131.67% over the past three years, outperforming the benchmark returns of 31.57% and 43.51% respectively [3][18]. - The fund has demonstrated superior risk-adjusted returns, with a maximum drawdown of -30.55%, better than the average of -36.54% for similar funds, and an annualized Sharpe ratio of 1.15 compared to the average of 0.29 [3][4]. Investment Strategy - The fund's investment strategy is characterized by a dual focus on industry trends and individual stock alpha, with a strong emphasis on the technology manufacturing sector [9][10]. - The fund maintains a high concentration in the electronics sector, with 98.46% of its stock investment value allocated to this industry, allowing it to capitalize on growth opportunities while managing individual stock risks [6][10]. - The investment team employs a systematic approach to adjust asset allocation based on market trends and valuation changes, aiming to accumulate sustainable alpha through diversified holdings [12][14]. Platform Support - The fund's performance is supported by a robust research platform that provides comprehensive insights across various industries, particularly in emerging sectors like TMT (Technology, Media, and Telecommunications) and high-end equipment [16][17]. - The investment philosophy of the fund is rooted in a culture of research-driven investment, emphasizing collective decision-making and continuous optimization of processes to enhance decision-making efficiency [16][17]. - The integration of a platform-based research structure allows for effective transmission of investment ideas and sustainable performance, ensuring the fund's adaptability to market fluctuations and industry changes [17].