基金经理研究系列报告之八十六：中银基金李思佳：在均衡稳健中追求可持续可复制的成长性收益

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report focuses on Li Sijia, a fund manager at Bank of China Fund, who manages two funds with a total scale of 2.058 billion yuan. Her investment style is balanced and steady, aiming for sustainable and replicable growth returns. The Bank of China Strategic Emerging Industries fund under her management has shown excellent performance in terms of return - risk ratio, environmental adaptability, and stock - selection ability [3][16]. 3. Summary of Each Section According to the Table of Contents 3.1 Introduction of the Fund Manager (Section 1) - Basic Information: Li Sijia is a financial master from the University of Cambridge, with 8 years of securities experience and 2 years of investment management experience. She manages two funds, Bank of China Strategic Emerging Industries and Bank of China Growth, with a total management scale of 2.058 billion yuan. Since taking over the Bank of China Strategic Emerging Industries, it has achieved a cumulative return of 72.29% and an excess return of 24.65% compared to the CSI 800 Growth Index [3][10]. - Investment Strategy: Her investment style is balanced and steady. In industry selection, she focuses on industrial trend changes; in stock selection, she emphasizes the realization of industries and stocks, with high requirements for profit quality, performance support, and valuation protection [3][16]. 3.2 Return - Risk Characteristics (Section 2) - Basic Return - Risk Characteristics: Since taking over, the Bank of China Strategic Emerging Industries has ranked in the top 15% in terms of return, with prominent return - risk ratio. Its multi - slice returns are in the front quantiles, and it has shown strong excess returns compared to representative indices. It also has a relatively strong holding experience compared to active equity funds [3][17]. - Environmental Adaptability: The fund has multi - environmental adaptability, performing in the top 50% quantile in most environments. It is relatively outstanding in the period of index rise and growth - dominant environment in the past year [27]. - Profit - Making Effect: The longer the holding time, the higher the return. The average returns for holding 1 month, 3 months, 6 months, 1 year, and 2 years are 2.38%, 7.59%, 11.79%, 26.47%, and 67.38% respectively [30]. 3.3 Product Feature Analysis of Bank of China Strategic Emerging Industries (Section 3) - Industry Distribution: The fund invests in multiple sectors and makes timely small - scale adjustments to adapt to industry environment changes, achieving good results in industry rotation [36]. - Positioning Characteristics: The stock positions are moderately diversified, with a focus on medium - and large - cap stocks. The turnover rate is moderate, and the distribution of long - and short - term heavy - position stocks is balanced [39][44]. - Return Split: Stock selection contributes significantly to excess returns, and industry allocation also moderately contributes to excess returns. The absolute return of the fund comes from multiple sectors, with the science and technology innovation sector contributing the most, and it also has significant relative returns in this sector [46][52]. 3.4 Fund Manager's Ability Circle (Section 4) - Industry and Stock Concentration: Both industry and stock positions are relatively dispersed. - Stock Selection Ability: The fund has shown above - central - level stock - selection returns in most reporting periods since 2024, ranking in the top 20% in the first half of 2025. - Industry Rotation Ability: Recent industry rotation operations have contributed positive excess returns, ranking in the top 30% of similar products. - Industry Allocation Ability: Industry allocation ability is excellent, ranking in the top 10% of similar products. - Performance in Favorable Conditions: The fund has obtained a large amount of excess returns in the science and technology sector, ranking in the top 20% of similar products [58][59].