周期成长基金池：今年实现高超额

Group 1 - The core investment strategy focuses on identifying stocks within cyclical industries that can achieve sustainable growth independent of industry cycles, particularly in sectors like basic chemicals, machinery, and computers [1][7] - The cyclical growth fund pool has shown a significant annualized return of 17.46% from February 7, 2014, to November 11, 2025, outperforming the equity fund index by 7.63% [1][8] - The fund pool's performance has been positively influenced by industry allocation, stock selection, and dynamic adjustments, with a notable increase in the consumer and manufacturing sectors while reducing exposure to pharmaceuticals and TMT sectors [1][19] Group 2 - The cyclical growth fund is defined based on the attributes of the holding industries and stocks, requiring a minimum of 60% growth stocks in the top holdings and at least 40% cyclical growth stocks [2][23] - The current cyclical growth fund pool includes several funds with varying returns, such as E Fund Active Growth with a return of 55.12% and Huatai-PB Consumer Upgrade A with a return of 25.74% [2][24] - The cyclical growth fund pool's historical performance indicates a balanced industry allocation, with significant contributions from sectors like basic chemicals (13%), machinery (10%), and computers (6%) [9][19] Group 3 - The cyclical growth investment philosophy emphasizes selecting companies with strong competitive advantages, pricing power, and effective governance that can achieve stable growth despite high industry penetration [7][8] - The cyclical growth fund pool has demonstrated resilience with a high annualized Sharpe ratio of 0.70, indicating a favorable risk-return profile [1][8] - The fund pool's performance has varied significantly across years, with notable outperformance in 2015 (29.33% excess return) and 2025 (14.69% excess return) [14][13]