核心资产基金池202602：低波动质量投资

Group 1: Report's Industry Investment Rating - No relevant content provided Group 2: Report's Core View - The report defines core assets in A - shares from four perspectives: track leaders, resource endowments, excellent business models, and technological advantages, and selects core - asset funds for investors' reference. From February 2, 2015, to February 6, 2026, the fund pool had an annualized return of 9.14% and a portfolio annualized Sharpe ratio of 0.51. The core - asset portfolio achieved excess returns in most years, with excess returns mainly coming from industry and stock selection, and a style more inclined to large - cap quality investment. The current long - term industry allocation is mainly in consumption, cycles, and finance, with a significant increase in the latest cycle - sector holdings and a reduction in consumption - sector allocation [7]. Group 3: Summary According to the Directory 1 Core Asset Fund Pool Concept Introduction and Historical Performance 1.1 Core Asset Investment Concept Introduction - Core assets are companies with core competitive advantages, excellent financial indicators, and stable governance. The report looks for core - asset enterprises from four perspectives: track leaders, resource endowments, excellent business models, and technological advantages, aiming to form a regularly updated core - asset stock pool. The industry distribution of the core - asset stock pool follows macro - economic changes, shifting from the financial and cycle sectors to a relatively balanced distribution of consumption, TMT, and manufacturing [10][13]. 1.2 Core Asset Fund Pool: Low Portfolio Volatility - From February 2, 2015, to February 6, 2026, the fund pool had an annualized return of 9.14% and a portfolio annualized Sharpe ratio of 0.51. The core - asset portfolio achieved excess returns in most years, especially in volatile, bear, and structural bull markets. The excess returns mainly came from stock selection and industry allocation, but it was not dominant in dynamic returns. The configuration style is large - cap high - quality investment, with relatively low portfolio elasticity and growth, prominent value attributes, and strong profitability of holdings. The current industry allocation is mainly in cycles and consumption, with a significant increase in the latest cycle - sector holdings and a reduction in consumption - sector allocation [16][18][24]. 2 Core Asset Fund Pool Definition and Screening 2.1 Definition of Core - Asset Type Funds - The definition is based on the relatively low - valuation characteristics of holdings. The research objects are active equity funds, with a sample of fund products and fund managers. The requirements include a tenure of over 1 year, a current scale of over 100 million yuan, exclusion of fixed - open and holding - period products, an average equity position of over 60% since the current fund manager took office, an average proportion of the top ten heavy - holding stocks in stock investment of over 35%, an average proportion of core - asset stocks in heavy - holding stocks of over 50% since the current fund manager took office, an average proportion of core - asset stocks in heavy - holding stocks of over 60% in the past year, and a minimum heavy - holding proportion of over 40% [27]. 2.2 Core Asset Fund Pool Screening - Select funds with low exposure to the heavy - holding beta factor in the past 12 months and a high ratio of operating cash flow TTM to total market value. Construct relevant factor combinations and select the top 10 funds by factor score with equal weight. The current portfolio holding list includes 10 funds such as Southern Component Selection A, with scale data as of December 31, 2025, and performance data as of February 6, 2026 [28]. 3 Multidimensional Analysis of Portfolio Funds - Southern Component Selection A focuses on the growth style, invests in multiple growth tracks such as electronics and machinery, and has outstanding stock - picking ability, suitable for investors who can tolerate short - term market fluctuations [30]. - Dacheng Selective Value - Added A adheres to a value - growth balanced strategy, focuses on consumer leaders, high - dividend technology, and consumer - technology hardware, has stable long - term stock - picking ability and good drawdown control, but is limited in elasticity during extreme style switches [32]. - Penghua Strategy Preferred focuses on the mid - cap growth style, focuses on "cycle + growth" tracks such as non - ferrous metals and power equipment, and is suitable for investors seeking long - term stable returns [35]. - Taiping Flexible Allocation uses a top - down multi - factor analysis method to dynamically adjust the investment ratio of assets such as stocks, bonds, and stock index futures to reduce risks and maximize returns [36][37]. - Nord New Prosperity A advocates a long - term investment concept, focuses on excavating high - quality enterprises with continuous growth potential, and obtains returns through medium - and long - term holding [39]. - ICBC New Blue - Chip A looks for undervalued assets in industries with low market attention, focuses on industry supply - side changes and improvement opportunities in supply - demand relationships, and lays out at the market's expected low point [41]. - Penghua Extended Growth has a bottom - up investment style, dilutes timing, diversifies industries but concentrates on individual stocks, and uses a self - built model to lock in the "certainty" of performance growth [43]. - HSBC Jintrust Consumption Dividend uses a combination of top - down and bottom - up methods, analyzes the macro - economic environment, policy orientation, and industry development trends to judge the prosperity of different consumer sub - industries, and preferentially allocates industries in the upward cycle or with long - term growth potential [46][47]. - Southern Quality Preferred A believes that the essence of investment is to judge the difference between the intrinsic value and market price of assets, and emphasizes finding "undervalued" opportunities through in - depth research [49]. - Dacheng Core Value Selection A adheres to the value - investment concept, looks for high - quality enterprises with intrinsic value through in - depth analysis of enterprise financial conditions, free cash flow, competitive barriers, and long - term profitability, and aims for long - term holding [52].