成长价值基金池202602：持仓以周期为主

1. Report Industry Investment Rating - Not provided in the report. 2. Core Viewpoints of the Report - The report aims to select the current growth - value funds in the market for investors with allocation needs. The growth - value strategy focuses on buying companies with competitive advantages at a reasonable price to earn compound growth. The growth - value fund pool shows both stability and offensiveness, with an annualized return of 18.30% from February 2, 2015, to February 6, 2026, and an excess return of 9.31% relative to the partial - stock fund index. The excess return mainly comes from stock selection, and the new portfolio has increased its position in the cyclical sector [1][2][12]. 3. Summaries According to the Directory 3.1 Growth Value Fund Pool Concept Introduction and Historical Performance - Growth Value Investment Concept Introduction: The growth - value strategy, popularized by Buffett, prefers companies with excellent business models and strong financials. The current PB_ROE factor return is rising, and the dispersion remains at a high level, indicating that the PB_ROE strategy still has investment advantages [10]. - Growth Value Fund Pool: High Annual Win Rate: From February 2, 2015, to February 6, 2026, the growth - value fund pool has an annualized return of 18.3%, an excess return of 9.31% relative to the partial - stock fund index, an annualized volatility of 20.74%, and an annualized Sharpe ratio of 0.88. It can obtain excess returns in bull markets and control drawdowns in market declines. Stock selection is the main source of excess returns, and the portfolio can outperform the partial - stock fund index in most years. In the new adjustment, the portfolio shows high - momentum and high - elasticity attributes, with a significant increase in the cyclical sector [12][14][16]. 3.2 Growth Value Fund Pool Definition and Screening - Definition of Growth Value Funds: Growth - value funds are defined by the relatively low - valuation characteristics of their holdings. The research objects are active equity funds, with specific requirements for sample capacity, concentrated holdings, and value exposure. Funds with negative average factor exposures in the PB_ROE factor during the management period and in the past year, ranking in the top 1/3, are defined as growth - value funds [23]. - Selection of Growth Value Fund Pool: The selected growth - value funds are those with high and stable industry + stock - selection + dynamic returns. Based on the comprehensive ranking of the momentum and IR of industry + stock - selection + dynamic returns in the past 12 months, the top 10 funds are selected equally weighted. The new portfolio includes 10 funds such as嘉实资源精选 A and银河价值成长 A [24]. 3.3 Multidimensional Analysis of Portfolio Funds - 嘉实资源精选 A: It believes that resource stocks are not traditional cyclical stocks but have growth attributes. The investment logic focuses on "supply vulnerability constraints + structural growth in demand" [26]. - 银河价值成长 A: It balances value and growth factors in investment, selects companies with both value and growth potential, and aims for long - term and stable appreciation of fund assets [28]. - 东方兴瑞趋势领航 A: It focuses on in - depth research on corporate fundamentals, selects high - quality companies with reasonable prices, and pursues sustainable and stable returns [31]. - 华商上游产业 A: The fund manager takes the industry life cycle as the core clue for investment decisions, focuses on the "cyclical + manufacturing" fields, combines a stable and flexible strategy, pursues absolute returns and risk control, and pays attention to macro and policy guidance [33]. - 中欧周期优选 A: It analyzes from multiple perspectives of macro, meso, and micro to capture the long - term value of enterprises [35]. - 景顺长城周期优选 A: Its investment style focuses on multiple indicators such as macro - economy, policy, and liquidity, prefers cyclical industries like non - ferrous metals and energy, and adjusts investment strategies based on historical data analysis [37]. - 融通产业趋势精选 A: It deeply studies industry development trends, combines macro and micro analyses, pursues balanced and flexible asset allocation, emphasizes the balance between fundamentals and valuation, and adheres to a long - term investment concept [39]. - 新华行业周期轮换 A: It combines top - down and bottom - up analysis methods, with a thinking mode of "macro - determining the direction, industry - seeking prosperity, and micro - screening companies" [42]. - 华夏景气驱动 A: It emphasizes in - depth research on industry fundamentals, focuses on marginal changes in individual stocks and industries, and constructs an investment portfolio by selecting high - quality stocks with upward - trending industries and growth space [45]. - 中信保诚周期优选 A: No specific analysis content is provided in the report.