Group 1 - Public funds have shown an overall trend of increasing positions in equity assets during the third quarter, particularly in the TMT (Technology, Media, Telecommunications) and power equipment sectors [1][2] - The average stock position of all public funds reached 83.28% by the end of the third quarter, an increase of 2.13 percentage points from the end of the second quarter [1] - The concentration of holdings in public funds has increased, with stock-type open-end funds and mixed open-end funds seeing concentration levels rise to 56.81% and 57.72%, respectively [1] Group 2 - Among fund companies, 27 firms had products with an average stock position exceeding 90% by the end of the third quarter, with Allianz, Zhuque, and Fidelity having over 94% [2] - The report from CICC indicates that the market sentiment has become more unified, with a notable increase in the concentration of holdings and a shift towards TMT and power equipment sectors [2] Group 3 - Several equity funds have significantly increased their stock positions, with some exceeding 99%, such as Huaxia Panyi and CITIC JianTou [3] - The Wanji New Opportunities Value-Driven Fund increased its stock position from 22% at the end of the second quarter to 93% by the end of the third quarter, indicating a strong bullish sentiment [3][4] Group 4 - Fund managers have adjusted their portfolios by reducing exposure to dividend stocks and increasing positions in domestic technology chains, reflecting a shift in risk preference [4] - Other funds, such as GF Industry Selection and Jin Xin Quality Growth, also made bold increases in their positions, achieving over 20% gains [5] Group 5 - Some funds opted to reduce their positions to lock in profits as the market approached the 4000-point mark, with examples including Huashang Fund, which decreased its stock position from 90% to 51% [6] - Concerns over high valuations in growth sectors led some funds to adopt a cautious approach, reducing positions to manage volatility [6]

Core Viewpoint - The AI Fund Wanji New Opportunities Value-Driven A (161910) reported a profit of 95,400 yuan for Q2 2025, with a weighted average profit per fund share of 0.0057 yuan, indicating a net value growth rate of 0.33% during the period [3] Fund Performance - As of July 18, the fund's unit net value was 1.721 yuan, with a fund size of 28.77 million yuan [3][16] - The fund's performance over various time frames is as follows: - Last 3 months: -0.25%, ranking 858 out of 880 comparable funds [4] - Last 6 months: -1.03%, ranking 835 out of 880 comparable funds [4] - Last year: -3.58%, ranking 850 out of 880 comparable funds [4] - Last 3 years: -21.02%, ranking 627 out of 871 comparable funds [4] Risk Metrics - The fund's Sharpe ratio over the last 3 years is -0.3109, ranking 733 out of 874 comparable funds [9] - The maximum drawdown over the last 3 years is 27.53%, ranking 663 out of 864 comparable funds, with the largest single-quarter drawdown recorded at 19.63% in Q1 2020 [11] Investment Strategy - The fund manager indicated a cautious approach towards the equity market, maintaining a focus on the domestic technology chain and employing a barbell strategy that includes defensive dividend stocks and technology manufacturing companies [3] - The average stock position over the last 3 years was 71.71%, compared to the industry average of 80.33%, with a peak of 92.64% at the end of 2019 and a low of 9.26% at the end of Q1 2025 [14] Holdings Concentration - As of Q2 2025, the fund has a high concentration in its top ten holdings, which include Agricultural Bank of China, Northern Huachuang, Huahai Pharmaceutical, Zhongwei Company, Yangtze Power, Chipone Technology, Haiguang Information, Zhongke Feimeng, Dongfang Cable, and Tuojing Technology [19]