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.

Core Viewpoint - The A-share market continues its upward trend, with the Shanghai Composite Index breaking the 4100-point mark, highlighting a phase of market recovery and the emergence of certain small to medium-sized funds that excel through precise stock selection and unique investment strategies [1][8]. Fund Performance and Strategy - The Western Gain Event-Driven Fund (671030.OF) has achieved over 110% return since 2024, positioning itself among the top-performing funds in its category despite its relatively small size, with total assets under management of 2.399 billion yuan [4][8]. - Fund manager Zhang has adopted a "growth value" investment style, focusing on identifying companies that can create sustained value rather than chasing short-term market trends, which has led to a doubling of the fund's net value [4][5]. Investment Framework - Zhang's investment framework is summarized as "three capabilities + three trends," which emphasizes assessing a company's core competitiveness, ability to generate free cash flow, and governance structure [5][6]. - The "three trends" aspect focuses on aligning investments with industry momentum, societal development trends, and the company's operational cycle, targeting firms that fit these criteria [5][6]. Portfolio Characteristics - The fund's top ten holdings are diversified across high-end manufacturing, technology, and consumer sectors, with no single industry dominating, effectively mitigating risks associated with market fluctuations [6][8]. - Key holdings include companies in niche markets with strong competitive advantages, reasonable valuations, and balanced industry representation, reflecting the investment logic of aligning with industry trends [6][8]. Future Outlook - The fund's ability to maintain its strong performance will depend on various factors, including market conditions, the manager's expertise, and risk management strategies [7][8]. - The current A-share market environment, characterized by reasonable valuations and limited systemic risks, aligns well with Zhang's investment approach, particularly in the technology and consumer sectors [7][8].

Group 1 - The core investment strategy focuses on buying competitively advantageous companies at reasonable prices to earn compound growth, emphasizing strong business models and financial robustness [1][8][10] - The growth value fund pool has demonstrated high annual win rates, with an annualized return of 16.88% from February 2, 2015, to November 7, 2025, outperforming the equity fund index by 7.05% [10][13] - The fund pool has shown stability and aggressiveness, managing to achieve high excess returns during bull markets while effectively controlling drawdowns during market downturns [10][13] Group 2 - The excess returns are primarily driven by stock selection, with significant contributions from industry rotation and dynamic adjustments [2][13] - The growth value funds are defined based on their relative undervaluation characteristics, focusing on funds with positive exposure to the PB-ROE factor [20] - The selected growth value funds exhibit high and stable dynamic returns, with a focus on industry selection and stock picking [21] Group 3 - The report provides a list of selected growth value funds, highlighting their respective managers, sizes, and year-to-date returns, with some funds showing returns exceeding 100% [3][21] - The fund pool has increased its allocation to the TMT (Technology, Media, and Telecommunications) and cyclical sectors, reflecting recent market volatility [17][18] - The analysis of individual funds reveals diverse investment styles, with some focusing on macroeconomic indicators and others emphasizing stock selection based on fundamental analysis [24][32][35]

Group 1 - The core investment strategy focuses on buying competitively advantageous companies at reasonable prices to earn compound growth, emphasizing strong business models and financial robustness [1][8] - The growth value fund pool has shown a significant annualized return of 16.88% from February 2, 2015, to August 7, 2025, outperforming the equity fund index by 9.36% [1][10] - The fund pool has maintained a high annualized Sharpe ratio of 0.82, indicating effective risk-adjusted returns, and has consistently outperformed the equity fund index in most years [10][13] Group 2 - The excess returns are primarily driven by stock selection, with notable contributions from industry rotation and dynamic adjustments [2][13] - The growth value funds are defined based on their relative undervaluation characteristics, focusing on funds with positive exposure to the PB-ROE factor [2][21] - The selected growth value funds exhibit high and stable dynamic returns, with a focus on industry and stock selection [22] Group 3 - The report lists a selection of growth value funds, highlighting their respective managers, sizes, and year-to-date returns, with some funds showing returns exceeding 50% [3][22] - The fund pool has increased its allocation to the financial sector while reducing exposure to TMT, indicating a strategic shift in response to market conditions [18][20] - The report emphasizes the importance of matching individual companies' operational stages with industry trends for effective stock selection [25]

Core Insights - The investment philosophy emphasizes the importance of aligning with significant economic and social trends to identify investment opportunities [1][2][4] - A systematic approach to investment is highlighted, focusing on growth value and the different stages of industry cycles [2][3][4] Investment Philosophy - Investment opportunities are recognized based on distinct era backgrounds, with historical trends such as industrialization, mobile internet, supply-side reforms, consumption upgrades, and the recent AI wave being pivotal [2][7] - The investment framework includes a combination of top-down and bottom-up analysis, focusing on macro trends and specific industry dynamics [3][4] Industry Cycle Insights - The industry cycle is categorized into three stages: breakthrough (0 to 1), growth (1 to 10), and maturity (10 to N), with different investment focuses for each stage [3][4] - Emphasis is placed on understanding the potential for technological breakthroughs in the early stage and tracking fundamental performance in the growth stage [3] Risk Management - The importance of maintaining a solid investment foundation and adhering to a value bottom line is stressed, with safety margins being crucial for portfolio construction [4][5] - The investment discipline of "following the big trend and countering the small trend" is advocated, focusing on strategic timing in market movements [5] Market Outlook - The emergence of new floating-rate funds is seen as a call for professionalism in asset management, aligning the interests of managers and investors [6] - Positive changes in the market, such as policy support and technological innovation, are expected to create a favorable environment for capital markets [6][7] Future Investment Directions - The ongoing economic transformation is anticipated to reveal more long-term investment opportunities, particularly in AI and its applications, new consumption trends, innovative pharmaceuticals, and military-industrial sectors [7]

Group 1 - The core investment strategy focuses on buying companies with competitive advantages at reasonable prices to earn compounded growth, emphasizing strong business models and financial robustness [1][8] - The growth value fund pool has shown a stable annualized return of 15.74% from February 2, 2015, to May 8, 2025, outperforming the equity fund index by 9.23% [9][13] - The fund pool's annualized volatility is 20.98%, with a Sharpe ratio of 0.75, indicating strong performance in bull markets and effective drawdown control in bear markets [9][13] Group 2 - The primary source of excess returns is stock selection, with significant contributions from industry allocation and dynamic adjustments [2][13] - The growth value fund pool is defined by its relative undervaluation characteristics, focusing on funds with positive exposure to the PB-ROE factor [21] - Selected funds exhibit high and stable dynamic returns, with a focus on industry and stock selection [22] Group 3 - The report lists a new growth value fund portfolio, highlighting funds such as "Guangfa Value Core A" with a return of 27.79% and "Invesco Financial Industry A" with a return of 5.32% [3][22] - The fund pool has increased its allocation to the TMT sector while reducing exposure to consumer and cyclical sectors [18][15] - The report emphasizes the importance of matching individual company performance with industry trends for effective stock selection [25]