Core Viewpoint - In 2025, equity funds experienced a remarkable turnaround, with the top 30 actively managed equity funds achieving returns exceeding 50%, highlighting the success of Penghua Fund's long-term focus on fundamental investment and industry trends [1] Performance Leadership: Multi-Dimensional Data Validation - Penghua's equity product matrix demonstrated a "blooming" performance, with 26 funds ranking in the top 20% of their categories over the past year, including several champions in niche sectors [2] - The Penghua Innovation Growth One-Year Holding Mixed Fund ranked in the top 1% (21/1804) in the competitive equity fund sector, with five products entering the top 6% [2][3] - Notable rankings include: - Penghua Medical Technology Stock Fund: 1/44 in the medical health sector - Penghua Carbon Neutral Theme Mixed Fund: 1/32 in low-carbon equity - Penghua New Energy Vehicle Theme Mixed Fund: 2/16 in automotive sector [2] Recent Performance Metrics - Ten equity funds reported over 20% net value growth in the past six months, with six funds achieving excess returns of over 15 percentage points relative to their benchmarks [4] - Ten equity funds also recorded over 30% net value growth in the past year, with the Penghua Carbon Neutral Theme A Fund achieving a return of 84.90% [5] Investment Strategy and Team Expertise - Penghua Fund's Alpha team employs a diversified investment style, covering a wide range of market opportunities, with different fund managers generating excess returns in their respective fields [6] - Key fund managers include: - Yan Siqian, focusing on technology investments, particularly in the new energy vehicle sector [7] - Jin Xiaofei, specializing in innovative pharmaceuticals and AI healthcare [8] - Wang Lu, an expert in the semiconductor industry [10] - The investment strategies are characterized by a blend of fundamental analysis and quantitative tools, allowing for a comprehensive approach to investment [31] Conclusion: Sustainable Growth Confidence - The performance surge in 2025 is attributed to a robust research system and a well-structured talent pipeline, enabling Penghua Fund to consistently deliver replicable and sustainable excess returns [32]

Core Viewpoint - The article highlights the impressive performance of the Zhongtai Tianze Stable 6-Month Holding Mixed Fund (FOF), which has achieved a net value growth rate of 7.40% since its establishment on March 21, 2023, outperforming its benchmark by 3.21% [2] Group 1: Asset Allocation Strategy - The fund manager, Tang Jun, emphasizes the importance of asset allocation over merely selecting outstanding fund managers, focusing on forming allocation views first and then selecting the best funds to implement those views [2] - Tang Jun utilizes a macro analysis framework for risk budgeting, similar to Bridgewater's risk parity model, but with a personalized approach that allows for differentiated risk allocation based on his views [3][5] - The strategic asset allocation is based on a "monetary-credit" analysis framework, which influences long-term configuration, while tactical asset allocation focuses on short-term opportunities based on market sentiment and funding conditions [5][9] Group 2: Return Streams and Risk Assessment - The concept of "return streams" is highlighted, where having 15-20 independent return streams can significantly reduce risk without compromising expected returns [6] - The manager assesses the correlation of asset classes with existing portfolios for risk evaluation, rather than relying solely on the inherent risk of asset classes [6] - The selection of funds involves a rigorous style decomposition process to evaluate the fund's alpha performance after removing style beta influences [7] Group 3: Gold and Market Outlook - Gold is maintained as a strategic core holding due to its recognition as a global currency amidst concerns over the credibility of the US dollar [8] - The article outlines potential strategies based on macroeconomic drivers, such as domestic credit expansion and overseas dollar liquidity, which will influence future asset allocation decisions [9] - The performance of US tech stocks, particularly in relation to AI technology trends, is identified as a key factor for future market movements [9]