2024年四季度以来，A股市场走出了一轮结构性回暖行情，市场情绪逐步修复，投资机会在多条主线中 交替演绎。根据同花顺最新统计，截至9月24日的过去一年间，沪深300指数累计上涨36.22%，而同期 主动偏股型基金指数(932055)涨幅高达53.71%，显著跑赢大盘。这一数据不仅反映出主动管理型基金整 体业绩的强劲反弹，也凸显出基金经理在震荡市中的选股能力与策略执行力。 在对过去一年全市场主动权益类基金(包括股票型与混合型基金，剔除偏债混合、股债平衡、指数及指 数增强产品)的全面梳理中，我们发现：在全市场超4300只产品中，仅有58只基金实现了超过150%的收 益率，堪称"头部中的头部"。而其中，基金经理赵强所管理的三只产品悉数入选，成为本轮行情中极少 数能够实现"全系领先"的投资代表，展现出卓越的策略一致性与业绩爆发力。 实力验证：老将执舵，以持续业绩见证价值 赵强先生，一位拥有22年从业经验的资深战将，自2003年踏入基金行业，先后在华安基金、国金基金、 英大基金、中欧基金等机构担任投研要职，积累了完整的牛熊周期经验与多策略管理能力。他自2014年 起管理公募基金，2015年兼任专户投资，兼具公募的体系化 ...

Core Viewpoint - Qingdao Beer (600600) reported a revenue of 20.491 billion yuan for the first half of 2025, reflecting a year-on-year increase of 2.11%, and a net profit of 3.904 billion yuan, up 7.21% year-on-year [1] Financial Performance - Total revenue for Q2 2025 reached 10.046 billion yuan, a 1.28% increase year-on-year, while net profit for the same period was 2.194 billion yuan, up 7.32% year-on-year [1] - Gross margin improved to 43.7%, an increase of 5.03% year-on-year, and net margin rose to 19.39%, up 4.59% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 2.662 billion yuan, accounting for 12.99% of revenue, a 2.47% increase year-on-year [1] - Earnings per share (EPS) increased to 2.86 yuan, a rise of 7.11% year-on-year [1] Key Financial Metrics - Cash flow per share decreased to 3.52 yuan, down 16.0% year-on-year [1] - The company's return on invested capital (ROIC) was 13.36%, indicating strong capital returns [7] - The net profit margin for the previous year was 13.98%, suggesting high added value in products or services [7] Changes in Financial Items - Significant changes in financial items included a 156.16% increase in trading financial assets due to the rise in structured deposits [3] - Accounts receivable increased by 64.95% due to higher receivables from subsidiaries [3] - Inventory decreased by 42.05% as subsidiaries reduced stock in preparation for peak sales season [4] - Tax liabilities surged by 150.92% due to increased income, value-added, and consumption taxes [5] Fund Holdings - The largest fund holding Qingdao Beer is the Penghua Zhongzheng Wine ETF, which holds 7.5849 million shares and has increased its position [9] - The fund's current scale is 12.64 billion yuan, with a recent net value of 0.6118, down 3.07% from the previous trading day [9]