丨证券研究报告丨 行业研究丨专题报告丨环保 [Table_Title] 2025Q4 基金持仓：板块持仓上升，关注经营向 好&绝对收益龙头 报告要点 [Table_Summary] 2025Q4 环保前十大重仓持仓市值合计约 71.57 亿元，占全部披露基金产品股票持仓的 0.19%， 环比上升 0.05pct；若剔除港股标的，A 股环保板块重仓持仓比例为 0.18%。2025Q4 末 A 股 环保行业标配比例为 0.94%，当前处于低配状态。2025Q4 末公募基金重仓市值靠前的为华测 检测（14.0 亿元）、伟明环保（13.7 亿元）、瀚蓝环境（9.7 亿元）、上海洗霸（5.0 亿元）、兴蓉 环境（4.1 亿元）等。 分析师及联系人 [Table_Author] SAC：S0490517090001 SAC：S0490520070003 SAC：S0490524080004 SAC：S0490525070006 SFC：BUV415 徐科 贾少波 李博文 盛意 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com [Table_Title 2025Q4 基金持仓：板块 ...

Group 1 - The fund reported a profit of 135 million yuan in Q2 2025, with a weighted average profit per fund share of 0.0419 yuan. The net value growth rate for the fund was 4.12%, and the fund size reached 3.328 billion yuan by the end of Q2 [2][15] - The fund is classified as a flexible allocation fund, primarily investing in cyclical stocks. As of July 21, the unit net value was 1.074 yuan, with the fund manager managing three funds that have all yielded positive returns over the past year [2][3] - The fund's main investment focus is on dividend-paying infrastructure sectors, with a significant portion of investments in Hong Kong stocks due to their lower valuations and better cost-effectiveness [3] Group 2 - As of July 21, the fund's one-year net value growth rate was 10.76%, ranking 43 out of 77 comparable funds. The three-month growth rate was 8.67%, ranking 46 out of 82, and the six-month growth rate was 13.10%, ranking 24 out of 82 [3] - The fund's three-year Sharpe ratio was 0.3857, ranking 16 out of 57 comparable funds, while the maximum drawdown over the past three years was 19.81%, ranking 49 out of 57 [9][11] - The fund's top ten holdings include companies such as China Resources Gas, Longyuan Power, and Funen Co., indicating a focus on energy and environmental sectors [18]