2025年以来，A股与港股市场呈现出多元的风格特征。成长赛道凭借政策催化、技术突破等多重利好， 成为资金追逐的核心方向，吸引着市场关注的目光。与此同时，在市场情绪偏向高弹性资产的氛围中， 亦有不少声音开始质疑价值投资在新市场环境下是否已经"失效"。 这种风格分化并非个例。回顾过去数十年的市场演变，成长与价值的轮动始终交替上演，每当成长风格 迎来阶段性盛宴时，价值投资的坚守总会面临一轮又一轮的拷问。市场的风格轮动是常态，但短期的热 度与喧嚣，往往容易掩盖长期投资的本质——真正能穿越牛熊、为投资者争取稳健回报的，往往是那些 锚定核心价值、注重风险平衡的投资逻辑。 从历史长期维度看，价值投资的有效性有着坚实的数据支撑。以近10年市场表现为例，中证800价值指 数年化收益率为6.79%，跑赢中证800成长指数的4.35%；波动方面，中证800价值指数的年化波动率为 17.79%，低于中证800成长指数的21.6%，展现出更强的抗跌韧性。 从风险调整后收益（夏普比率）来看，近10年中证800价值指数夏普比为0.42，高于中证800成长指数的 0.27，意味着每承担一份风险，通过价值投资有望争取丰厚的回报，追求"持有期体 ...

Group 1 - The core viewpoint of the news is that Baoxiniang (002154.SZ) reported a total of 1.53 billion shares held by 129 institutional investors, accounting for 10.46% of the total share capital as of April 18, 2025 [1] - The top ten institutional investors hold a combined 6.89% of the shares, with a decrease of 5.24 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, eight funds reported a decrease in holdings, with a reduction rate of 2.70% compared to the previous quarter [2] - A total of 116 new public funds were disclosed this period, including major funds like Huaxia CSI 1000 ETF and Huitianfu Consumer Industry Mixed Fund [2] - One foreign fund, Hong Kong Central Clearing Limited, reported a decrease in holdings, with a reduction rate of 2.49% [2]

Company Overview - Ningbo Huaxiang Electronic Co., Ltd. is a multinational group established in 1988, specializing in the design, development, production, sales, and after-sales service of mid-to-high-end passenger car parts. The company was listed on the Shenzhen Stock Exchange in 2005 and has its global headquarters in China, with branches in North America, Europe, and South Asia. It operates over 60 production bases and 3 regional R&D centers, employing more than 15,000 people [1]. Stock Performance - Ningbo Huaxiang has experienced a decline in stock price, with a cumulative drop of -21.01% over the last 7 trading days as of April 7 [1]. Shareholder Information - Three funds under China Europe Fund have entered the top ten shareholders of Ningbo Huaxiang. These include: - China Europe Value Discovery Mixed A, which reduced its holdings in the last quarter of the previous year. - China Europe Growth Preferred Mixed A, which also reduced its holdings in the last quarter of the previous year. - China Europe Potential Value Flexible Allocation Mixed A, which similarly reduced its holdings in the last quarter of the previous year [1]. Fund Performance - The performance of the funds as of this year is as follows: - China Europe Value Discovery Mixed A has a year-to-date return of 5.35%, ranking 1370 out of 4592 in its category. - China Europe Growth Preferred Mixed A has a year-to-date return of 6.56%, ranking 342 out of 2324 in its category. - China Europe Potential Value Flexible Allocation Mixed A has a year-to-date return of 1.76%, ranking 934 out of 2324 in its category [1].