Core Viewpoint - The article emphasizes the performance and strategy of the Xingquan Commercial Model Preferred Mixed Fund, managed by Qiao Qian, highlighting its GARP (Growth at a Reasonable Price) investment strategy and its ability to achieve stable excess returns over the long term [2][3][4]. Fund Overview - Fund Code: 163415 - Fund Type: Active Allocation - Large Cap Growth - Benchmark Index: CSI 300 Relative Growth - Establishment Date: December 18, 2012 - Fund Size: 14.012 billion CNY as of March 31, 2025 - Annual Comprehensive Fee Rate: 1.87%, lower than the average of 2.41% for similar funds [1][2][21]. Manager Profile - Qiao Qian has been managing the fund since July 2018, with 17 years of investment research experience, including over 7 years in public fund management [4]. - The fund manager has demonstrated strong stock-picking abilities across various sectors, including industrials, technology, consumer discretionary, materials, and healthcare [4]. Investment Strategy - The fund employs a GARP strategy, integrating macro and microeconomic judgments into stock selection, focusing on valuation and absolute returns [3][8]. - The investment approach is bottom-up, targeting stocks with a reasonable price and expected annualized returns of 10-15% over a 3-5 year horizon [8]. - The manager maintains a balanced portfolio across industries and emphasizes finding opportunities in under-recognized smaller companies [9]. Performance Metrics - As of April 30, 2025, the fund achieved an annualized return of 12.17%, outperforming the benchmark's 11.57% [17]. - The fund's Sharpe ratio during the manager's tenure is 0.74, significantly higher than the benchmark's 0.11, ranking 6th among similar funds [17]. - The fund's recent 3-year and 5-year annualized returns rank 7th and 23rd, respectively, among peers [17]. Risk Management - The fund manager aims for absolute returns over the next three years while maintaining a balanced industry allocation to control portfolio risk [9]. - The fund's historical performance shows resilience during various market conditions, with a focus on macroeconomic changes and sector dynamics [15].

Core Viewpoint - The stock of Pengding Holdings experienced a limit down on April 3, indicating significant market pressure on the company [1]. Group 1: Company Overview - Pengding Holdings (Shenzhen) Co., Ltd. was established through the overall change of Fu Kui Precision Components (Shenzhen) Co., Ltd. [1]. - The company has seen interest from Xingsheng Global Fund, with two of its funds entering the top ten shareholders of Pengding Holdings, holding a combined stake of 0.59% [1]. Group 2: Fund Performance - Xingsheng Global Fund's "Xingquan Business Model Preferred Mixed" fund reported a year-to-date return of 0.86%, ranking 2855 out of 4331 in its category [1]. - The "Xingquan New Vision Open Mixed" fund achieved a year-to-date return of 0.99%, ranking 1042 out of 2213 in its category [1]. Group 3: Fund Manager Profile - The fund manager for both funds is Qiao Qian, who has been with Xingsheng Global Fund Management Co., Ltd. since July 2008, serving in various roles including research analyst and assistant fund manager [5][6]. - Qiao Qian has managed the "Xingquan Business Model Preferred Mixed" fund since July 10, 2018, achieving a return of 131.93% during her tenure [6].