Group 1 - The core point of the article highlights the performance of the Southern Quality Enterprises Mixed A Fund, which has shown significant returns over various time frames [1] - As of August 24, 2025, the fund's latest net value is 0.8204 yuan, with a weekly return of 5.76%, a three-month return of 18.55%, and a year-to-date return of 18.55% [1] - The fund was established on March 10, 2021, and as of June 30, 2025, it has a total scale of 474 million yuan [1] Group 2 - The top ten stock holdings of the fund include: Chongqing Rural Commercial Bank, Alibaba-W, Tencent Holdings, Kweichow Moutai, WuXi AppTec, Ninebot, Jerry Holdings, Sinopec Refining, Midea Group, and Industrial and Commercial Bank of China [1] - The combined proportion of the top ten holdings accounts for 32.89% of the fund's total assets [1]

简历显示，应帅先生:北大光华管理学院管理学硕士,具有基金从业资格。曾担任长城基金管理公司行业 研究员,2007年加入南方基金,2007年5月至2009年2月,任南方宝元基金经理;2007年5月至2012年11月,任南 方成份基金经理。2010年12月至2016年3月,任南方宝元基金经理。2012年11月起任南方稳健基金经理。 2012年11月起任南稳贰号基金经理。2016年3月起任南方转型驱动灵活配置混合型证券投资基金基金经 理。2017年8月起担任南方智造未来股票型证券投资基金基金经理。2020年9月起担任南方创业板2年定 期开放混合型证券投资基金基金经理。2020年12月起任南方产业升级混合型证券投资基金基金经理。 天眼查商业履历信息显示，南方基金管理股份有限公司成立于1998年3月，位于深圳市，是一家以从事 商务服务业为主的企业。注册资本36172万人民币，法定代表人为周易。 近期份额规模变动情况： 日期期间申购（亿份）期间赎回（亿份）期末总份额（亿份）期末净资产（亿元）净资产变动率2025- 06-300.000.010.020.02-24.80%2025-03-310.000.000.020.02- ...

Core Viewpoint - The South Quality Enterprise Mixed A Fund (011216) reported a profit of 12.89 million yuan for Q1 2025, with a net asset value growth rate of 2.56% during the period [3]. Fund Performance - As of April 25, the fund's unit net value was 0.669 yuan, with a fund size of 508 million yuan [3][17]. - The fund's recent performance includes a three-month net value growth rate of -2.11%, a six-month rate of -3.70%, a one-year rate of -2.75%, and a three-year rate of -7.87%, ranking 177/256, 159/256, 217/256, and 128/236 respectively among comparable funds [4]. Fund Management Strategy - The fund manager, Ying Shuai, maintained a stable position in Q1 while adjusting the industry allocation by reducing exposure to the home appliance and liquor sectors, and increasing investments in engineering machinery, heavy trucks, two-wheelers, pesticides, and banks, along with a significant increase in Hong Kong internet stocks [3]. Risk Metrics - The fund's three-year Sharpe ratio stands at -0.05, ranking 173/238 among comparable funds [10]. - The maximum drawdown over the past three years is 36.21%, with the largest single-quarter drawdown recorded at 18.52% in Q1 2022 [12]. Portfolio Composition - The average stock position over the last three years was 88.75%, compared to the industry average of 85.88% [15]. - As of Q1 2025, the fund's top ten holdings include Yunnan Rural Commercial Bank, Tencent Holdings, Giant Star Technology, Kweichow Moutai, Ninebot, Industrial and Commercial Bank of China, Alibaba-W, Midea Group, Sinopec Engineering, and Yinlun Holdings [20].