Core Viewpoint - The report highlights the performance of the Jiashi New Energy Materials Stock A fund, indicating a profit of 4.7057 million yuan in Q2 2025, with a net asset value growth rate of 0.46% and a total fund size of 2.059 billion yuan as of the end of Q2 2025 [2][15]. Fund Performance - As of July 18, 2025, the fund's one-year cumulative net value growth rate is 33.18%, ranking 7th out of 44 comparable funds [3]. - The fund's three-month net value growth rate is 8.86%, ranking 34th out of 44 comparable funds, and the six-month growth rate is 6.97%, ranking 22nd out of 44 [3]. - Over the past three years, the fund has experienced a net value growth rate of -44.60%, ranking 21st out of 31 comparable funds [3]. Risk and Return Metrics - The fund's Sharpe ratio over the past three years is -0.3224, ranking 18th out of 31 comparable funds [8]. - The maximum drawdown over the past three years is 63.37%, ranking 3rd out of 31 comparable funds, with the largest single-quarter drawdown occurring in Q3 2022 at 24.88% [10]. Investment Strategy - The fund manager indicates that corporate profit recovery is similar to historical cycles, suggesting potential for exceeding expectations in various industries due to suppressed capital expenditures [2]. - The fund has maintained a high average stock position of 91.71% over the past three years, with a peak of 94.62% at the end of 2023 [13]. - The fund's investment focus is on sectors related to new energy lithium batteries and intelligent driving, adjusting the portfolio dynamically based on market fluctuations [2]. Holdings Concentration - The fund has a high concentration of holdings, with the top ten stocks including Ningde Times, Putailai, Yiwei Lithium Energy, and others, indicating a stable selection of investment targets [18].

Company Overview - Guizhou Chuanheng Chemical Co., Ltd. is a private technology-based phosphate chemical enterprise, primarily engaged in phosphate ore development and deep processing of phosphate resources [1] Stock Performance - Chuanheng shares have experienced a decline for four consecutive trading days, with a cumulative drop of -2.64% [1] - Year-to-date performance shows a return of -0.18%, ranking 627 out of 999 in its category [1][2] Fund Management - The top shareholder of Chuanheng is the Jiashi New Energy Materials Stock A fund, which has maintained its position in the first quarter of this year [1] - The fund managers for Jiashi New Energy Materials Stock A are Yao Zhipeng and Xiong Yuzhou, with Yao having a tenure of 9 years and 36 days in fund management [3][4][5] Comparative Analysis - The fund's performance compared to peers shows a year-to-date return of -0.18%, while the average return for similar funds is 3.52% [2] - The Shanghai and Shenzhen 300 index has a year-to-date return of -2.11% [2]