Core Points - Fuzhou Funiu Co., Ltd. has seen its stock price rise for eight consecutive days, with a total increase of 6.9% during this period, currently trading at 10.54 CNY per share [1] - The company primarily operates in electricity and heat production and supply, with electricity accounting for 94.87% of its revenue [1] Shareholder Information - ICBC Credit Suisse Fund's "ICBC Hongli Youxiang Mixed A" (005833) has increased its holdings in Fuzhou Funiu by 6.2358 million shares, now holding a total of 24.0136 million shares, representing 0.86% of the circulating shares [2] - The fund has generated a floating profit of approximately 16.3292 million CNY during the eight-day stock price increase [2] Fund Performance - The "ICBC Hongli Youxiang Mixed A" fund ranks seventh among its top holdings, with Fuzhou Funiu representing 4.54% of the fund's net value [3] - The fund has achieved a year-to-date return of 13.52% and a one-year return of 15.57%, with a total return of 50.12% since its inception [2][3]

Core Viewpoint - Zhongmin Energy's stock increased by 5.36% to 5.50 CNY per share, with a total market capitalization of 10.466 billion CNY, indicating positive market sentiment towards the company [1] Company Overview - Zhongmin Energy Co., Ltd. is located in Fuzhou, Fujian Province, and was established on May 26, 1998, with its listing date on June 2, 1998 [1] - The company's main business involves the development, construction, and operation of onshore wind power projects, with wind power accounting for 96.16% of its revenue [1] - Other revenue sources include supplementary income (1.61%), biomass power generation (1.16%), and photovoltaic power generation (1.06%) [1] Shareholder Insights - ICBC Credit Suisse Fund's fund, ICBC Hongli Youxiang Mixed A (005833), is among the top ten circulating shareholders of Zhongmin Energy, having increased its holdings by 7.6008 million shares in the third quarter [2] - The fund now holds 40.6113 million shares, representing 2.13% of the circulating shares, with an estimated floating profit of approximately 11.3712 million CNY [2] Fund Performance - ICBC Hongli Youxiang Mixed A (005833) has a total scale of 4.923 billion CNY and has achieved a year-to-date return of 12.75%, ranking 5510 out of 8150 in its category [2] - Over the past year, the fund has returned 15.41%, ranking 5035 out of 8043, and since its inception, it has achieved a return of 49.1% [2] - The fund manager, You Hongye, has been in position for 2 years and 251 days, with the best fund return during this period being 41.46% and the worst being 10.57% [2]

Group 1 - The core investment philosophy of deep value is derived from Graham's "cigar butt" approach, focusing on stocks priced significantly below their liquidation value, which can yield good returns even in immediate liquidation scenarios [1][7] - The deep value fund pool has demonstrated stable historical returns with a high risk-reward ratio, achieving an annualized return of 11.81% from February 2, 2015, to August 7, 2025, outperforming the equity fund index by 4.26% [1][9] - The fund pool has shown strong performance stability, even during market conditions favoring growth styles, maintaining high absolute returns despite some drawdowns since mid-2024 [1][12] Group 2 - The excess returns of the deep value fund pool are primarily attributed to dynamic allocation, style configuration, and stock selection, with a preference for low momentum, low elasticity, and low volatility styles [2][15] - The current sector allocation has shifted towards consumer sectors while maintaining exposure to manufacturing and TMT sectors, indicating a strategic adjustment in response to market conditions [2][18] - The deep value fund pool is defined by absolute undervaluation characteristics, with a focus on funds that have positive exposure to the BP factor and high expected net profit [2][22] Group 3 - The newly selected deep value fund list includes various funds with significant returns, such as "中庚价值灵动灵活配置混合" with a return of 19.82% and "广发稳健策略混合" with a return of 18.64% [2][23] - The analysis of individual funds reveals a focus on maintaining a balance between absolute returns and risk management, with strategies tailored to specific market conditions [2][25][30] - The report emphasizes the importance of quality and valuation as key safety margins, utilizing DCF cash flow models to assess companies' competitive advantages and growth potential [2][25]