Core Viewpoint - The article highlights the performance and investment strategy of the Invesco Great Wall Quality Investment Mixed Fund, managed by Jian Cheng, emphasizing its focus on growth stocks and the importance of fundamental analysis in achieving returns [2][3][7]. Fund Overview - Fund Code: 000020 - Fund Type: Active Allocation - Large Cap Growth - Benchmark Index: CSI 300 Relative Growth Total Return [1] - Fund Establishment Date: March 19, 2013 [2] - Fund Size: 3.93 billion yuan as of December 31, 2025 [2] - Annual Comprehensive Fee Rate: 2.17%, lower than the average of 2.27% for similar funds [2][26]. Investment Strategy - The fund's core philosophy is to achieve investment returns through company performance growth, focusing on industries with strong growth logic, sustainable business models, and favorable policies [2][7]. - The fund manager employs a bottom-up analysis combined with macro industry insights, favoring sectors with upward trends and good competitive landscapes [2][3][7]. Performance Metrics - As of February 28, 2026, the fund achieved an annualized return of 9.90%, ranking 23rd among similar funds [2][22]. - The fund's performance has been consistent, with a historical annualized return of 19.15% from 2016 to 2020, outperforming the average of similar funds [17][22]. - The fund's standard deviation of 26.06% is slightly lower than the average of similar funds, indicating a relatively lower risk profile [22][25]. Manager's Experience - Jian Cheng, the fund manager, has 14 years of experience in the securities industry and 10 years in investment management, with a strong background in electronic, communication, and pharmaceutical sectors [5][7]. - The manager currently oversees four funds with a total management scale of 4.768 billion yuan, indicating a well-rounded expertise in growth stock investment [5]. Sector Allocation - The fund's stock holdings are primarily in large-cap Chinese stocks (62.90%) and mid-cap stocks (25.54%), with a diversified approach across various sectors [13]. - Key sectors include cyclical (32.86%), technology (25.71%), and healthcare (10.57%), with a focus on maintaining a balanced portfolio [15]. Turnover Rate - The fund exhibits a turnover rate of approximately 200% to 300%, aligning with the manager's strategy to adapt to industry trends and market conditions [7].

Core Viewpoint - The A-share market has shown significant activity in 2025, with the Shanghai Composite Index reaching a nearly ten-year high of 3888.60 points, reflecting a strong upward trend since September 2024. The market is characterized by a clear differentiation in performance between growth and value styles, with growth stocks outperforming value stocks significantly [1][4]. Market Performance - As of August 26, 2025, the growth style, represented by the CSI 300 relative growth index, has increased by 21.26%, while the value style, represented by the CSI 300 relative value index, has only risen by 9.86%. Large-cap blue-chip stocks, represented by the CSI 300 index, have seen a 15.63% increase, whereas mid-cap stocks, represented by the CSI 500 and CSI 1000 indices, have risen by 23.28% and 26.78%, respectively [1][4]. Industry Trends - The market is currently driven by two main themes: "technology innovation leading the way" and "resource cycles gaining momentum." The technology sector, particularly AI and robotics, has emerged as a strong growth engine, with industry indices in communications, media, computing, and electronics all exceeding 30% growth this year. The resource cycle sector, particularly non-ferrous metals, has also performed well, with an industry index increase of 44.72% [4][5]. Fund Performance - Over the past decade, the annualized return of the CSI Active Equity Fund Index has been 6.67%, outperforming the CSI 300 Index's 6.07%. However, in the last three years, the ability of active equity funds to generate excess returns has diminished, with a recent annualized return of -0.04%, lagging behind the CSI 300 Index's 5.22%. Notably, in 2025, active equity funds have shown significant improvement, with a return of 26.01%, surpassing the CSI 300 Index's 15.63% [6][8]. Investment Strategies - In the current market environment favoring growth styles, funds with a clear focus on growth sectors tend to have better opportunities for returns. Fund managers with a solid framework for selecting growth stocks can capture excess returns from companies with sustainable growth potential. For risk-averse investors, GARP (Growth at a Reasonable Price) strategies offer a balanced approach by considering both growth potential and valuation [10][18]. Recommended Funds - The Fuqun Tianbo Innovation Mixed Fund, managed by experienced fund manager Bi Tianyu, has a clear growth investment strategy and has historically provided good long-term returns. The fund focuses on sectors with significant growth potential, such as pharmaceuticals, electronics, and automotive [11][14]. - The Invesco Great Wall Quality Investment Mixed Fund, managed by the experienced investor Zhan Cheng, has demonstrated strong stock selection capabilities in growth sectors like electronics and automotive, providing good returns for investors [15][16]. - The Xingquan Business Model Preferred Mixed Fund, led by the capable manager Qiao Qian, employs a GARP strategy and has historically generated excellent excess returns across market cycles [17][19]. Fixed Income Plus Funds - In a favorable stock market environment with declining interest rates, "Fixed Income Plus" products are gaining popularity among investors. These products combine fixed income assets with equity investments to provide stable returns while also capturing growth opportunities [21][22]. Conclusion - The A-share market is currently characterized by strong growth in technology and resource sectors, with active equity funds showing signs of recovery. Investors are encouraged to consider funds that align with growth strategies and those that offer a balanced approach to risk and return.