Group 1 - The core investment strategy of emerging growth funds focuses on selecting sectors with low penetration rates and significant growth potential, primarily in mechanical, TMT, and electric new industries [1][7][10] - The emerging growth fund pool has shown strong performance with an annualized return of 16.56% from February 7, 2014, to August 7, 2025, outperforming the equity fund index by 7.73% [1][10][13] - Recent performance indicates a 23.71% absolute return and an 11.17% excess return over the last three months, highlighting the fund pool's strong industry allocation capabilities [1][13][18] Group 2 - Emerging growth funds are defined based on their holdings, requiring an average of over 60% growth stocks in their top holdings and at least 30% emerging growth stocks [2][22] - The selected emerging growth fund pool emphasizes funds that closely follow market trends and exhibit higher momentum and growth potential [2][23] - A list of selected emerging growth funds includes notable performers such as 景顺长城品质长青 A with a return of 37.96% and 鹏华沪深港新兴成长 A with a return of 36.35% [2][23] Group 3 - The emerging growth fund pool has demonstrated a strong ability to generate excess returns through effective industry allocation, with a notable shift in focus towards TMT and electric new sectors since 2023 [1][18][20] - The report identifies specific high-potential sectors within the emerging growth landscape, including mechanical equipment, consumer services, and electric power equipment, with projected profit growth rates exceeding 120% in some cases [8][9][18] - The fund pool's configuration reflects a high market focus, growth orientation, and increased volatility, indicating a dynamic investment approach [10][18][20]

Group 1 - The core investment strategy focuses on buying companies with competitive advantages at reasonable prices to earn compounded growth, emphasizing strong business models and financial robustness [1][8] - The growth value fund pool has shown a stable annualized return of 15.74% from February 2, 2015, to May 8, 2025, outperforming the equity fund index by 9.23% [9][13] - The fund pool's annualized volatility is 20.98%, with a Sharpe ratio of 0.75, indicating strong performance in bull markets and effective drawdown control in bear markets [9][13] Group 2 - The primary source of excess returns is stock selection, with significant contributions from industry allocation and dynamic adjustments [2][13] - The growth value fund pool is defined by its relative undervaluation characteristics, focusing on funds with positive exposure to the PB-ROE factor [21] - Selected funds exhibit high and stable dynamic returns, with a focus on industry and stock selection [22] Group 3 - The report lists a new growth value fund portfolio, highlighting funds such as "Guangfa Value Core A" with a return of 27.79% and "Invesco Financial Industry A" with a return of 5.32% [3][22] - The fund pool has increased its allocation to the TMT sector while reducing exposure to consumer and cyclical sectors [18][15] - The report emphasizes the importance of matching individual company performance with industry trends for effective stock selection [25]