券商中国记者注意到，许多基金产品近期频频出现产品净值走势脱离重仓股的现象，显示出当前公募基金在半 年度窗口期的换仓需求大幅提升，尤其是前期热门赛道虹吸公募基金核心仓位的效应在高位逐步减弱，而低位 赛道基金产品近期频现提前结募的现象也反映出资金配置的再平衡。 基金净值异动暗含换仓操作 热门赛道高位虹吸公募核心仓位的效应正逐步减弱。 随着市场进入半年度业绩窗口期，基金经理的换仓换股也加速进行。 显而易见的是，市场分歧依然巨大，淳厚鑫淳基金7月4日的基金净值走势，也脱离了其持仓股的股价表现，该 基金产品在十大重仓股九只下跌的背景下，当日依然有接近2%的净值上涨。考虑到该基金自6月23日至7月4日 期间出现净值连续上涨超7%，这与该基金此前持仓的基金抱团股的走势有较大的反差，或反映出基金经理已 在重仓股中增加了新的弹性来源。 券商中国记者还注意到，随着赛道化行情已进入一个机构筹码集中、交易高度拥挤的市场位置，那些在基金合 同配置范围上有更大灵活性的基金经理对热门赛道的布局冲动正在降温，有不少此类基金产品的净值近期出现 异动，均反映出基金经理对下半年市场的排兵布阵已开始逐步更新。 热门赛道虹吸公募仓位减弱 少数热门赛道 ...

Group 1: Fund Overview - Chunhou Xinchun (Fund Code: 011346) is a mixed fund under Chunhou Fund, established on June 1, 2021, with a total management scale of 2.117 billion yuan [1] - As of May 6, 2025, the fund achieved a return of 17.13% over the past six months, outperforming the benchmark growth rate of 0.23% and the CSI Mixed Fund Index return of -0.95%, ranking in the top 5 among mixed funds [1] - The fund's maximum drawdown over the past three years is 42.58%, and as of March 31, 2025, its scale reached 159 million yuan with a total of 225 million fund shares [1] Group 2: Company Research - On April 24, 2025, Chunhou Fund conducted research on the listed company Tianci Materials [2] - Tianci Materials reported a revenue of 12.518 billion yuan for 2024, with a net profit of 484 million yuan, a year-on-year decline of 74.40% [3] - In Q1 2025, Tianci Materials achieved a revenue of 3.489 billion yuan, with a net profit of 149 million yuan, a year-on-year increase of 30.8% [3] - The company sold over 500,000 tons of electrolyte in 2024, a year-on-year increase of approximately 26% [3] - The company is actively promoting local production capacity in the U.S. and has signed a cooperation agreement with Honeywell to establish a joint venture for large-scale production of electrolytes and lithium hexafluorophosphate in North America [3] - The company is developing solid-state electrolytes and has made progress in sodium-ion battery solutions, with existing production lines capable of rapid material switching [3] - Tianci Materials has a production capacity of 330,000 tons for iron phosphate, benefiting from an integrated layout and scale effects to reduce costs [3]