1. Report Industry Investment Rating - The report does not explicitly mention the industry investment rating. 2. Core Viewpoints of the Report - The report reviews two rounds of A-share cyclical sector market trends since 2018, analyzes the changes in the holdings of cyclical theme funds, and conducts a detailed analysis of several cyclical fund managers [2]. - The cyclical sector has experienced two rounds of market trends since 2018. The first was from Q2 2020 to Q3 2021, driven by supply-demand mismatch after the global post-pandemic recovery. The second started in July 2025, driven by a weakening US dollar, global political and economic restructuring, and structural supply constraints in non-ferrous metals [2][5]. - The scale of cyclical theme funds has increased with several market trends, with significant overall fluctuations. Long - term cyclical theme actively managed funds can achieve relatively stable excess returns [2][20]. - The report analyzes the investment frameworks, performance contributions, industry allocations, stock - selection preferences, and trading capabilities of four cyclical fund managers: Han Chuang, Li Wenhai, Mu Yaqian, and Li You [2]. 3. Summary by Directory 3.1 Cycle Sector Market Review - **2020 Q2 - 2021 Q3**: The main driving factor was the supply - demand mismatch after the global post - pandemic recovery. The pandemic disrupted the global supply chain, and after the pandemic, large - scale fiscal stimulus overseas boosted commodity demand. The "dual - carbon" policy in China strengthened the supply - side contraction logic, leading to a sharp increase in commodity prices [2][7]. - **Since July 2025**: The main driving factors are a weakening US dollar, global political and economic restructuring, and structural supply constraints in non - ferrous metals. The "anti - involution" policy has accelerated the exit of backward production capacity. Non - ferrous metals led the market, and the market trend gradually spread from non - ferrous metals to sectors such as basic chemicals and petroleum and petrochemicals [2][11]. 3.2 Cycle Theme Fund Holdings Trends - **Scale and Performance**: The scale of cyclical theme funds has increased with market trends, with large fluctuations. Since Q3 2025, the scale has increased significantly. Actively managed cyclical theme funds can achieve relatively stable excess returns in the long run, as cyclical sectors have strong timing attributes [20]. - **Industry Allocation Characteristics**: Cyclical theme funds focus on non - ferrous metals, transportation, and basic chemicals. In 2025, the proportion of non - ferrous metals and basic chemicals increased, and they focus on sub - sectors such as industrial metals, precious metals, and aviation airports [21]. - **Funds with Growth Potential**: 40 cyclical theme growth - style funds were selected using the Morningstar style box to calculate growth scores [33]. 3.3 Cycle Theme Fund Manager Case Analysis 3.3.1 Han Chuang (Dacheng New - Edge Industry) - **Investment Framework**: Focuses on industry prosperity, company competitive advantages, and reasonable valuations, with a preference for resource products with obvious supply constraints [41]. - **Performance Attribution**: Both industry allocation and stock - selection and trading are important sources of excess returns. The main return - contributing sectors are industrial metals, precious metals, and automotive parts [54]. - **Industry Allocation**: In 2019, it was a full - market allocation. From 2020 - 2022, it increased positions in the cyclical sector, especially basic chemicals and non - ferrous metals. In 2023 - 2024, it increased positions in industrial metals. In 2025, it gradually took profits in industrial metals and increased positions in precious metals [56]. - **Stock - Selection Preferences**: Holds stocks with small - market - cap characteristics, relatively low total market value, and relatively high profitability [68]. - **Trading Capabilities**: Low trading frequency, high stock - holding concentration, and 28 effective stocks at the end of H1 2025 [68]. 3.3.2 Li Wenhai (Rongtong Industry Trend Selection) - **Investment Framework**: Combines top - down and bottom - up approaches, with a focus on industry forward - looking layout and stock - selection based on profit realization or inflection points, emphasizing valuation cost - effectiveness [71]. - **Performance Attribution**: Stock - selection and trading are the main sources of excess returns. The main return - contributing sectors are communication equipment, electricity, and precious metals [83]. - **Industry Allocation**: Heavily invested in the public utilities sector, especially the electricity and gas sectors. In 2024, it switched to non - ferrous metals and other sectors. In 2025, it increased positions in industrial metals and diversified the sector allocation [85]. - **Stock - Selection Preferences**: Holds stocks with low - valuation and high - growth characteristics, relatively high profit growth, and relatively low valuation [100]. - **Trading Capabilities**: High trading frequency, low stock - holding concentration, and 57 effective stocks at the end of H1 2025 [100]. 3.3.3 Mu Yaqian (ICBC Core Opportunity) - **Investment Framework**: Combines prosperity investment and quality investment, focuses on market expectations in the cyclical sector, and controls drawdowns. It also has a certain position in Hong Kong stocks to increase returns through AH premium [103]. - **Performance Attribution**: Stock - selection and trading are the main sources of excess returns. The main return - contributing sectors are precious metals, industrial metals, and energy metals [115]. - **Industry Allocation**: Initially built positions in the cyclical sector, focusing on industrial metals. Then it continuously increased positions in precious metals and industrial metals, and adjusted positions in other sectors [117]. - **Stock - Selection Preferences**: Holds large - cap and low - valuation stocks, with relatively high market value and relatively low valuation [129]. - **Trading Capabilities**: High trading frequency, high stock - holding concentration, and 31 effective stocks at the end of H1 2025 [129]. 3.3.4 Li You (Chuangjin Hexin Resources Theme) - **Investment Framework**: Selects high - quality sectors from a top - down perspective based on industry trends and competitive landscapes, and selects growth - oriented leading stocks from a bottom - up perspective, emphasizing safety margins [132]. - **Performance Attribution**: Both industry allocation and stock - selection and trading are important sources of excess returns. The main return - contributing sectors are industrial metals, coal mining, photovoltaic equipment, and precious metals [142]. - **Industry Allocation**: From 2017 - 2019, it increased positions in industrial metals, energy metals, and refining and trading. From 2020 - 2022, it adjusted positions in different sectors. From 2023 - 2024, it continued to increase positions in industrial metals. In 2025, it concentrated on industrial metals and adjusted positions in precious metals [145]. - **Stock - Selection Preferences**: Holds large - cap and high - profit - quality stocks, with relatively high market value and profit quality [159]. - **Trading Capabilities**: Low trading frequency, moderate stock - holding concentration, and 40 effective stocks at the end of H1 2025 [159].

Core Viewpoint - The resignation of Zou Xi, the Deputy General Manager and Equity Investment Director of Rongtong Fund, is attributed to "internal adjustments" and personal reasons, marking a significant change in the management of the firm’s funds [2][3]. Fund Management Changes - Zou Xi has resigned from managing four funds, including Rongtong Industry Prosperity Mixed and Rongtong Leading Growth Mixed, after nearly 18 years in public fund management [3]. - His tenure saw a peak management scale of 15 billion yuan, which has since plummeted to 3.925 billion yuan, a decline of over 70% due to poor performance and significant investor redemptions [4]. Performance Metrics - Zou Xi's management of Rongtong Industry Prosperity A yielded a cumulative return of 161.32% from July 2012 to September 2025, with an annualized return of 7.56% [3]. - However, recent performance has been disappointing, with Rongtong Industry Trend Selected A showing a return of -30.49% from March 2021 to October 2024 [4]. Successor Team - Rongtong Fund has appointed a new management team, with Li Jin taking over Rongtong Industry Prosperity Mixed and Rongtong Industry Trend Stocks, while He Long and a duo of Wan Minyuan and Cheng Yuekai will manage other funds [5]. - The new managers have demonstrated strong performance, with Li Jin's fund achieving a return of 39.60% over the past year, significantly outperforming its benchmark [5]. Industry Trends - The public fund industry is shifting from a focus on individual star fund managers to a more collaborative team-based approach, reflecting a broader trend in the sector [8]. - Rongtong Fund has been enhancing its integrated research and investment system since its merger with China Chengtong Group in 2022, aiming to strengthen its investment capabilities [8]. Company Overview - As of June 30, 2025, Rongtong Fund's total assets under management reached 339.8 billion yuan, with public fund assets at 154.25 billion yuan and private fund assets at 185.59 billion yuan [7]. - The firm has been working to improve its investment performance, with recent data showing its equity excess return ranking has improved over the past three years [7].