Core Insights - The A-share market has faced pressure in recent years, impacting active equity funds and leading to poor investor experiences. However, since the introduction of the 924 policy last year, the market has rebounded, with active equity funds achieving impressive returns in 2023 [1] - Active equity funds, including ordinary stock, equity hybrid, flexible allocation, and balanced hybrid funds, have recorded an average return of 32.44% in the first three quarters of 2025, significantly outperforming mainstream broad-based indices [1] - The current market environment has led to a pronounced structural differentiation, raising the bar for fund managers' research and investment capabilities [1] Company Developments - Penghua Fund, with 26 years of investment research experience, recognizes the need to adapt to the new market environment and trends by evolving its investment research culture, talent development, and product layout [1] - The company has established a continuously iterating investment research system and a comprehensive talent pipeline, offering diverse asset allocation solutions for investors with varying risk appetites [1] - As a result of its sustained efforts, Penghua Fund has received notable ratings, with 24 of its active equity products awarded five-star or AAAAA ratings by major institutions as of the end of Q3 2025 [2] Performance Highlights - Among the rated products, Penghua Medical Technology A has achieved top rankings in various time frames within the pharmaceutical and healthcare sector, while Penghua Innovation Upgrade A has also received high ratings across multiple institutions [2][3] - Long-standing products like Penghua Brand Inheritance and Penghua Prosperity Innovation Mixed (LOF) A have withstood market tests, receiving five-star ratings over ten years from different institutions [2] - Seven active equity funds from Penghua Fund ranked in the top ten of their categories on the long-term performance list by Galaxy Securities as of September 30, 2025, showcasing the company's investment return capabilities [2] Investment Strategy - In the context of frequent structural opportunities in the equity market in 2025, Penghua Fund has developed a systematic investment research strategy that combines top-down and bottom-up approaches [3] - The company maintains a balanced industry allocation and dynamically optimizes its investment portfolio based on market changes, employing wave operations based on long-term trend judgments [3] - Penghua Fund aims to continue deepening its focus on active equity investments and enhancing its research capabilities to create long-term stable returns for investors [3]

Core Viewpoint - The A-share market is steadily rising, with the Shanghai Composite Index surpassing the 3,800-point mark, driven by policy benefits, increased capital inflow, and accelerated industrial upgrades, highlighting the growing value of equity assets [1] Group 1: Fund Performance - Penghua Fund has reported impressive results, with five actively managed equity funds doubling their performance over the past year, and 11 funds showing net value growth exceeding 90% [1] - Among the 37 funds with over 50% net value growth in the past year, technology and innovative pharmaceutical theme funds have been particularly prominent, contributing significantly to performance [1] - The top-performing funds include Penghua Carbon Neutral Theme A (164.80%), Penghua Stable Return A (109.21%), Penghua Pharmaceutical Technology A (106.17%), and Penghua New Energy Vehicle A (105.59%) [1] Group 2: Long-term Performance and Ratings - In the long-term perspective, several funds have demonstrated strong endurance, with Penghua Stable Return A, Penghua Hongjia A, and Penghua Preferred Value A receiving five-star ratings for both three-year and five-year periods [2] - Penghua Pharmaceutical Technology A and Penghua Hongyi A have achieved five-star ratings across three, five, and ten-year periods, showcasing their sustained research and investment capabilities [2] Group 3: Investment Strategy - In response to market uncertainties, Penghua Fund emphasizes the need for diverse investment strategies, creating an "Active Equity Investment Compass" to provide solutions suitable for different market environments [2] - The company recognizes the importance of balancing risk and return by utilizing value-oriented products during market volatility and high-growth funds when opportunities arise [5] - Penghua Fund is committed to building a diversified and multi-dimensional investment strategy system, focusing on growth, value, balance, and thematic investments [5]