ZD Leader(002896) 新浪基金·2025-04-22 09:45Core Viewpoint - The first quarter of 2025 has shown significant performance divergence among equity funds in the A-share market, with a strong lead from carbon neutrality themes while consumption and energy sectors remain under pressure [1][3]. Fund Performance Summary - As of April 21, 2025, there are 28 equity funds with assets exceeding 10 billion yuan, indicating a robust market presence [1]. - The top-performing fund, Penghua Carbon Neutrality Theme A, achieved a return of 60.26% in Q1 2025, with a year-to-date return of 46.94% and a fund size of 10.896 billion yuan [2][3]. - In contrast, funds focused on consumption and traditional energy, such as Xingquan Trend Investment and Huaxia Energy Innovation A, reported negative returns of -6.31% and -0.89%, respectively, highlighting market divergence in growth and valuation recovery [3]. Fund Manager Strategy - Fund manager Yan Siqian has made significant adjustments in the portfolio of Penghua Carbon Neutrality Theme A, focusing on high-growth sectors like precision manufacturing and robotics [4][8]. - The fund's top ten holdings have shifted to include companies like Zhongdali De and Zhenyu Technology, while reducing positions in traditional automation firms [4][5]. - The strategy emphasizes a focus on high-prospect niche sectors and dynamic optimization of leading stocks, enhancing the fund's offensive capabilities while maintaining a carbon neutrality theme [8]. Market Outlook - The demand for new energy is projected to grow at an average annual rate of 20% until 2030, driven by China's status as the largest carbon emitter and manufacturing country [8]. - Key technological breakthroughs expected in 2025 include solid-state batteries, photovoltaic perovskites, and advancements in robotics, which are crucial for China's manufacturing technology upgrade [8].