After experiencing a three-year adjustment in growth stocks, 2025 has become a year for many actively managed equity funds to reassess their positioning. Valuation recovery is no longer the main theme; performance realization has returned to the center stage.
The fourth-quarter report of ChinaAMC Core Manufacturing coincidentally appears at this turning point.
This is not only a periodic report card but also the first complete quarterly answer sheet since the fund manager took over the product. Compared to short-term fluctuations, what is more worthy of attention in this quarterly report is its judgment on the position of growth stocks and how to implement that judgment into specific holdings and operational discipline.
<h2>Timing of Fund Manager Takeover</h2>
The fourth-quarter report of ChinaAMC Core Manufacturing Hybrid has an unavoidable background change.
The fund manager, Gu Xinfeng, took over ChinaAMC Core Manufacturing on December 23, 2024, and this quarterly report is the first complete report under his formal management.
From his resume, Gu Xinfeng joined ChinaAMC in July 2012, starting as a researcher and later serving in various departments such as ChinaAMC Capital, New Third Board Business Department, and Equity Investment Department, covering multiple aspects of research, investment, and management.
Since June 2020, he has begun to independently manage public funds, and at the end of 2024, he took over ChinaAMC Core Manufacturing, currently managing a total scale of approximately 5.6 billion yuan. From the perspective of frontline investment, he is a typical research-oriented fund manager rather than one who became famous through a single style label.
This also determines that this quarterly report is more like a concentrated display of methodology and framework rather than an emotional expression centered around short-term performance.
<h2>Heavyweight Stock Structure, Clear Core Manufacturing Theme</h2>
From the top ten heavyweight stocks disclosed in the quarterly report, the allocation structure of this fund shows a high degree of consistency.
The top ten heavyweight stocks are Geely Automobile, Zhongji Xuchuang, CATL, Sitaiwei, Tencent Holdings, Keda Li, Luxshare Precision, Naxinwei, and Sirepu.
From the industry distribution, the core characteristics of the portfolio are quite clear.
First, it is highly focused on core manufacturing. Whether it is semiconductor-related Sitaiwei, Naxinwei, Sirepu, or key links in the manufacturing chain such as Luxshare Precision and Keda Li, they all belong to critical segments of the manufacturing industry.
Second, the industrial chain attributes are obvious. Complete vehicles, components, upstream materials, and equipment together constitute a multi-point layout around automobiles, semiconductors, and electronic hardware, rather than a concentrated bet on a single track.
Third, the concentration is not low but still maintains diversification. The top ten account for nearly half, but the highest single holding is about 9.73%, with no extreme concentration in individual stocks. This structure is more aligned with a combination approach centered on direction and diversified by individual stocks.
It is worth noting that Hong Kong stocks are already reflected in the top ten, with Tencent Holdings and Geely Automobile being Hong Kong-listed targets.
From the perspective of frontline investment, such a combination does not pursue short-term explosive power but emphasizes the integrity and traceability of industrial direction.
<h2>Position of the Growth Sector</h2>
In the quarterly report, the fund manager first makes a judgment on the long-term position of the growth sector.
From the peak in 2021 to the low in 2024, the continuous decline of about three years for the growth sector has kept the market overall in a state of overlapping valuation bottom, sentiment bottom, and performance expectation bottom. Many quality individual stocks are being &#34;discounted&#34; compared to the 2021 peak, and many stocks that could only be looked up to in terms of valuation have entered a &#34;fair price&#34; mode
From a medium to long-term perspective, the period from the low point in 2024 to now has been a good time to gradually buy growth stocks. Although this process still requires patience, it will also be accompanied by fluctuations.
The core of this judgment lies in the fact that fund managers do not believe that growth stocks have entered a smooth one-sided upward trend, but are instead in a stage that requires patient participation and gradual repair.
<h2>Market Changes After Rapid Rise</h2>
After confirming the medium to long-term direction, fund managers further discussed the changes in the short-term environment.
Of course, after the end of September last year, accompanied by unexpectedly strong stimulus policies, the market experienced a sharp upward breakthrough. On one hand, this indicates that the long wait in the past was worthwhile; on the other hand, after the rise at the end of September and early October last year, many individual stocks quickly recovered. Due to the lack of substantial changes in the short-term fundamentals, the rapid rise has entered a range of consolidation, with many sectors and stocks rising quickly and also experiencing sharp declines.
The valuation center of many growth companies has shifted from being significantly suppressed to currently being basically reasonable. Future stock price increases may not rely solely on valuation expansion, but more on earnings growth.
Fund managers also pointed out that many stocks that did not exceed expectations or fell below expectations in the third quarter reports have seen declines, which further reminds us to be particularly cautious in stock selection; the phase of merely &#34;pulling valuations&#34; has gradually passed.
This is a judgment clearly leaning towards practical experience, emphasizing that after valuation repair, the importance of earnings realization is increasing.
<h2>Boundaries of Operational Discipline and Flexibility</h2>
After clarifying the market stage, fund managers also provided boundary descriptions for operational principles.
Of course, this does not change the medium to long-term strategic bullish outlook, but in the short to medium term, operations on individual stocks need to be particularly cautious and moderately flexible, with gradual profit-taking as the target price is approached.
The information conveyed in this statement is quite clear. On one hand, the long-term direction has not changed; on the other hand, in terms of specific execution, it is necessary to respect market rhythms rather than mechanically holding positions.
<h2>Layout Direction of Core Manufacturing</h2>
In terms of specific allocation, fund managers returned to the main line of core manufacturing.
The fund still primarily focuses on core manufacturing industries in China that have competitive advantages and technological attributes. This quarter, further refinement and sorting of the major direction of manufacturing have continued, adhering to several major directions reported in the last quarterly report, including semiconductor equipment, manufacturing, materials direction, automotive industry chain direction, including complete vehicles, components, intelligent driving chain, humanoid robots, lithium battery industry chain, military industry sector, high-end manufacturing industry chain related to computing power and innovation, wind power, photovoltaic energy storage industry chain, consumer electronics, and smart hardware industry chain.
The above seven major directions basically cover the core manufacturing industries that align with the new quality productive forces and high-quality development direction, and are also friendly to industrial policies, with huge industry space and promising development prospects.
This quarter, fund managers further sorted and refined the individual stock holdings, gradually concentrating on high-quality leading companies and those with favorable performance trends that are expected to achieve high growth throughout the year through extensive field research and tracking studies

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Research-oriented fund managers take over, focusing on core manufacturing, emphasizing valuation repair and performance realization

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