On January 22, the Harvest Value Select Stock Fund, managed by renowned fund manager Tan Li, released its 2025 fourth-quarter report. The report indicated that at the end of the fourth quarter of 2025, the fund's top ten major holdings were Zijin Mining Group (601899.SH), Hualu Hengsheng (600426.SH), Chifeng Gold (600988.SH), SITC International (01308), Nanjing Iron & Steel (600282.SH), Yealink Network Technology (300628.SZ), Ninebot (689009.SH), Binjiang Group (002244.SZ), Hisense Visual Technology (600060.SH), and China Merchants Bank (600036.SH). Compared to the end of the third quarter of 2025, Ninebot and Binjiang Group were newly added to the fund's top ten holdings, while Bank of Chengdu exited the list. Regarding portfolio allocation, the fund's equity position stood at 91.88% by the end of the fourth quarter.
In terms of performance, the net asset value per unit for the Harvest Value Select Stock A share class was 2.2893 yuan by the end of the quarter, with a reported period growth rate of -0.32%. The net asset value per unit for the C share class was 2.2825 yuan, recording a growth rate of -0.48% for the reporting period; the benchmark return was -2.06%. Tan Li stated in the quarterly report that from a macro asset perspective, both gold and industrial metal prices saw significant increases in the fourth quarter. Gold is being positioned within a narrative as an alternative to the US dollar, while resource nationalism and increased strategic metal reserves by developed nations are causing disruptions on the supply and demand sides, respectively, temporarily widening the supply-demand gap. Multiple factors are contributing to the sustained rise in commodity prices. Concurrently, potential US interest rate cuts might initiate a new investment cycle. Therefore, even though commodity prices have already risen substantially, the supply response time is lengthy. Subsequent observation is needed regarding the inhibitory effect of price increases on demand and potential changes on the supply side. While precious metals, industrial metals, and energy prices are rising, oil prices have continued to fall, reflecting the impact of the energy transition and economic weakness. However, theoretically, commodity prices exhibit some degree of correlation, and close attention will be paid to subsequent changes in energy prices.
Returning to the A-share market, after hitting a bottom and reversing in the third quarter of 2024, it experienced another significant rally in the third quarter of 2025. Both the STAR Market and the ChiNext Board have achieved approximately 50% gains year-to-date. This is driven by a grand technological narrative but is also accompanied by various thematic trends. Market risk appetite is very high, and liquidity is abundant. The assessment is that market risks are gradually accumulating, valuations have improved significantly, and structural divergence is severe. Driven by current prosperity and optimistic future expectations, the market capitalization of some assets has surged enormously. When this paper wealth needs to be converted into cash, significant price volatility is difficult to avoid.
Tan Li noted that the extreme structural divergence weakens the reference value of aggregate data. Conversely, the low valuations in certain sectors reveal potential future investment opportunities. The portfolio's P/E and P/B ratios remain at relatively low levels. Compared to the mid-year and the third quarter, allocation to nonferrous metals was slightly increased, while gains were realized on the significantly appreciated precious metals stocks. Structural adjustments were made to individual stocks within cyclical sectors such as chemicals, machinery, and real estate, but the overall allocation proportions were maintained. It is anticipated that 2026, as the inaugural year of the 15th Five-Year Plan, will see domestic policies maintaining strategic focus while steadily increasing aggregate policy support and exploring new measures to stabilize investment and expand domestic demand.
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