ICBC Credit Suisse Bank's State-owned Enterprise Reform Equity Securities Investment Fund (hereinafter referred to as "ICBC State-owned Enterprise Reform Equity Fund") adopts a combination of "top-down" and "bottom-up" analysis methods to deeply explore the investment opportunities brought about by the reform of state-owned enterprises and strive to obtain income beyond the performance benchmark.

Focus on the theme investment of state-owned enterprise reform: ICBC's state-owned enterprise reform stock fund adopts a combination of "top-down" and "bottom-up" analysis methods to deeply explore the investment opportunities brought about by state-owned enterprise reform. The theme of state-owned enterprise reform referred to in this fund mainly includes central state-owned enterprises and local state-owned enterprises that have implemented reform plans or have reform expectations. At the same time, in view of the extensive influence and coverage of state-owned enterprise reform, non-state-owned enterprises that benefit from related topics such as industry access, national retreat and democratic advancement belong to the investment scope of state-owned enterprise reform.

There are many investment highlights and clear development space: the Central Economic Work Conference held at the end of last year elaborated and deployed economic policies and reform ideas under the "new normal" and also focused on the reform of state-owned enterprises. With the acceleration of enterprise-level reform, the reform of state-owned enterprises is entering the second stage, and the merger and acquisition of state-owned enterprises is expected to accelerate. At present, state-owned shares have shown obvious characteristics of low valuation, low market value and low stock price. Statistics show that at 20 14, the CSI State-owned Enterprise Composite Index rose by 55.86% for the whole year, exceeding the increase of the Shanghai Composite Index in the same period.

Excellent theme fund management and outstanding historical performance: ICBC Fund Company pays attention to risk control in investment and has rich experience in industry and theme fund management. Through careful management and precise layout in 20 14, the annual net growth rates of ICBC Credit Suisse Financial Real Estate and ICBC Information Industry Fund were 102.49% and 64.3 1% respectively, and their performance was in the forefront of equity funds. He Xiaoying, one of the proposed fund managers of ICBC's state-owned enterprise reform, is the deputy director of the equity department of ICBC Credit Suisse. The income of ICBC Credit Suisse's core value stock 20 14 was 30.45%, which was 4.74 percentage points higher than the market average. Wang is one of the real estate fund managers of ICBC.

Investment suggestion: ICBC's state-owned enterprise reform stock fund adopts a combination of "top-down" and "bottom-up" analysis methods to deeply explore the investment opportunities brought about by the state-owned enterprise reform. With the acceleration of the implementation of enterprise-level reform, the reform of state-owned enterprises is entering the second stage, and the merger and reorganization of state-owned enterprises is expected to accelerate, and market value management will also become a prominent feature of this stage of reform. 20 14 The China Securities State-owned Enterprise Composite Index rose by 55.86% for the whole year, exceeding the increase of the Shanghai Composite Index in the same period. ICBC Fund Company pays attention to risk control in investment and has rich experience in industry and theme fund management.