Main investment sector: The net value of Nuoan Growth Hybrid Securities Investment Fund (referred to as Nuoan Growth Hybrid, code 320007) rose by 3.46% on August 27th, which attracted investors' attention. The current net value of the fund unit is 1.7640 yuan, and the accumulated net value is 2.2090 yuan. Since the establishment of Nuoan Growth Mixed Fund, the income has been 163.54%, this year's income is 4 1.9 1%, the income in the last month is -3.29%, the income in the last year is 96.66%, and the income in the last three years is 84.33%. Since its establishment, Nuoan Growth Mixed Fund has paid dividends for four times, with a cumulative dividend of 494 million yuan. At present, the fund is open for subscription. The fund manager is Cai Songsong, who has been managing the fund since February 20, 20 19, and the income during his tenure is 145.34%.

1. The latest periodic report of the fund shows that the fund holds shares in Sheng Bang (12.64%), North Huachuang (9.7 1%), Zhuo Shengwei (9.03%), Zhao Yi Innovation (8.87%) and Weir (8.76%). Analysis of fund investment strategy and operation during the reporting period During the reporting period, the net value of Nuoan Growth Hybrid Fund rose by 37.63%, the Shanghai Composite Index rose by 8.52%, the Growth Enterprise Market Index rose by 30.25%, and the Shanghai and Shenzhen 300 Index rose by 12.96%.

2. The main reason for the rise and fall of the fund's net value during the reporting period: in April, the technology sector fluctuated sideways, and the pharmaceutical sector performed outstandingly. While the overseas epidemic continues to rise, the technology industry, which is most affected by the overseas epidemic demand, is in a downturn. The pharmaceutical sector that benefited from the epidemic has performed outstandingly. In May, the domestic and global willingness to return to work was strong, the epidemic situation was stable, and the market rebounded rapidly. At first glance, the epidemic situation in Europe and America showed an inflection point. The global epidemic is bound to be a long-term process, and the full resumption of work in the third quarter is a high probability event. In this case, the market began to repair pessimistic expectations, and the sector represented by science and technology rebounded rapidly. In June, the domestic epidemic was repeated, and the main rising wave of the pharmaceutical sector was the outbreak of a new epidemic in Beijing. The domestic epidemic situation is repeated, the pharmaceutical sector leads the rise, and the science and technology sector fluctuates sideways.

3. Operation strategy and future view: The comprehensive resumption of work in the third quarter is a high probability event and should not be pessimistic. At present, there are only two systemic risks affecting the market: the second outbreak of the epidemic and the tightening of liquidity. The normalization of the global epidemic has become inevitable, and the liquidity may be slightly adjusted before the economy improves, but the probability of big changes is small. Therefore, in the case that these two premises will not happen, we only need to pay attention to the industry itself and stock price expectations. Looking forward to the future, there are three major judgments: First, the probability of systemic risk is low. There are only two systemic risks affecting the market: the second outbreak of the epidemic and the tightening of liquidity. The normalization of the global epidemic has become inevitable, and the liquidity may be fine-tuned but greatly changed before the economy improves.