Core Viewpoint - The report highlights the performance and management strategies of the AI Fund, specifically the China Europe Rui Da 6-Month Holding Mixed A Fund, which has shown modest growth in a challenging market environment [4][5]. Fund Performance - The fund reported a profit of 371,800 yuan in the fourth quarter, with a weighted average profit per fund share of 0.0144 yuan [4]. - The fund's net value growth rate for the reporting period was 0.85%, with a total fund size of 43.73 million yuan as of the end of the fourth quarter [4][15]. - As of January 21, the unit net value was 1.739 yuan, with a near-term performance of 2.00% over three months, 2.75% over six months, 4.82% over one year, and 12.29% over three years, ranking 329/630, 449/630, 487/630, and 263/570 respectively among comparable funds [5]. Market Analysis - The fund manager noted a transition in the bond market from "emotional recovery" to "prudent pricing" during the fourth quarter, influenced by a retreat in the equity market and a subsequent easing of redemption pressures on bond funds [4]. - The report indicates that the market experienced a brief recovery due to ample liquidity and a cleared trading structure, although concerns about future fiscal policies and supply-demand imbalances for long-term bonds led to a notable decline in long-end yields by year-end [4]. Investment Strategy - The fund's strategy involved reallocating some long-duration interest rate bonds to short-duration credit bonds to reduce duration while enhancing static returns [5]. - The fund maintained a flexible approach to managing convertible bond positions, participating in the market with a low overall position while anchoring around valuation centers [5]. Risk Metrics - The fund's three-year Sharpe ratio was 0.9492, ranking 114/541 among comparable funds [9]. - The maximum drawdown over three years was 2.41%, with the largest single-quarter drawdown recorded at 4.09% in the first quarter of 2021 [11]. Portfolio Composition - The average stock allocation over the past three years was 7.07%, significantly lower than the comparable average of 19.23%, with a peak allocation of 36.4% at the end of 2021 and a low of 5% at the end of 2025 [14]. - As of the end of the fourth quarter of 2025, the fund's top ten holdings included companies such as Taisheng Wind Power, Tonghua Dongbao, and Chengzhi Co., among others [17].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has imposed unprecedented administrative penalties on Zhejiang Ruifengda Asset Management Co., its affiliated private equity institutions, and responsible individuals for serious violations of private fund laws and regulations, marking the heaviest penalties in history [1][4]. Group 1: Penalties and Violations - Ruifengda and its affiliated institutions were fined over 41 million yuan, surpassing the previous record of 35 million yuan in the Yuce case, indicating a "zero tolerance" stance by the CSRC towards severe violations in the private fund sector [4]. - The penalties include over 28 million yuan against Ruifengda and its affiliates, and over 13 million yuan against five responsible individuals, with the actual controller of Ruifengda facing a lifetime ban from the securities market [1][4]. Group 2: Regulatory Actions and Future Plans - The CSRC plans to continue strict enforcement against illegal fundraising, misappropriation, self-financing, and other serious violations in the private fund sector, aiming to enhance the cost of violations and purify the market environment [4]. - In 2025, the regulatory body took administrative measures against over 600 institutions and individuals, initiated around 30 investigations, and referred approximately 40 criminal leads to law enforcement [4]. Group 3: Self-Regulation and Education - The Asset Management Association of China (AMAC) has simultaneously canceled the management registration of Ruifengda and published typical cases of disciplinary actions to enhance compliance awareness within the private fund industry [6][7]. - The regulatory framework includes a multi-faceted approach to accountability, combining self-regulation, administrative penalties, and potential criminal referrals to ensure compliance and promote healthy industry development [7].

Core Viewpoint - The AI Fund Huashan Dual-Core Driven Mixed A (006121) reported a profit of 4.6158 million yuan for Q4 2025, with a net asset value growth rate of 9.5% during the reporting period [2]. Fund Performance - As of January 22, the fund's unit net value was 2.31 yuan, with a one-year cumulative net value growth rate of 36.45%, ranking 339 out of 673 comparable funds [2][4]. - The fund's performance over different time frames includes a three-month growth rate of 9.37% (ranked 324/689) and a six-month growth rate of 26.17% (ranked 305/689) [4]. Investment Strategy - The fund manager indicated a strategy of reducing holdings in the already appreciated non-ferrous metals sector while increasing positions in select stocks within the chemical, travel, and consumer sectors [3]. - The fund continues to hold non-bank financials and shipbuilding sectors, which are viewed positively and not overvalued [3]. Fund Characteristics - The fund's average stock position over the past three years was 91.53%, significantly higher than the industry average of 84.04% [15]. - As of Q4 2025, the fund's total assets amounted to 50.8559 million yuan [17]. - The fund has a high concentration of holdings, with its top ten stocks including major companies such as China Pacific Insurance, China Life, and Midea Group [20]. Risk and Return Metrics - The fund's Sharpe ratio over the past three years was 0.7343, ranking 72 out of 383 comparable funds [10]. - The maximum drawdown over the past three years was 29.54%, with the largest single-quarter drawdown occurring in Q1 2021 at 27.58% [12].

400 → 389,88 0 - 200 100 0 28 07 2 6 6 40.68 -65.64 -100 =135.9 -200 -300 3-09-30 124-03-30 -06-30 <3-12-30 24-06-30 4-09-30 4-12-30 2n. -○- 公司 -○- 行业均值 100 93o25 ହ 90 80 70 60 50 40 30 20 10 0 2023-12-30 ' +-12-30 · 4-06-30 4-03-30 2n- -O- 公司 -O- 行业均值 制图数据来自恒生聚源数据库 中证智能财讯东芯股份（688110）1月23日晚间披露2025年度业绩预告，预计2025年实现营业收入9.21亿元，同比增长43.75%；归母净利润亏损1.74亿元至 2.14亿元，上年同期亏损1.67亿元；扣非净利润亏损2.01亿元至2.41亿元，上年同期亏损2.01亿元。以最新收盘价计算，市净率（LF）约17.1倍，市销率 （TTM）约57.74倍。 以本次披露业绩预告均值计算，公司近年市盈率（TTM）图如下所示： 近年来市盈率变化情况（倍） 市净率(LF)历史分位(%) 100 ...

Core Viewpoint - The company Jimin Health (603222) has announced a forecast for a net loss of 210 million to 250 million yuan for the year 2025, compared to a loss of 59.71 million yuan in the previous year [4] Financial Performance - The expected net profit loss for 2025 is between 210 million and 250 million yuan, with a non-recurring net profit loss estimated at 205 million to 245 million yuan, compared to a loss of 58.69 million yuan in the previous year [4] - The company's price-to-book ratio (LF) is approximately 3.55 times, and the price-to-sales ratio (TTM) is about 7.78 times based on the latest closing price [4] Business Impact Factors - The company's revenue has declined further due to factors such as U.S. tariff policies and the "He Qinghong stamp forgery incident," leading to increased losses [15] - The company has made provisions for inventory impairment of approximately 37 million yuan for pre-filled catheter flushing devices and safety syringes [15] - Losses related to the "He Qinghong and others forging company seals" case have been confirmed at around 38 million yuan [15] - The performance of Ezhou Second Hospital has declined compared to the previous year, prompting the company to make a goodwill impairment provision of approximately 20 million yuan [15]

Core Viewpoint - The company is forecasting a net loss for 2025, with expected losses ranging from 2.6 million to 3.9 million yuan, a significant decline from a profit of 36.12 million yuan in the previous year [4]. Financial Performance - The company anticipates a non-recurring net profit loss between 11 million and 16 million yuan, compared to a profit of 25.56 million yuan in the same period last year [4]. - The latest closing price indicates a price-to-book ratio (LF) of approximately 5.38 times and a price-to-sales ratio (TTM) of about 14.57 times [4]. Business Operations - The company specializes in network intelligence and information security solutions, including hardware and software [15]. - The gross profit margin is around 60%, which has increased compared to the previous year, but the operating revenue has declined due to reduced capital expenditures from operators [15]. - The company is in the process of expanding its new subsidiaries, which have not yet contributed to profits [15]. - There has been an increase in interest expenses due to the issuance of convertible bonds in 2025, alongside increased R&D expenditures [15]. Market Expansion - The company is actively expanding in AI solutions, large network security, vehicle networking security, and overseas markets, achieving some success [16]. - The order backlog has increased compared to the previous year, indicating a healthy demand for the company's services [16].

中证智能财讯永创智能（603901）1月23日晚间披露2025年度业绩预告，预计2025年归母净利润1.28亿元至1.55亿元，同比增长721.57%-894.86%；扣非净利 润预计1.2亿元至1.47亿元，同比增长6817.95%-8374.49%。以1月23日收盘价计算，永创智能目前市盈率（TTM）约为50.33倍-60.95倍，市净率（LF）约3.18 倍，市销率（TTM）约1.93倍。 以本次披露业绩预告均值计算，公司近年市盈率（TTM）图如下所示： 近年来市盈率变化情况 (倍) 300 @00 100 45662 26.88 42898 31845 24928 24878 24065 0 -100 -200 -300 2022-06-30 : 2021-06-30 2021-12-37 J-12-37 22-12-37 4-06-30 3-12-37 2n- -○- 公司 -○- 行业均值 制图数据来自恒生聚源数据库 市净率(LF)历史分位(%) 100 ହି ୨୦ 84-33 80 70 6673 60 50-71 50 43.5 40 37605 30 20 -18-56 10 3.32 0 ...

中证智能财讯格尔软件（603232）1月23日晚间披露2025年度业绩预告，预计2025年归母净利润亏损6000万元至9000万元，上年同期盈利3681.21万元；扣非 净利润亏损8000万元至1.2亿元，上年同期盈利1569.42万元。以最新收盘价计算，市净率（LF）约4.12倍，市销率（TTM）约12.84倍。 以本次披露业绩预告均值计算，公司近年市盈率（TTM）图如下所示： 近年来市盈率变化情况（倍） 800 708.39 9600 609 + 400 200 123.49 89.66 67.83 54.89 64812 55,93 0 -200 2021-12-37 2020-12-37 2022-06-30 2021-06-30 2022-12-37 3-06-30 3-72-3- 2n- -○- 公司 -○- 行业均值 100 93-4 ହି ୨୦ 80 70 60 50 48871 4689 40 37661 30 20 10 0 2027-12-37 I 2020-12-37 1 2022-72-37 1 2021-06-30 1 3-12-37 . 3-06-30 2022-06-30 ' ...

中证智能财讯华脉科技（603042）1月23日晚间披露2025年度业绩预告，预计2025年归母净利润亏损5800万元至7200万元，上年同期盈利1456.95万元；扣非 净利润亏损6800万元至8200万元，上年同期亏损1071.24万元。以最新收盘价计算，市净率（LF）约3.24倍，市销率（TTM）约3.19倍。 以本次披露业绩预告均值计算，公司近年市盈率（TTM）图如下所示： 近年来市盈率变化情况 (倍) 800 -778.33 ড্রি00 400 200 58:25 79 63 44-59 0 -720 -200 -400 2022-06-30 2021-12-37 2021-06-30 ' 2022-12-37 2020-12-37 -3-06-30 23-12-3- 2n- -○- 公司 -○- 行业均值 100 984 ହ 90 80 70 60 60 43 50 45.25 40 30 20 15.88 10 0 2027-12-37 | 2021-06-30 | 2020-12-37 I 4-06-30 3-06-30 1 2022-06-30 | 2022-12-37 | 023-12-3 ...

中证智能财讯拱东医疗（605369）1月23日晚间披露2025年度业绩预告，预计2025年归母净利润4400万元至5600万元，同比下降67.37%-74.36%；扣非净利润 预计5400万元-6600万元，同比下降60.75%-67.89%。以1月23日收盘价计算，拱东医疗目前市盈率（TTM）约为77.37倍-98.47倍，市净率（LF）约2.52倍， 市销率（TTM）约3.85倍。 ） 制图数据来自恒生聚源数据库 以本次披露业绩预告均值计算，公司近年市盈率（TTM）图如下所示： 近年来市盈率变化情况 (倍) 100 @ 80 60 29-39 50.6 45x79 40 42082 32-37 3 588 2422 20 0 2021-06-30 | 2027-12-37 1 2022-12-37 1 2020-12-37 ' 023-12-37 ' 4-06-30 2022-06-30 | 023-06-30 ' 2n- -○- 公司 -○- 行业均值 100 970 94a4 ହ 90 83 - 8 80 76072 70 60 50 40 40.4 30 20 10 7.32 7.56 0 2020 ...