Core Viewpoint - The AI Fund, China Enterprise Dividend Mixed A (019015), reported a profit of 1.6032 million yuan for Q2 2025, with a net value growth rate of 4.59% during the period, and a total fund size of 33.8038 million yuan as of the end of Q2 2025 [3][16]. Fund Performance - As of July 18, the unit net value was 1.128 yuan, with a one-year cumulative net value growth rate of 9.58%, ranking 446 out of 584 comparable funds [3][4]. - The fund's performance over the last three months showed a growth rate of 8.11%, ranking 436 out of 615, and over the last six months, it had a growth rate of 9.65%, ranking 338 out of 615 [4]. Investment Strategy - The fund manager indicated that with the implementation of U.S. President Trump's tariff policies, global trade tensions are rising. They believe that state-owned enterprise stocks with self-controllable and domestic demand attributes will have better defensive characteristics [3]. - The report suggests that the concept of "dividend" investment, particularly high-dividend stocks, is expected to expand to broadly defined dividend stocks with potential high dividend capabilities. These companies typically have high operational barriers, stable ROE, and abundant operating cash flow, indicating a potential for sustained dividends while still being undervalued historically [3]. Fund Holdings - As of June 27, the fund's top ten holdings included Yanzhou Coal Mining Company, Shandong Publishing Group, Zoomlion Heavy Industry Science and Technology Co., New Media Group, Bohai Ferry, Phoenix Media, Nanjing Steel Group, Nanjing High Accurate Drive Equipment Manufacturing Group, China Shenhua Energy Company, and China Construction Bank [19]. Risk Metrics - The fund has a Sharpe ratio of 0.6765 since inception, indicating a reasonable risk-adjusted return [9]. - The maximum drawdown since inception is 14.12%, with the largest quarterly drawdown occurring in Q3 2024 at 11.88% [12]. Fund Positioning - The average stock position since inception has been 91.66%, compared to the peer average of 83.17%. The fund reached a peak stock position of 93.42% at the end of Q1 2024 and a low of 89.12% at the end of 2024 [15].

Industry Overview - The book retail industry refers to the process of selling books directly to end consumers, utilizing careful selection, pricing, promotion, and distribution to meet consumer demand while achieving commercial benefits for publishers and distributors [3] - Since 2020, China's book retail market has experienced fluctuations, with the market size declining from 98.7 billion yuan in 2021 to 87.1 billion yuan in 2022 [6] - In 2023, the market began to recover, with the retail market size slightly increasing to 91.2 billion yuan, representing a growth rate of 4.7% [6] Market Trends - By 2024, the integration of online and offline book sales channels has been established, driven by the rise of short video e-commerce and innovations in physical bookstores, leading to a significant market growth [6] - The industry code volume has reached 112.9 billion yuan in 2024, with a year-on-year growth rate of 23.8% [6] - The market is undergoing transformation, reflected in changes in consumer habits, marketing models, channel diversification, policy support, and technological advancements [8] Sales Channel Structure - In 2024, the market share of different sales channels is as follows: platform e-commerce accounts for 40.92%, short video e-commerce for 30.48%, vertical and other e-commerce for 14.71%, and offline physical stores for 13.99% [8] - The significant increase in the market share of short video e-commerce and offline physical stores compared to the previous year indicates a dynamic growth in the book retail sector [8] Key Players - Notable listed companies in the industry include CITIC Publishing (300788), China South Publishing (601098), Xinhua Wenhui (601811), and others [2] - Other relevant enterprises include Zhejiang Xinhua Bookstore Group, Beijing Ren Tian Bookstore Group, and various local bookstores [2]

Core Insights - The Chinese book retail market has experienced fluctuations since 2020, with a decline in market size from 987 billion yuan in 2021 to 871 billion yuan in 2022, followed by a slight recovery to 912 billion yuan in 2023, representing a growth rate of 4.7% [1][5] - In 2024, the market is expected to achieve rapid growth, with the industry scale reaching 1,129 billion yuan, a year-on-year growth rate of 23.8%, driven by the rise of short video e-commerce and innovations in physical bookstores [1][5] Industry Overview - Book retail refers to the process of selling books directly to end consumers, involving careful selection, pricing, promotion, and distribution to meet consumer demand while achieving commercial benefits for publishers and distributors [2] - The industry has seen a stable growth in the number of physical bookstores, with a rise of distinctive and diverse new bookstores, contributing to a preliminary establishment of an integrated online and offline sales channel [2] Market Dynamics - The book retail market is undergoing transformation, reflected in changes in consumer habits, marketing models, channel diversification, policy support, and technological advancements [7] - In 2024, the market structure shows that platform e-commerce accounts for 40.92% of the market, short video e-commerce for 30.48%, while vertical and other e-commerce and offline physical stores account for 14.71% and 13.99%, respectively [7] Book Categories - The largest category in the book retail market is children's books, accounting for 28.16% of the market in 2024, followed by educational materials at 25.33%, supported by a large user base of students [9] Competitive Landscape - The market competition is characterized by diversification and the integration of online and offline sales. Major online platforms like Dangdang and JD Books dominate the market, while physical bookstores like Xinhua Bookstore and independent bookstores enhance their competitiveness through cultural experiences and events [11] - Companies such as CITIC Publishing, Zhongnan Media, and Xinhua Wenhui are key players in the market, each with distinct business focuses ranging from educational materials to digital publishing [13] Development Trends - The integration of online and offline channels is accelerating, with a predicted stable online channel share of 65%-70% and offline bookstores achieving 30%-35% in the next five years [17] - Digitalization and personalized services are emerging trends, with the digital education market expected to exceed 5 billion yuan by 2025, accounting for 15% of the overall market [18][19] - Government policies are continuously supporting the industry's transformation and high-quality development, with initiatives like a 5 billion yuan fund for physical bookstore upgrades [20]

Core Viewpoint - The company has approved the use of idle raised funds for cash management, specifically investing up to RMB 650 million in low-risk, high-security structured deposit products to enhance fund efficiency and returns for shareholders [1][2][3]. Group 1: Cash Management Product Redemption - The company purchased a structured deposit product from Industrial and Commercial Bank of China (ICBC) on May 30, 2024, with a total investment of RMB 650 million, which matured on May 19, 2025, yielding a total return of RMB 15,697,232.88 [2][3]. - The investment was fully recovered without any overdue amounts, and the funds were returned to the designated account for raised funds [2][3]. Group 2: Fundraising and Investment Purpose - The company raised a total of RMB 2,711.70 million through an initial public offering, with a net amount of RMB 2,620.05 million after deducting issuance costs [3]. - The purpose of using idle funds for cash management is to improve fund efficiency and increase returns without affecting the construction of investment projects [3][4]. Group 3: Investment Details - The total amount allocated for cash management is RMB 650 million, which is the maximum limit set for such investments [4]. - The structured deposit product has a maturity date of May 19, 2026, and is designed to be low-risk with a guaranteed principal [4][5]. Group 4: Risk Management - The structured deposit products are classified as low-risk investments with high security and liquidity, and the company has implemented measures to monitor and manage potential risks [5]. - The management team is responsible for overseeing the cash management products, with the finance department analyzing and tracking the investment's performance [5]. Group 5: Impact on the Company - The cash management initiative is expected to enhance fund efficiency and provide better returns to shareholders without significantly impacting the company's main business or financial status [6]. - The cash management investment represents 10.75% of the company's cash at the end of the most recent reporting period [6].

证券代码：601019 证券简称：山东出版 公告编号：2025-030 山东出版传媒股份有限公司 关于使用闲置募集资金进行现金管理到期赎回并 继续进行现金管理的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性 和完整性承担法律责任。 重要内容提示： 投资种类：银行结构性存款产品 投资金额：人民币 6.5 亿元 履行的审议程序：山东出版传媒股份有限公司（以下简称 "公司"）于 2025 年 5 月 7 日召开的公司 2024 年年度股东大会 审议通过了《关于公司使用部分闲置募集资金进行现金管理的议 案》，同意公司在确保不影响募集资金投资项目建设和募集资金 使用的情况下，使用不超过 6.5 亿元的暂时闲置的募集资金进行 现金管理，适时购买安全性高、流动性好、低风险且符合相关法 律法规及监管要求的现金管理类产品，自股东大会审议通过之日 起 12 个月之内有效，在上述额度和期限范围内，该笔资金可滚 动使用，由公司经营管理层负责现金管理产品的管理。详见公司 在指定媒体及上交所网站披露的公告（公告编号:2025-018、 1 2025-026）。 特别风险 ...

证券代码：601019 证券简称：山东出版 公告编号：2025-031 山东出版传媒股份有限公司 关于使用闲置自有资金进行现金管理的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性 和完整性承担法律责任。 重要内容提示： 履行的审议程序：山东出版传媒股份有限公司（以下简称 "公司"）于 2025 年 5 月 7 日，召开公司 2024 年年度股东大会 审议通过了《关于公司使用部分闲置自有资金进行现金管理的议 案》，同意公司在确保资金安全、操作合规合法、保证正常生产 经营不受影响的前提下，拟使用最高额度不超过 15 亿元人民币 的自有闲置资金，适时购买产品品种为安全性高、流动性好、低 风险的现金管理类产品，自股东大会审议通过之日起 12 个月之 内有效。在上述额度和期限范围内，该笔资金可滚动使用，由公 司经营管理层负责理财产品的管理。详见公司在指定媒体及上交 所网站披露的公告（公告编号：2025-017、2025-026）。 特别风险提示：公司购买的为安全性高、流动性好、低风 1 投资种类：银行结构性存款产品 投资金额：人民币 7 亿元 险的 ...

主力资金净流出的行业有13个，国防军工行业主力资金净流出规模居首，全天净流出资金30.14亿元， 其次是基础化工行业，净流出资金为26.24亿元，净流出资金较多的还有计算机、交通运输、有色金属 等行业。 传媒行业今日上涨1.98%，全天主力资金净流入14.78亿元，该行业所属的个股共130只，今日上涨的有 117只，涨停的有2只；下跌的有11只。以资金流向数据进行统计，该行业资金净流入的个股有74只，其 中，净流入资金超5000万元的有8只，净流入资金居首的是奥飞娱乐，今日净流入资金4.27亿元，紧随 其后的是浙文互联、汤姆猫，净流入资金分别为3.15亿元、2.40亿元。传媒行业资金净流出个股中，资 金净流出超3000万元的有5只，净流出资金居前的有光线传媒、山东出版、ST华通，净流出资金分别为 9832.09万元、7314.45万元、5335.67万元。 传媒行业资金流入榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 002292 | 奥飞娱乐 | 10.02 | 13.73 | 42723 ...

证券代码：601019 证券简称：山东出版 公告编号：2025-029 山东出版传媒股份有限公司（以下简称"公司"）已于 2025 年 4 月 10 日发布公司 2024 年度报告，于 2025 年 4 月 30 日发布 公司 2025 年第一季度报告，为便于广大投资者更全面深入地了 解公司 2024 年度和 2025 年第一季度经营成果、财务状况，公司 计划于 2025 年 05 月 28 日（星期三）13:30-14:45 举行 2024 年 度暨 2025 年第一季度业绩说明会，就投资者关心的问题进行交 流。 一、 说明会类型 本次投资者说明会以视频录播和网络文字互动问答形式召 开，公司将针对 2024 年度和 2025 年第一季度的经营成果及财务 指标的具体情况与投资者进行互动交流和沟通，在信息披露允许 的范围内就投资者普遍关注的问题进行回答。 山东出版传媒股份有限公司 关于召开 2024 年度暨 2025 年第一季度 业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和 完整性承担法律责任。 重要内容提示： 会议召开时间：2 ...

本周分红派息仍在进行中，中证红利指数中恒源煤电、山东出版、建发股份、同力股份将陆续进行股权登记，合计分红21.72亿。 资料显示，中证红利ETF（515080）跟踪中证红利指数，主要选取两市现金股息率高、分红连续性在三年及以上、同时具有一定规模及流动性 的100只股票为成份股，采用股息率加权，反映A股市场高红利股票的整体表现。根据公告，中证红利ETF上市以来已经连续12次分红。过去五 年，中证红利ETF年度分红比例分别为4.53%、4.14%、4.19%、4.78%、4.66%。 | 近3年 | 近1年 | | 近10年 | | --- | --- | --- | --- | | 上证指数 | 7.93% | 9.18% | -24.78% | | 中证红利 | -2.93% -- | 8.51% | 10.26% | | 中证红利全收益 3.12% 27.81% 68.61% | | | | 中证红利全收益指数近十年走势 100.00% - 80.00% 60.00% 40.00% 20.00% 0.00% -20.00% -40.00% -60.00% 19-05 20-05 21-05 22-05 24 ...

证券代码：601019 证券简称：山东出版 公告编号：2025-028 山东出版传媒股份有限公司2024年年度权益分派实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误 导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担 法律责任。 重要内容提示： ? 每股分配比例 A 股每股现金红利0.31元 ? 相关日期 股份类别 股权登记日 最后交易日 除权（息）日 现金红利发放日 Ａ股 2025/5/21 － 2025/5/22 2025/5/22 ? 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 7 日的2024年年度股东大会审议 通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结 算有限责任公司上海分公司（以下简称"中国结算上海分公司" ）登记 在册的本公司全体股东。 本次利润分配以方案实施前的公司总股本2,086,900,000股为基 数 ， 每 股 派 发 现 金 红 利 0.31 元 （ 含 税 ）， 共 计 派 发 现 金 红 利 三、 相关日期 股份类别 股权登记日 最后交易日 除权（息 ...