长城国企优选混合发起式A：2025年第二季度利润57.46万元 净值增长率5.84%

Core Viewpoint - The AI Fund Changcheng State-Owned Enterprise Preferred Mixed Initiation A (019277) reported a profit of 574,600 yuan in Q2 2025, with a net value growth rate of 5.84% for the period [3][17]. Fund Performance - As of July 17, the fund's unit net value was 1.065 yuan, with a one-year cumulative net value growth rate of 8.82%, ranking 462 out of 584 comparable funds [3][4]. - The fund achieved a three-month net value growth rate of 8.36%, ranking 396 out of 615 comparable funds, and a six-month growth rate of 9.74%, ranking 322 out of 615 [4]. Fund Management Insights - The fund manager reported good performance in financials, retail, and military sectors, outperforming the benchmark, while cyclical sectors like steel, electricity, and real estate were underperforming [3]. - The fund's average stock position since inception was 90.21%, with a peak of 92.13% at the end of H1 2024 [15]. Risk Metrics - The fund's Sharpe ratio since inception is 0.4515, indicating a moderate risk-adjusted return [9]. - The maximum drawdown since inception is 18.62%, with the largest quarterly drawdown occurring in Q3 2024 at 15.04% [12]. Fund Holdings - As of Q2 2025, the top ten holdings of the fund include Xiaoshangpin City, China Galaxy, China Coal Energy, China Merchants Bank, HTSC, AVIC Xi'an Aircraft Industry, Longyuan Power, CNOOC, Zhuhai Yinhong, and Huahong Semiconductor [20].