国寿安保优选国企股票发起式A：2025年第二季度利润24.49万元 净值增长率1.87%

Core Viewpoint - The AI Fund Guoshou Anbao Preferred State-Owned Enterprises Stock Initiation A (019765) reported a profit of 244,900 yuan in Q2 2025, with a weighted average profit per fund share of 0.02 yuan. The fund's net value growth rate for the period was 1.87%, and the fund size reached 13.4475 million yuan by the end of Q2 2025 [3]. Fund Performance - As of July 18, the unit net value was 1.147 yuan. The fund manager, Xie Fu, oversees three funds, all of which have shown positive returns over the past year. The highest growth rate among these funds was 18.19% for Guoshou Anbao Research Selected Mixed A, while the lowest was 5.67% for Guoshou Anbao Yufeng Mixed A [3]. - The fund's net value growth rate over the past three months was 3.90%, ranking 100 out of 110 comparable funds. Over the past six months, the growth rate was 3.78%, ranking 94 out of 110, and over the past year, it was 16.10%, ranking 61 out of 110 [3]. Investment Strategy - During the reporting period, the fund reduced its holdings in cyclical assets and increased allocations to domestic computing, semiconductor equipment, and military industries. Additionally, the financial position was adjusted from A-shares to Hong Kong stocks. The strategy for Q3 will continue to focus on AI+, domestic substitution, cyclical assets, and financials [3]. Fund Metrics - As of June 27, the fund's Sharpe ratio since inception was 0.6531 [7]. - The maximum drawdown since inception was 21.8%, with the largest quarterly drawdown occurring in Q4 2024 at 14.36% [10]. - The average stock position since inception was 89.4%, compared to the industry average of 88.08%. The fund reached a peak stock position of 93.36% at the end of H1 2024 and a low of 86.1% at the end of Q3 2024 [13]. Fund Holdings - As of the end of Q2 2025, the top ten holdings of the fund included ShenNan Circuit, Hangfa Power, Fudan Microelectronics, Huafeng Technology, Yuexiu Property, Lingyun Shares, Poly Development, China Merchants Shekou, Beike-W, Ningbo Bank, and Shanghai Fudan [18].