工银新能源汽车混合A：2025年第二季度利润3136.01万元 净值增长率2.23%

Core Viewpoint - The AI Fund ICBC New Energy Vehicle Mixed A (005939) reported a profit of 31.36 million yuan in Q2 2025, with a net asset value growth rate of 2.23% and a fund size of 1.629 billion yuan as of the end of Q2 2025 [2][16]. Fund Performance - As of July 21, the fund's net value growth rates were 10.93% over the past three months, 5.32% over the past six months, 25.01% over the past year, and -32.09% over the past three years, ranking 76/171, 98/171, 62/166, and 62/126 respectively among comparable funds [3]. - The fund's Sharpe ratio over the past three years was -0.3009, ranking 71/120 among comparable funds [9]. - The maximum drawdown over the past three years was 52.18%, with the largest single-quarter drawdown occurring in Q1 2021 at 30.07% [11]. Fund Strategy and Holdings - The fund manager indicated significant adjustments to the portfolio structure in the first half of the year, including avoiding segments with intense price competition, increasing allocation to upstream sectors, enhancing investment in new technology sectors, and focusing on globally competitive leading companies [2]. - As of June 30, the fund's average stock position over the past three years was 87.08%, with a peak of 93.58% at the end of H1 2025 and a low of 59.8% at the end of H1 2022 [14]. - The top ten holdings of the fund as of Q2 2025 included companies such as XianDao Intelligent, CATL, Yutong Bus, and others [20]. Market Outlook - The fund anticipates that the penetration rate of new energy vehicles in China will reach 60% by 2025, with a projected compound annual growth rate of around 10% over the next three years [2]. - The overseas new energy vehicle market is still in its early stages, while China's new energy industry chain possesses significant global competitive advantages, suggesting substantial growth potential for leading companies [2].