Sou Hu Cai Jing·2025-09-03 14:55Core Viewpoint - The AI Fund Zhongyin Growth Mixed A (163803) reported a profit of 14.38 million yuan for the first half of 2025, with a weighted average profit per fund share of 0.0032 yuan, and a net asset value growth rate of 1.21% during the same period [2]. Fund Performance - As of September 2, the fund's unit net value was 0.363 yuan, with a fund size of 1.306 billion yuan [2][32]. - The fund's performance over different time frames includes a three-month net value growth rate of 33.62%, a six-month growth rate of 26.14%, a one-year growth rate of 48.49%, and a three-year growth rate of -7.14% [6][28]. Market Outlook - The fund manager anticipates that U.S. economic policies under Trump will stabilize, leading to a weakening economy but avoiding recession, with monetary easing expected to continue [2]. - Domestically, the fund expects to meet annual growth targets, with a focus on improving the quality of growth through structural adjustments and risk prevention [2]. Investment Strategy - The fund remains optimistic about market conditions, driven by factors such as lower risk-free rates and increased equity asset allocation by residents and non-bank institutions [3]. - Key sectors of interest include AI and innovative pharmaceuticals, as well as liquidity-driven sectors like non-bank financials and small-cap stocks [3]. Valuation Metrics - As of June 30, 2025, the fund's weighted average price-to-earnings (P/E) ratio was approximately 16.32, significantly lower than the industry average of 29.05 [12]. - The weighted average price-to-book (P/B) ratio was about 1.81, compared to the industry average of 2.22 [12]. Shareholder Composition - As of June 30, 2025, the fund had 75,000 shareholders holding a total of 4.447 billion shares, with individual investors comprising 100% of the ownership [35].