西部利得港股通新机遇混合A：2025年上半年利润289.02万元 净值增长率18.93%

Core Viewpoint - The AI Fund West China Li De Hong Kong Stock Connect New Opportunities Mixed A (008861) reported a profit of 2.89 million yuan for the first half of 2025, with a weighted average profit per fund share of 0.1 yuan, and a net asset value growth rate of 18.93% during the reporting period [2]. Fund Performance - As of September 3, the fund's unit net value was 0.684 yuan, with a three-month return of 15.15%, a six-month return of 15.00%, a one-year return of 37.43%, and a three-year return of -9.60% [5]. - The fund's three-year Sharpe ratio was -0.0515, ranking 534 out of 875 comparable funds [27]. - The maximum drawdown over the past three years was 50.65%, with the largest single-quarter drawdown occurring in Q1 2022 at 28.84% [29]. Fund Holdings and Valuation - As of June 30, 2025, the fund's weighted average price-to-earnings (P/E) ratio was approximately 19.75 times, compared to the peer average of 15.75 times; the weighted average price-to-book (P/B) ratio was about 1.39 times, while the peer average was 2.52 times; and the weighted average price-to-sales (P/S) ratio was around 1.2 times, against a peer average of 2.16 times [11]. - The fund's weighted revenue growth rate for the first half of 2025 was 0.04%, and the weighted net profit growth rate was 0.49% [19]. Fund Composition - As of June 30, 2025, the fund had a total of 1,610 holders, with a total of 28.61 million shares held. Management employees held 1.61 million shares (5.63%), institutions held 15.75%, and individual investors accounted for 84.25% [36]. - The fund's top ten holdings included Tencent Holdings, Hong Kong Exchanges and Clearing, Alibaba-W, Kingdee International, China Mobile, HSBC Holdings, Xpeng Motors-W, Sanofi, AIA Group, and BeiGene [42]. Market Outlook - The fund management anticipates that the Hong Kong stock market will benefit from three favorable factors: the influx of innovative companies, continuous capital inflow from the mainland, and an increasing proportion of quality stocks in the Hong Kong market, which may attract foreign investment [2].