中泰红利价值一年持有混合发起：2025年上半年末换手率为11.93%

Core Viewpoint - The AI Fund Zhongtai Hongli Value One-Year Holding Mixed Fund (014772) reported a profit of 47.4459 million yuan for the first half of 2025, with a weighted average profit per fund share of 0.0881 yuan and a net asset value growth rate of 6.66% [3] Group 1: Fund Performance - As of September 3, the fund's unit net value was 1.454 yuan, with a one-year cumulative net value growth rate of 30.04%, ranking 192 out of 256 comparable funds [3][6] - The fund's net value growth rate over the past three months was 7.25%, and over the past six months, it was 10.42%, ranking 232 out of 256 and 214 out of 256 respectively [6] - The fund's three-year cumulative net value growth rate was 48.02%, ranking 13 out of 241 comparable funds [6] Group 2: Fund Management and Strategy - The fund manager indicated that there was little change in the types of holdings during the reporting period, but the overall position was slightly reduced due to an assessment of reinvestment risks and opportunity costs [3] - The fund's stock holdings have a high concentration, with the top ten holdings consistently exceeding 60% over the past two years [39] Group 3: Valuation Metrics - As of June 30, 2025, the fund's weighted average price-to-earnings (P/E) ratio was approximately 1.96 times, significantly lower than the industry average of 26.16 times [12] - The weighted average price-to-book (P/B) ratio was about 0.16 times, compared to the industry average of 2.38 times, and the weighted average price-to-sales (P/S) ratio was approximately 0.09 times, against an industry average of 2.05 times [12] Group 4: Growth Metrics - For the first half of 2025, the weighted average revenue growth rate of the fund's stock holdings was -0.06%, and the weighted average net profit growth rate was -0.05% [18] - The weighted annualized return on equity was 0.08% [18] Group 5: Fund Size and Shareholder Composition - As of June 30, 2025, the fund's total size was 751 million yuan, with 1,861 holders collectively owning 535 million shares [30][33] - Management personnel held 3.9159 million shares, accounting for 0.73% of the total, while individual investors held 100% of the shares [33]