大摩数字经济混合A：2025年上半年利润1.12亿元 净值增长率7.69%

Core Viewpoint - The AI Fund, Morgan Stanley Digital Economy Mixed A (017102), reported a profit of 112 million yuan for the first half of 2025, with a weighted average profit per fund share of 0.0624 yuan, and a net asset value growth rate of 7.69% [2] Fund Performance - As of September 3, the fund's unit net value was 2.173 yuan, with a one-year compounded net value growth rate of 122.01%, ranking 41 out of 322 comparable funds [2][5] - The fund's performance over the past three months showed a compounded net value growth rate of 70.74%, ranking 43 out of 328 comparable funds, and a six-month growth rate of 55.67%, ranking 47 out of 328 [5] Fund Management Insights - The fund manager anticipates a slight cooling in economic growth in the second half of the year, influenced by high base effects from the old-for-new policy and uncertainties in export conditions due to tariffs. However, domestic consumption policies are expected to strengthen, providing resilience to exports [2] - The fund will focus on identifying high-quality companies with strong performance sustainability, technological advantages, and long-term growth potential in the digitalization and intelligence sectors [3] Valuation Metrics - As of June 30, 2025, the fund's weighted average price-to-earnings (P/E) ratio was approximately 47.53 times, lower than the industry average of 57.06 times. The weighted average price-to-book (P/B) ratio was about 4.56 times, compared to the industry average of 4.31 times [12] - The weighted average price-to-sales (P/S) ratio was approximately 3.58 times, while the industry average was 4.42 times [12] Growth Metrics - For the first half of 2025, the fund's weighted average revenue growth rate was 0.22%, and the weighted average net profit growth rate was 0.33%, with a weighted annualized return on equity of 0.1% [19] Fund Structure - As of June 30, 2025, the fund had a total scale of 2.386 billion yuan and a total of 79,600 holders, with individual investors holding 99.46% of the shares [33][35] - The fund's maximum drawdown since inception was 41.44%, with the largest quarterly drawdown occurring in Q3 2023 at 26.61% [28]