Sou Hu Cai Jing·2025-09-04 13:43Core Viewpoint - The AI Fund Hongde New Energy Industry Mixed Initiation A (018029) reported a profit of 468,700 yuan for the first half of 2025, with a weighted average profit per fund share of 0.0444 yuan. The fund's net value growth rate was 6.4%, and the fund size reached 7.7564 million yuan by the end of the first half of the year [2]. Fund Performance - As of September 3, 2025, the fund's one-year cumulative net value growth rate was 50.93%, ranking it 55 out of 169 comparable funds. The three-month and six-month growth rates were 27.97% and 24.93%, ranking 39 out of 171 and 20 out of 171, respectively [4]. - The fund's net value as of September 3, 2025, was 0.858 yuan per unit [2]. Economic Context - The fund management indicated that the overall economic operation was stable in the first half of the year, with GDP growth of 5.3% year-on-year, supported by policies promoting consumption and investment. However, uncertainties regarding exports and consumption in the second half of the year were noted, with a need for effective policy stimulation to address potential economic momentum shortages [2]. Valuation Metrics - As of June 30, 2025, the fund's weighted average price-to-earnings (P/E) ratio was approximately 43.24 times, compared to the industry average of 36.17 times. The weighted average price-to-book (P/B) ratio was about 2 times, while the industry average was 2.99 times. The weighted average price-to-sales (P/S) ratio was approximately 1.95 times, against an industry average of 2.5 times [10]. Growth Metrics - For the first half of 2025, the weighted average revenue growth rate of the stocks held by the fund was -0.02%, and the weighted average net profit growth rate was 0.6%. The weighted annualized return on equity was 0.05% [16]. Fund Holdings and Turnover - As of June 30, 2025, the fund had a total of 174 holders, with a total of 10.7206 million shares held. Institutional investors accounted for 93.28% of the holdings, while individual investors made up 6.72% [32]. - The fund's turnover rate for the last six months was approximately 205.04% [35]. Top Holdings - The top ten holdings of the fund included companies such as Ningde Times, Sunshine Power, Longi Green Energy, China Nuclear Power, and Huayou Cobalt [37].