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兴业国企改革混合A：2025年上半年利润138.38万元 净值增长率2.03%
Sou Hu Cai Jing·2025-09-05 04:29

Core Viewpoint - The AI Fund Xingye State-Owned Enterprise Reform Mixed A (001623) reported a profit of 1.3838 million yuan for the first half of 2025, with a net value growth rate of 2.03% and a fund size of 156 million yuan as of the end of June 2025 [4] Fund Performance - As of September 2, 2025, the fund's unit net value was 2.548 yuan, with a near-term performance showing a 7.60% growth rate over the past three months, 11.07% over the past six months, and 14.31% over the past year [8][4] - The fund's three-year Sharpe ratio was 0.1271, ranking 327 out of 875 comparable funds, while the maximum drawdown over the same period was 22.4%, ranking 758 out of 861 [31][33] Fund Management and Strategy - The fund manager, Liu Fangxu, has successfully managed four funds with positive returns over the past year, with the highest growth rate of 40.19% for Xingye Ruijin Mixed A [4] - The fund aims to construct a portfolio by actively selecting high-quality listed companies, particularly state-owned enterprises, while controlling risks to provide stable returns [5] Market Context - The fund management noted that U.S. import tariffs on China have increased by over 30% this year, with expectations of further pressure on China's external demand in the second half of the year due to the ongoing trade tensions [4] - The central government emphasizes the need to deepen domestic market construction and enhance the attractiveness and inclusiveness of the domestic capital market [4] Valuation Metrics - As of June 30, 2025, the fund's weighted average price-to-earnings (P/E) ratio was approximately 10.07 times, significantly lower than the industry average of 15.75 times [14] - The weighted average price-to-book (P/B) ratio was about 1.25 times, compared to the industry average of 2.52 times [14] Shareholder Composition - As of June 30, 2025, the fund had 6,325 holders, with a total of 64.5619 million shares held. Institutional investors accounted for 25.39% of the holdings, while individual investors made up 74.61% [40]