大成一带一路灵活配置混合A：2025年上半年利润372.43万元 净值增长率7.15%

Core Viewpoint - The AI Fund Dachen Belt and Road Flexible Allocation Mixed A (002319) reported a profit of 3.7243 million yuan for the first half of 2025, with a weighted average profit per fund share of 0.1463 yuan. The fund's net value growth rate was 7.15%, and its total scale reached 46.9348 million yuan by the end of the first half of the year [3]. Fund Performance - As of September 3, the fund's unit net value was 2.274 yuan. Over the past year, the fund achieved a cumulative net value growth rate of 38.03%, the highest among its peers, while the lowest was 24.54% for another fund managed by the same team [3][6]. - The fund's performance over different time frames includes a three-month net value growth rate of 11.59%, a six-month rate of 15.76%, and a three-year rate of 2.66% [6]. Market Analysis - The fund manager noted that the market presented diverse and highly volatile opportunities in the first half of the year, with notable growth in sectors such as non-ferrous metals, banking, defense, media, communications, machinery, automotive, and computing. Conversely, sectors like coal, food and beverage, real estate, oil and petrochemicals, construction, retail, transportation, and building materials experienced declines [3]. Valuation Metrics - As of June 30, 2025, the fund's weighted average price-to-earnings (P/E) ratio was approximately 51.66 times, significantly higher than the peer average of 15.75 times. The weighted average price-to-book (P/B) ratio was about 3.72 times, compared to the peer average of 2.52 times, and the weighted average price-to-sales (P/S) ratio was around 3.3 times, against a peer average of 2.16 times [11]. Growth Metrics - For the first half of 2025, the fund's weighted average revenue growth rate was -0.03%, and the weighted average net profit growth rate was -0.08%. The weighted annualized return on equity was 0.07% [18]. Fund Composition - As of June 30, 2025, the fund had a total of 14,800 holders, with individual investors holding 100% of the shares. The fund's turnover rate for the last six months was approximately 301.83% [35][38]. - The fund's top ten holdings included companies such as Baiya Co., Taienkang, AVIC Shenyang Aircraft, Kidswant, Jianghuai Automobile, Yitian Intelligent, Xiamen Bank, Yonghui Supermarket, Small Commodity City, and Jinbo Biological [40].