平安港股通红利精选混合发起式A：2025年上半年利润2283.45万元 净值增长率13.5%

Core Viewpoint - The AI Fund Ping An Hong Kong Stock Connect Dividend Select Mixed Initiation A (021046) reported a profit of 22.83 million yuan for the first half of 2025, with a weighted average profit per fund share of 0.1462 yuan, and a net asset value growth rate of 13.5% during the period [3]. Group 1: Fund Performance - As of September 5, the fund's unit net value was 1.273 yuan, with a fund size of 305 million yuan [3][34]. - The fund's performance over the past three months showed a net value growth rate of 2.72%, ranking 588 out of 607 comparable funds; over the past six months, it was 9.54%, ranking 513 out of 607; and over the past year, it was 28.39%, ranking 490 out of 604 [6]. Group 2: Investment Strategy - The fund focuses on stable, high-dividend sectors, particularly in finance, energy, and communication services, which are the main holdings in its investment portfolio [4]. - The fund manager anticipates that despite uncertainties in US-China tariff negotiations, there are sufficient domestic policy reserves to mitigate risks, and the global allocation to Chinese stocks remains low, indicating potential for growth in the Hong Kong stock market [3]. Group 3: Valuation Metrics - As of June 30, 2025, the fund's weighted average price-to-earnings (P/E) ratio was approximately 1.91 times, significantly lower than the industry average of 33.74 times; the weighted average price-to-book (P/B) ratio was about 0.16 times, compared to the industry average of 2.47 times; and the weighted average price-to-sales (P/S) ratio was around 0.22 times, against an industry average of 2.07 times [11]. Group 4: Growth Metrics - For the first half of 2025, the weighted revenue growth rate of the stocks held by the fund was -0.04%, while the weighted net profit growth rate was 0.03%, and the weighted annualized return on equity was 0.09% [17]. Group 5: Fund Composition and Holdings - As of June 30, 2025, the fund had 9,148 holders, with a total of 237 million shares held; institutional investors accounted for 73.66% of the holdings, while individual investors made up 26.34% [36]. - The fund's top ten holdings included major companies such as China Everbright Bank, CITIC Bank, and China Mobile, indicating a high concentration in its stock holdings [43].