Group 1 - The company has changed the business location of its Beijing branch due to business development needs, with the new address being Room 567, 4th Floor, Building 20, East Third Ring Middle Road, Chaoyang District, Beijing [1] - The responsible person for the Beijing branch is Zou Wenqing, and the business scope includes fund sales [1] - Investors can inquire about related matters through the company's website or customer service hotline [1][4] Group 2 - The company announced an adjustment in the valuation of suspended stocks held by its funds, specifically using the "index income method" for the stock of SMIC (stock code: 688981) starting from September 4, 2025 [3] - The valuation will revert to market price valuation once the stock resumes trading and reflects active market trading characteristics, without further announcements [3] - The company emphasizes that it will consider various influencing factors in consultation with the custodian [3]

Core Viewpoint - The AI Fund Oriental Innovation Medical Stock A (018045) reported a profit of 1.9706 million yuan for the first half of 2025, with a weighted average profit per fund share of 0.109 yuan. The fund's net value growth rate was 12.88%, and the fund size reached 16.5886 million yuan by the end of the reporting period [2]. Fund Performance - As of September 3, 2025, the fund's net value growth rates were 32.62% over the past three months, 41.95% over the past six months, and 64.68% over the past year, ranking 13th, 27th, and 22nd respectively among comparable funds [5]. - The fund's maximum drawdown since inception was 28.85%, with the largest quarterly drawdown occurring in Q1 2024 at 23.3% [28]. Investment Strategy - The fund employs a combination of top-down industry analysis and bottom-up stock selection, focusing on innovative industry chains, pharmacies, consumer healthcare, and equipment upgrades while avoiding sectors in decline [2]. Fund Holdings and Valuation - As of June 30, 2025, the fund's weighted average price-to-earnings (P/E) ratio was approximately -307.54, compared to the industry average of -135.64. The weighted average price-to-book (P/B) ratio was about 5, while the industry average was 4.24 [10]. - The fund's weighted average revenue growth rate for the first half of 2025 was 0.01%, and the weighted average net profit growth rate was 3.06% [16]. Fund Composition - As of June 30, 2025, the fund had a total of 642 holders, with individual investors holding 100% of the shares. The top ten holdings included companies such as Yuyuan Pharmaceutical, Maiwei Biotechnology, and Heng Rui Medicine [34][40]. - The fund's average stock position since inception was 73.6%, with a peak of 91.98% at the end of the first half of 2025 [31].

Core Viewpoint - The AI Fund, Hang Seng Qianhai Hong Kong-Shenzhen Emerging Industry Selected Mixed Fund (004332), reported a profit of 5.1833 million yuan for the first half of 2025, with a weighted average profit per fund share of 0.1009 yuan. The fund's net value growth rate was 9.81%, and its total scale reached 56.6848 million yuan by the end of the first half of the year [2]. Fund Performance - As of September 3, the fund's unit net value was 1.354 yuan. The fund manager, Xing Cheng, oversees four funds, with the highest one-year return of 83.54% for Hang Seng Qianhai High-end Manufacturing Mixed A, while the lowest was 40.53% for Hang Seng Qianhai Hong Kong Stock Connect Selected Mixed [2]. - The fund's recent performance includes a three-month net value growth rate of 24.31%, a six-month growth rate of 24.89%, a one-year growth rate of 42.72%, and a three-year growth rate of -24.70% [5]. Valuation Metrics - As of June 30, 2025, the fund's weighted price-to-earnings (P/E) ratio was approximately 21.41 times, compared to the industry average of 25.34 times. The weighted price-to-book (P/B) ratio was about 2.82 times, while the industry average was 2.34 times. The weighted price-to-sales (P/S) ratio was around 2.11 times, slightly above the industry average of 2.09 times [10]. Growth Metrics - For the first half of 2025, the fund's weighted revenue growth rate was 0.23%, and the weighted net profit growth rate was 0.84%. The weighted annualized return on equity was 0.13% [17]. Risk and Return Metrics - The fund's Sharpe ratio over the past three years was -0.4274, ranking 284 out of 319 comparable funds. The maximum drawdown over the same period was 50.54%, with the largest quarterly drawdown occurring in Q1 2024 at 29.78% [26][28]. - The fund maintained an average stock position of 89.57% over the past three years, with a peak of 94.03% at the end of Q1 2025 and a low of 69.98% at the end of 2022 [31]. Fundholder Composition - As of June 30, 2025, the fund had 2,888 holders, collectively holding 49.8427 million shares. Institutional investors held 64.60% of the shares, while individual investors accounted for 35.40% [36]. Trading Activity - The fund's turnover rate for the last six months was approximately 112.67% [39]. Top Holdings - As of June 30, 2025, the fund's top ten holdings included Shenghong Technology, Dongpeng Beverage, Lanke Technology, Chuangfeng Power, New Strong Link, Daotong Technology, Pudong Development Bank, Longxin General, Daikin Heavy Industry, and Haoyuan Pharmaceutical [42].

Core Viewpoint - The AI Fund Huabao Dividend Selected Mixed A (009263) reported a profit of 1.6294 million yuan for the first half of 2025, with a weighted average profit per fund share of 0.014 yuan, and a net value growth rate of 1.9% during the reporting period [3][32]. Group 1: Fund Performance - As of September 3, the fund's unit net value was 1.328 yuan [3]. - The fund's recent performance includes a three-month net value growth rate of 3.94%, a six-month growth rate of 9.44%, a one-year growth rate of 18.05%, and a three-year growth rate of 20.41%, ranking it 581/607, 532/607, 565/604, and 119/495 respectively among comparable funds [6][30]. Group 2: Fund Management and Strategy - The fund manager, Tang Xueqian, currently manages six funds, with the Huabao New Leap Mixed Fund achieving the highest one-year growth rate of 20.92%, while the Huabao Anxiang Mixed A Fund had the lowest at 4.07% [3]. - The fund management anticipates that the overall economy will continue to fluctuate in the second half of 2025, emphasizing the importance of companies with high dividend yields and stable fundamentals for asset allocation in a low-interest-rate environment [3]. Group 3: Valuation Metrics - As of June 30, 2025, the fund's weighted average price-to-earnings (P/E) ratio was approximately 5.58 times, significantly lower than the industry average of 33.74 times. The weighted average price-to-book (P/B) ratio was about 0.54 times, compared to the industry average of 2.47 times, and the weighted average price-to-sales (P/S) ratio was around 0.5 times, against an industry average of 2.07 times [11][19]. Group 4: Growth Metrics - For the first half of 2025, the fund's weighted average revenue growth rate was -0.02%, and the weighted average net profit growth rate was 0.02%, with a weighted annualized return on equity of 0.1% [19][21]. Group 5: Fund Composition and Holdings - As of June 30, 2025, the fund had a total of 7,321 holders, with a total of 8.37211 million shares held. Management personnel held 940,500 shares (1.12%), institutions held 53.72%, and individual investors held 46.28% [36]. - The fund's top ten holdings included Shandong Expressway, China Shenhua, Agricultural Bank of China, Industrial and Commercial Bank of China, China Construction Bank, Bank of Communications, Beijing Bank, Chongqing Rural Commercial Bank, China Mobile, and Guangdong Expressway A [40].

Core Viewpoint - The AI Fund,招商丰利灵活配置混合基金A, reported a profit of 1.6851 million yuan for the first half of 2025, with a net asset value growth rate of 8.33% [2]. Fund Performance - As of September 3, 2025, the fund's unit net value was 1.566 yuan, with a one-year return of 54.59%, ranking it 207 out of 880 comparable funds [2][5]. - The fund's performance over the last three months showed a growth rate of 13.40%, ranking 586 out of 880, and over the last six months, it was 17.57%, ranking 409 out of 880 [5]. Fund Management Outlook - The fund manager expressed optimism for the second half of 2025, despite potential extreme changes in the internal and external environment, emphasizing the importance of holding companies with long-term competitive advantages [2]. - The fund plans to maintain a high position and balanced layout, focusing on globally competitive Chinese companies in technology, manufacturing, consumption, and overseas expansion [2]. Valuation Metrics - As of June 30, 2025, the fund's weighted average price-to-earnings (P/E) ratio was approximately 53.78, significantly higher than the industry average of 15.75 [10]. - The weighted average price-to-book (P/B) ratio was about 2.93, compared to the industry average of 2.52, and the weighted average price-to-sales (P/S) ratio was 2.71, against an industry average of 2.16 [10]. Growth Metrics - For the first half of 2025, the fund's weighted average revenue growth rate was 0.01%, while the weighted average net profit growth rate was -0.22% [18]. Fund Composition - As of June 30, 2025, the fund had a total scale of 20.7879 million yuan, with 1,042 holders owning a total of 14.5406 million units [32][35]. - The top ten holdings included companies such as赛轮轮胎,金诚信, and普源精电 [40]. Trading Activity - The fund's turnover rate for the last six months was approximately 187.82%, which has been below the industry average for two consecutive years [38].

Core Points - The company will adopt the "index income method" for valuing stocks held by its securities investment funds, excluding ETFs, starting from September 3, 2025 [1] - The valuation method will be adjusted based on the trading characteristics of the stocks, with a return to market price valuation once active market trading is observed [1] Summary by Category Valuation Method - The company has reached an agreement with the fund custodian and accounting firm to implement the "index income method" for stock valuation [1] - This change applies to all securities investment funds managed by the company, except for ETFs [1] Future Adjustments - The company will consider adjustments to the valuation of ETFs based on the net asset value of the underlying ETFs and the aforementioned stock valuation method [1] - A return to market price valuation will occur once the stocks demonstrate active market trading characteristics, with no further announcements required [1]

Core Viewpoint - The AI Fund Zhongjia Reform Dividend Mixed Fund (001537) reported a profit of 571,500 yuan for the first half of 2025, with a weighted average profit per fund share of 0.0134 yuan. The fund's net value growth rate was 1.45%, and the fund size reached 39.39 million yuan by the end of the first half of the year [3]. Fund Performance - As of September 2, the fund's net value growth rates were 24.82% over the past three months, 22.22% over the past six months, 41.75% over the past year, and -10.83% over the past three years, ranking 279/880, 286/880, 399/880, and 696/872 among comparable funds respectively [6]. - The fund's recent six-month turnover rate was approximately 1706.22%, consistently exceeding the average of comparable funds for five years [38]. Valuation Metrics - As of June 30, 2025, the fund's weighted average price-to-earnings (P/E) ratio was approximately 40.28 times, compared to the industry average of 15.75 times. The weighted average price-to-book (P/B) ratio was about 2.59 times, slightly above the industry average of 2.52 times. The weighted average price-to-sales (P/S) ratio was around 2.23 times, compared to the industry average of 2.16 times, indicating higher valuations than peers [11]. Growth Metrics - For the first half of 2025, the fund's weighted average revenue growth rate was 0.05%, and the weighted average net profit growth rate was 0.06%, with a weighted annualized return on equity of 0.06% [18]. Fund Composition - As of June 30, 2025, the fund held a total of 3,387 investors, with a total of 42.38 million shares held. Institutional investors accounted for 80.39% of the holdings, while individual investors made up 19.61% [35]. - The top ten holdings of the fund included companies such as Zhongji Xuchuang, Youyou Food, Huayou Cobalt, and others [40].

2025年9月3日 特此公告。 前海开源基金管理有限公司 根据《中国证券监督管理委员会关于证券投资基金估值业务的指导意见》（证监会公告[2017]13号）以 及中国证券投资基金业协会《关于发布中基协（AMAC）基金行业股票估值指数的通知》(中基协发 [2013]第13号)等有关规定，经前海开源基金管理有限公司（以下简称"本公司"）与基金托管人协商一 致，自2025年9月2日起，以中基协AMAC行业指数为计算依据，对本公司旗下基金（ETF除外）所持有 的"芯原股份"（证券代码：688521），采用基金估值工作小组《关于停牌股票估值的参考方法》中 的"指数收益法"进行估值。 自 "芯原股份"复牌且其交易体现了活跃市场交易特征后，恢复采用交易所当日收盘价进行估值，届时 不再另行公告。敬请投资者予以关注。 MACD金叉信号形成，这些股涨势不错！ ...

Group 1 - The company will adopt the "index return method" for the valuation of "Chip Original Co., Ltd." (stock code: 688521) held by its funds (excluding ETFs) starting from September 2, 2025, based on the AMAC industry index [1] - Valuation will revert to using the closing price on the trading day once "Chip Original Co., Ltd." resumes trading and demonstrates active market trading characteristics, with no further announcements required [1] - The announcement is made in accordance with the guidelines from the China Securities Regulatory Commission and the Asset Management Association of China [1]

Core Viewpoint - The announcement details the fundraising process for the招商均衡优选混合型证券投资基金, which has reached its maximum fundraising limit of RMB 5 billion, leading to a partial confirmation of subscription applications based on a "last day proportion confirmation" principle [1][3][4]. Fundraising Details - The maximum fundraising limit for the fund is set at RMB 5 billion, excluding interest accrued during the fundraising period [3][4]. - The fundraising period began on September 2, 2025, and was originally scheduled to end on September 12, 2025, but was concluded early on September 2, 2025, due to reaching the fundraising cap [7]. - Investors whose applications are not confirmed will have their subscription amounts refunded after the fundraising period ends [4][7]. Investor Information - Investors can check detailed information about the fund on the company's website or contact customer service for inquiries [1][4][7]. - The fund management company emphasizes the importance of reading the fund contract and prospectus to understand the risk-return characteristics of the fund [4].