Core Viewpoint - The Dachen Dividend Preferred One-Year Holding Mixed Fund A (013914) reported a profit of 654,300 yuan in Q2 2025, with a net value growth rate of 3.21% for the period [2] Fund Performance - As of July 21, the fund's unit net value was 1.308 yuan, and the fund size reached 21.81 million yuan by the end of Q2 [2][14] - The fund manager, Li Yu, oversees four funds, all of which have shown positive returns over the past year [2] - The highest one-year return among the managed funds was 72.42% for Dachen Jinglu Flexible Allocation Mixed A, while the lowest was 11.03% for Dachen Quality Selected Mixed A [2] Investment Strategy - The fund maintained a relatively high equity position during the quarter, making slight adjustments to the portfolio by taking profits from sectors with significant gains, such as non-ferrous metals and electronics, while increasing the proportion of high-dividend holdings [2] Comparative Performance - Over the past three months, the fund's net value growth rate was 8.29%, ranking 412 out of 615 comparable funds; over the past six months, it was 13.04%, ranking 213 out of 615; and over the past year, it was 53.61%, ranking 37 out of 585 [2] Risk Metrics - The fund's Sharpe ratio since inception is 0.6223 [7] - The maximum drawdown since inception is 36.26%, with the largest quarterly drawdown occurring in Q1 2024 at 21.58% [10] Portfolio Composition - The average stock position since inception is 92.61%, compared to the industry average of 83.27%. The fund reached a peak stock position of 94.25% at the end of 2023 and a low of 89.58% at the end of 2024 [13] - The fund has a high concentration of holdings, with the top ten stocks including Kweichow Moutai, CATL, New China Life Insurance, Mindray Medical, Maipu Medical, Midea Group, Yangtze Power, Yili Group, Newland, and Aerospace Electronics as of Q2 2025 [17]

Core Viewpoint - The AI Fund Dachen Hongli Huiju Mixed A (019334) reported a profit of 4,495.64 yuan in Q2 2025, with a weighted average profit per fund share of 0.0005 yuan, and a net value growth rate of 0.36% during the reporting period [3] Fund Performance - As of July 21, the fund's net asset value (NAV) was 1.25 yuan, with a total fund size of 12.34 million yuan [3][15] - The fund's performance over different periods includes a 6.32% growth rate over the last three months, ranking 499 out of 615 comparable funds; a 12.88% growth rate over the last six months, ranking 216 out of 615; and a 23.80% growth rate over the last year, ranking 225 out of 585 [3] Fund Management - The fund manager, Hou Chunyan, oversees four funds, all of which have positive returns over the past year [3] - The fund's second-quarter underperformance relative to its benchmark was attributed to concerns over profitability in the internet and light industry sectors due to intense competition and economic downturns, although the manager believes these holdings have strong relative advantages and stable cash flow capabilities [3] Risk Metrics - The fund's Sharpe ratio since inception is 1.1343 [7] - The maximum drawdown since inception is 8.43%, with the largest quarterly drawdown occurring in Q2 2025 at 6.71% [10] Investment Strategy - The average stock position since inception is 57.47%, compared to the industry average of 83.27%. The fund reached a peak stock position of 75.05% at the end of H1 2025 and a low of 16.04% at the end of H1 2024 [14] - The fund has a high concentration of holdings, with the top ten positions including China Mobile, China Unicom, Midea Group, Angel Yeast, Zhejiang Longsheng, Beidahuang, Conch Cement, Sun Paper, Tapa Group, and Wens Foodstuff [17]

Group 1 - The core viewpoint of the article highlights the performance and strategy of the AI Fund, specifically the 富国港股通红利精选混合A fund, which reported a profit of 12.98 million yuan in Q2 2025 and a net asset value growth rate of 13.86% [3][8] - As of July 21, the fund's unit net value was 1.304 yuan, and it has a total scale of 261 million yuan [3][8] - The fund manager indicated an increase in positions in the non-ferrous sector, particularly in gold and copper, due to favorable price trends and high valuation attractiveness [3] Group 2 - The fund's performance metrics show a three-month net value growth rate of 14.80%, ranking 156 out of 615 comparable funds, and a six-month growth rate of 28.46%, ranking 33 out of 615 [3] - The fund's Sharpe ratio since inception is 0.3175, with a maximum drawdown of 9.86% since inception and a single-quarter maximum drawdown of 8.49% occurring in Q2 2025 [7] - The fund has a relatively high concentration of holdings, with the top ten stocks including Zijin Mining, Shandong Gold, Tencent Holdings, China Mobile, Alibaba-W, and others [10]

AI基金东方红战略精选混合A（003044）披露2025年二季报，第二季度基金利润301.33万元，加权平均基金份额本期利润0.0096元。报告期内，基金净值增 长率为0.76%，截至二季度末，基金规模为4.17亿元。 该基金属于偏债混合型基金。截至7月18日，单位净值为1.408元。基金经理是纪文静，目前管理9只基金。其中，截至7月18日，东方红智逸沪港深定开混合 近一年复权单位净值增长率最高，达12.43%；东方红稳添利纯债A最低，为2.82%。 基金管理人在二季报中表示，展望三季度，政府债发行节奏前置或带来后期供给压力减轻，银行体系的流动性有望好转；资金面或持续宽松，央行年内仍有 降准降息的可能。此外，央行买债重启或成为短端利率进一步下行的驱动。而基本面的边际走弱也对中长债走势有一定的支撑。本产品操作上一方面维持基 础配置仓位，另一方面把握市场波动中的交易机会，值得关注的是债券利率低位之后市场波动提升。 截至7月18日，东方红战略精选混合A近三个月复权单位净值增长率为3.34%，位于同类可比基金191/630；近半年复权单位净值增长率为3.37%，位于同类可 比基金229/630；近一年复权单位净值增长 ...

Core Viewpoint - The AI Fund Nord New Energy Vehicles A (014829) reported a profit of 84,600 yuan for Q2 2025, with a weighted average profit per fund share of 0.0073 yuan, and a net asset value growth rate of 1.2% during the reporting period [3] Fund Performance - As of July 18, 2025, the fund's unit net value was 1.194 yuan [3] - The fund's performance over various time frames includes: - 3-month net value growth rate: 14.46%, ranking 54 out of 171 comparable funds [4] - 6-month net value growth rate: 20.80%, ranking 22 out of 171 comparable funds [4] - 1-year net value growth rate: 36.78%, ranking 27 out of 166 comparable funds [4] - 3-year net value growth rate: 12.30%, ranking 4 out of 125 comparable funds [4] Risk and Return Metrics - The fund's Sharpe ratio over the past three years is 0.3189, ranking 6 out of 120 comparable funds [8] - The maximum drawdown over the past three years is 31.49%, ranking 119 out of 122 comparable funds [10] - The largest single-quarter drawdown occurred in Q2 2022, at 21.21% [10] Investment Strategy - The fund's average stock position over the past three years was 89.4%, compared to a peer average of 87.02% [13] - The fund reached its highest stock position of 93.04% at the end of H1 2024, while the lowest was 70.23% at the end of H1 2022 [13] Fund Size and Holdings - As of the end of Q2 2025, the fund's size was 12.1135 million yuan [14] - The top ten holdings of the fund include: - Ganfeng Lithium - Sanhua Intelligent Control - Xinquan Co., Ltd. - China Automotive Engineering Research Institute - Baolong Technology - Top Group - China National Heavy Duty Truck Group - Ruihu Mold - Yutong Bus - Huace Testing [17]

Core Viewpoint - The AI Fund Huatai Fuhua Value Growth Balanced Investment Mixed A (011271) reported a profit of 23.34 million yuan for Q2 2025, with a net asset value growth rate of 2.13% during the period [2]. Fund Performance - As of July 18, the fund's unit net value was 0.59 yuan, with a three-month net value growth rate of 10.94%, ranking 83 out of 182 comparable funds [3]. - The fund's six-month net value growth rate was 13.13%, ranking 65 out of 182, while the one-year growth rate was 16.34%, ranking 102 out of 181 [3]. - Over the past three years, the fund's net value growth rate was -23.23%, ranking 132 out of 172 [3]. Risk Metrics - The fund's Sharpe ratio over the past three years was -0.2035, ranking 134 out of 174 comparable funds [9]. - The maximum drawdown over the past three years was 43.72%, with the largest single-quarter drawdown occurring in Q1 2022 at 30.55% [11]. Fund Composition - As of June 30, the fund maintained an average stock position of 89.95% over the past three years, compared to the industry average of 87.22% [14]. - The fund's top ten holdings as of Q2 2025 included Tencent Holdings, Pop Mart, Xiaomi Group-W, SMIC, Zijin Mining, Alibaba-W, Sanhua Intelligent Control, CATL, Kelun Pharmaceutical-B, and Northern Huachuang [19]. Market Insights - The fund manager noted that sectors performing well in Q2 2025 included military, banking, telecommunications, media, and agriculture, while underperforming sectors included food and beverage, home appliances, steel, building materials, and automotive [2]. - The fund made adjustments to its portfolio by reducing holdings in companies facing weakened demand and increased competition, while increasing investments in high-quality technology and emerging consumer companies [2]. Fund Size - As of the end of Q2 2025, the fund's total size was 1.149 billion yuan [16].

Core Viewpoint - The AI Fund, Invesco Great Wall Economic Preferred One-Year Holding Mixed A (017639), reported a profit of 8.96 million yuan for Q2 2025, with a net value growth rate of 6.71% for the period [2] Fund Performance - As of July 18, the fund's unit net value was 1.178 yuan, with a one-year compounded net value growth rate of 30.62%, the highest among its peers [2][3] - The fund's performance over the last three months showed a compounded net value growth rate of 14.55%, ranking 182 out of 607 comparable funds, and 10.81% over the last six months, ranking 302 out of 607 [3] Fund Management Insights - The fund manager indicated that external uncertainties are rising, and internal economic momentum requires continued fiscal and monetary policy support to boost domestic demand [2] - The report highlighted that after the export effect diminishes, external demand may weaken, impacting production and employment in export-related sectors, alongside pressures from declining housing prices affecting consumer spending [2] Fund Metrics - The fund's Sharpe ratio since inception is 0.5491, indicating a moderate risk-adjusted return [7] - The maximum drawdown since inception is 33.47%, with the largest quarterly drawdown occurring in Q1 2024 at 22.99% [9] Fund Holdings - As of Q2 2025, the fund's total assets amounted to 142 million yuan, with a historical average stock position of 86.5%, slightly above the peer average of 85.36% [12][13] - The top ten holdings include Guorui Technology, Sitaiwei, Zijin Mining, Nine Company, Jingzhida, Zhongtian Technology, Chongqing Rural Commercial Bank, Fujing Technology, Chip Source Micro, and Yun Aluminum [16]

Core Viewpoint - The AI Fund Huabao New Opportunities Mixed A (162414) reported a profit of 520,400 yuan for Q2 2025, with a weighted average profit per fund share of 0.0188 yuan, and a net value growth rate of 1.14% during the reporting period [3][4]. Fund Performance - As of July 18, the fund's unit net value was 1.771 yuan, with a three-month net value growth rate of 2.39%, ranking 50 out of 142 comparable funds [4]. - The fund's six-month net value growth rate was 2.44%, ranking 53 out of 142, while the one-year growth rate was 5.21%, ranking 69 out of 142 [4]. - Over three years, the fund achieved a net value growth rate of 8.66%, ranking 47 out of 142 [4]. Risk and Return Metrics - The fund's Sharpe ratio over the past three years was 0.4031, ranking 46 out of 142 comparable funds [8]. - The maximum drawdown over the past three years was 4.33%, with the highest single-quarter drawdown recorded at 5.06% in Q2 2019, ranking 91 out of 142 [10]. Investment Strategy - The fund maintained an average stock position of 33.35% over the past three years, significantly higher than the comparable average of 18.35% [13]. - The fund reached a peak stock position of 40.82% at the end of Q1 2025 and a low of 13.56% at the end of Q3 2021 [13]. Fund Size and Holdings - As of the end of Q2 2025, the fund's size was 43.32 million yuan [14]. - The top ten holdings of the fund included major companies such as Kweichow Moutai, Bank of Communications, China Merchants Bank, and others, indicating a stable investment portfolio [17]. Market Outlook - The fund management indicated that the market will continue to face challenges in the domestic and international macro environment, emphasizing the importance of fundamental performance, valuation changes, and company quality as long-term focus areas [3].

Core Viewpoint - The fund "Invesco Great Wall XinJing Industrial Select Mixed A" reported a profit of 990,300 yuan in Q2 2025, with a net value growth rate of 1.10% for the period, indicating a moderate performance amidst external economic pressures [3][16]. Fund Performance - As of July 18, the fund's unit net value was 0.998 yuan, with a one-year net value growth rate of 18.41%, ranking 313 out of 601 comparable funds [4]. - The fund's three-month and six-month net value growth rates were 17.46% and 11.12%, ranking 116 out of 607 and 293 out of 607 respectively [4]. - The fund's average stock position since inception was 77.61%, with a peak of 88.68% in mid-2024 and a low of 25.85% at the end of 2022 [15]. Economic Outlook - The fund management anticipates a cooling of external demand, which may negatively impact production and employment in export-related sectors, alongside pressures from declining housing prices affecting consumer spending [3]. - The report suggests that the economy may face downward pressure in Q3, necessitating policy support, with fiscal policy space remaining ample for potential stimulus [3]. Fund Holdings - As of Q2 2025, the top ten holdings of the fund included Tencent Holdings, STMicroelectronics, Focus Media, China Mobile, Alibaba-W, SMIC, CATL, Anji Technology, Three Trees, and Shenghong Technology [19]. Risk Metrics - The fund's Sharpe ratio since inception is 0.2541, indicating a moderate risk-adjusted return [9]. - The maximum drawdown since inception is 32.59%, with the largest quarterly drawdown recorded at 22.9% in Q1 2024 [12].

Core Viewpoint - The AI Fund Qianhai Kaiyuan refinancing stock (001178) reported a profit of 13.72 million yuan for Q2 2025, with a weighted average profit per fund share of 0.0354 yuan, and a net asset value growth rate of 3.09% during the period [3]. Fund Performance - As of July 18, the fund's unit net value was 1.223 yuan, and the fund manager, Qiu Jie, oversees seven funds, all of which have positive returns over the past year [3]. - The fund's performance over different time frames includes a 9.39% growth rate over the past three months, ranking 99 out of 167 comparable funds; a 4.17% growth rate over the past six months, ranking 135 out of 167; a 14.94% growth rate over the past year, ranking 109 out of 166; and a -8.26% growth rate over the past three years, ranking 82 out of 159 [3]. Market Context - In Q2, the A-share market experienced an initial rise followed by a decline, with the CSI 300 index increasing by 1.25% and the ChiNext index rising by 2.34% [3]. - The fund's overall investment strategy was relatively aggressive, focusing on high-quality targets related to the product theme [3]. Risk Metrics - The fund's Sharpe ratio over the past three years is 0.2348, ranking 45 out of 159 comparable funds [8]. - The maximum drawdown over the past three years is 42.41%, with the highest single-quarter drawdown occurring in Q1 2024 at 20.78% [10]. Investment Strategy - The average stock position over the past three years was 87.68%, slightly below the comparable average of 87.99%. The fund reached a peak stock position of 93.78% at the end of H1 2023, with a low of 77.94% at the end of Q3 2020 [13]. Concentration of Holdings - The fund has a high concentration of holdings, with the top ten stocks consistently accounting for over 60% of the portfolio over the past two years. As of Q2 2025, the top ten holdings include companies such as Seres, BAIC Blue Valley, Shandong Gold, and TCL Technology [17].