Core Viewpoint - The AI Fund Xinda Value Select B (970021) reported a profit of 60,200 yuan for Q2 2025, with a weighted average profit per fund share of 0.0028 yuan. The fund's net value growth rate was 0.37%, and the fund size reached 9.1745 million yuan by the end of Q2 [3][14]. Fund Performance - As of July 1, the unit net value was 1.049 yuan. The fund manager is Cheng Yuanyuan and Xu Hua [3]. - The fund's performance over different periods includes a three-month net value growth rate of 0.26%, ranking 113 out of 119 comparable funds; a six-month growth rate of -0.90%, also ranking 113 out of 119; a one-year growth rate of 6.09%, ranking 71 out of 119; and a three-year growth rate of -10.21%, ranking 84 out of 119 [3]. Risk Metrics - The fund's three-year Sharpe ratio is -0.4689, ranking 107 out of 119 comparable funds [7]. - The maximum drawdown over the past three years is 18.09%, with a single-quarter maximum drawdown of 12.51% occurring in Q1 2022 [9]. Investment Strategy - The fund's average stock position over the past three years is 25.51%, compared to a peer average of 46.3%. The fund reached a maximum position of 59.61% at the end of H1 2022 and a minimum of 7.49% at the end of 2024 [12]. - The fund management indicated that despite facing challenges such as insufficient demand and ongoing real estate downturns, current economic policies are addressing deflation concerns, and a gradual recovery in economic growth is anticipated, which may lead to improved corporate performance and valuations [3].

AI基金信达睿益鑫享混合（970115）披露2025年二季报，第二季度基金利润35.23万元，加权平均基金份额本期利润0.0146元。报告期内，基金净值增长率 为1.03%，截至二季度末，基金规模为2155.23万元。 该基金属于偏债混合型基金。截至7月21日，单位净值为1.051元。基金经理是程媛媛和王琳。 基金管理人在二季报中表示，二季度，债券方面，管理人主要做了部分利率债投资和波段交易。弹性资产方面，管理人主要配置基本面优质、估值较低的标 的；同时管理人根据市场行情的变化灵活调整股债比例。 通过所选区间该基金净值增长率分位图，可以观察该基金与同类基金业绩比较情况。图为坐标原点到区间内某时点的净值增长率在同类基金中的分位数。 前瞻性看，股票市场方面，虽然经济阶段性还是面临需求不足和地产等持续下行造成的居民资产负债表压力，但是当前的经济政策直面市场担忧的通缩问 题，国内经济增速未来有望见底回升。目前沪深300指数仍处于历史估值的偏低位置，未来经济的逐步修复回升将会在后面带来上市公司业绩和估值的双 升，且市场流动性较为充裕，所以这个位置我们还是以中长期相对多头思维看待市场。 截至7月21日，信达睿益鑫享混合近 ...

Market Performance - The Shanghai Composite Index opened on July 21, 2023, with an increase of 8.33 points, representing a rise of 0.24%, closing at 3542.82 points [1] - The Shenzhen Component Index opened with an increase of 23.76 points, reflecting a rise of 0.22%, closing at 10937.6 points [1] - The CSI 300 Index opened with an increase of 11.22 points, indicating a rise of 0.28%, closing at 4069.77 points [1] - The ChiNext Index opened with an increase of 8.26 points, showing a rise of 0.36%, closing at 2285.41 points [1] - The STAR 50 Index opened with a slight increase of 0.05 points, with no significant change, closing at 1007.58 points [1]

Market Performance Summary - The Shanghai Composite Index opened at 3502.9 points, down 2.1 points, a decrease of 0.06% on July 16 [1] - The Shenzhen Component Index opened at 10749.71 points, up 5.15 points, an increase of 0.05% on July 16 [1] - The CSI 300 Index opened at 4019.39 points, up 0.33 points, an increase of 0.01% on July 16 [1] - The ChiNext Index opened at 2241.21 points, up 6.16 points, an increase of 0.28% on July 16 [1] - The STAR 50 Index opened at 996.33 points, up 0.08 points, an increase of 0.01% on July 16 [1]

Core Points - The Shanghai Composite Index opened at 3519.81 points on July 15, 2023, with a slight increase of 0.16 points, indicating no percentage change [1] - The Shenzhen Component Index opened at 10700.37 points, rising by 15.86 points, reflecting a 0.15% increase [1] - The CSI 300 Index opened at 4023.99 points, up by 6.32 points, showing a 0.16% increase [1] - The ChiNext Index opened at 2211.4 points, gaining 14.34 points, which corresponds to a 0.65% increase [1] - The STAR 50 Index opened at 990.73 points, experiencing a decrease of 1.66 points, representing a 0.17% decline [1]

Group 1 - The Shanghai Composite Index rose by 0.92%, while the CSI 300 Index increased by 1% [1] - Sectors such as shipbuilding, rare earth permanent magnets, large finance, software development, and digital currency saw significant gains [1]

Core Viewpoint - The CSI 300 Index experienced a significant increase, with its gains expanding to 1% at one point [1] Group 1 - The CSI 300 Index reflects the performance of the top 300 stocks traded on the Shanghai and Shenzhen stock exchanges [1]

Core Viewpoint - The article highlights the performance of actively managed equity funds in the context of a recovering equity market, noting a significant disparity in performance among funds, leading to varied experiences for investors [1][2]. Fund Performance and Management - Over the past decade (2015-2024), only one actively managed equity fund has consistently outperformed the CSI 300 Index, which represents core assets in the A-share market [3]. - The fund that achieved this is the Dachen Selected Value Fund, managed by Li Bo, who is known for his "steady growth" investment style, primarily focusing on large-cap value stocks [4][5]. - Since Li Bo took over the fund on November 4, 2016, it has achieved a total return of 96.64% as of March 31, 2025 [5]. - Li Bo maintains a stable equity position of 80%-90%, with performance mainly driven by stock selection rather than frequent trading [7]. Portfolio Composition - As of the end of Q1 2025, the top ten holdings of the Dachen Selected Value Fund include leading companies across various sectors, such as Midea Group, China Mobile, and Gree Electric [8][9]. - The fund's turnover rate has decreased from nearly 200% to below 100% from its early years under Li Bo's management, indicating a more stable investment approach [9]. Risk Management - The Dachen Selected Value Fund has demonstrated strong risk management, with a maximum drawdown of only 14% over the past three years, which is commendable in a volatile market environment [11]. - Research indicates that the fund has lower maximum drawdowns compared to the CSI Index during various market downturns, showcasing its resilience [12]. Investment Philosophy - Li Bo's investment philosophy emphasizes deep research and understanding of company growth drivers, moving beyond mere quantitative metrics to a more qualitative assessment of companies [15][16]. - His investment approach has evolved through three stages, focusing first on growth, then on sustainable growth through company capabilities, and finally incorporating common sense and industry knowledge into investment decisions [21][22][23]. Fund Size and Capacity - Li Bo currently manages two public funds with a combined scale exceeding 3.8 billion yuan, along with additional assets under management totaling over 4.6 billion yuan, indicating ample capacity for sustainable excess returns [17].

Group 1 - The A-share and Hong Kong stock markets experienced a significant afternoon rally, with the Shanghai Composite Index increasing by 0.9% [1] - The Shenzhen Component Index rose over 0.4%, while the ChiNext Index saw a gain of 0.66% [1] - The CSI 300 Index also expanded its gains, increasing by 1% [1] Group 2 - The Hong Kong Hang Seng Index approached a turning point, moving towards positive territory [1] - The Hang Seng Tech Index turned positive in the afternoon, rising by 0.7% after an early decline of 1% [1]

Core Viewpoint - The report highlights the current economic indicators and trends in various sectors, including liquidity, infrastructure, real estate, industrial products, and export chains, providing insights into potential investment opportunities and market dynamics [2]. Liquidity - The BCI small and medium enterprise financing environment index for May 2025 is 49.09, up 2.20% month-on-month [3] - The M1 and M2 growth rate difference in May 2025 is -5.6 percentage points, an increase of 0.9 percentage points from the previous month [3] - The current price of London gold has decreased by 1.91% compared to last week [3] Infrastructure and Real Estate Chain - In early June 2025, the average daily output of key enterprises in crude steel is 2.159 million tons, an increase of 3.25% month-on-month [4] - Price changes this week include rebar at +0.00%, cement price index at -1.21%, rubber at +0.72%, coke at +0.00%, coking coal at -3.11%, and iron ore at -2.07% [4] - The national blast furnace capacity utilization rate, cement, asphalt, and all-steel tire operating rates have changed by +0.21 percentage points, -5.90 percentage points, -1.8 percentage points, and +4.24 percentage points respectively [4] Real Estate Completion Chain - The prices of titanium dioxide and flat glass have changed by -1.45% and +0.00% respectively, with flat glass gross profit at -58 yuan/ton and titanium dioxide profit at -921 yuan/ton [5] - The operating rate of flat glass this week is 75.34% [5] Industrial Products Chain - The operating rate of semi-steel tires is at a five-year high of 78.29%, with a month-on-month increase of 0.31 percentage points [6] - Major commodity prices this week include cold-rolled steel at -0.27%, copper at -0.76%, and aluminum at -0.29%, with corresponding gross profit changes of +4.07%, -18.19%, and +4.71% [6] Subcategories - The capacity utilization rate of domestic alumina in May has dropped to a new low for 2023 [7] - The price of graphite electrodes is 18,000 yuan/ton, unchanged, with a gross profit of 1,357.4 yuan/ton, down 5.56% [7] - The price of electrolytic aluminum is 20,700 yuan/ton, down 0.29%, with estimated profit at 3,146 yuan/ton (excluding tax), up 4.71% [7] Price Comparison Relationships - The price ratio of rebar to iron ore this week is 4.19 [8] - The price difference between hot-rolled and rebar steel is 170 yuan/ton, while the price difference between Shanghai cold-rolled and hot-rolled steel is 210 yuan/ton, down 70 yuan/ton [8] - The price ratio of stainless steel hot-rolled to electrolytic nickel is 0.11 [8] Export Chain - In May 2025, China's PMI new export orders are at 47.50%, an increase of 2.8 percentage points month-on-month [9] - The China Containerized Freight Index (CCFI) composite index this week is 1,342.46 points, up 8.00% [9] - The U.S. crude steel capacity utilization rate is 79.40%, down 0.10 percentage points [9] Valuation Percentiles - This week, the CSI 300 index decreased by 0.45%, with the best-performing cyclical sector being shipping at +1.06% [10] - The PB ratio of the ordinary steel and industrial metals sectors relative to the CSI 300 is 32.05% and 62.94% respectively [10] - The PB ratio of the ordinary steel sector relative to the CSI 300 is currently 0.50, with the highest value since 2013 being 0.82 [10]