Core Viewpoint - The AI Fund Xingye State-Owned Enterprise Reform Mixed A (001623) reported a profit of 2.7448 million yuan for Q2 2025, with a net value growth rate of 1.95% during the period [3][15]. Fund Performance - As of July 18, the fund's unit net value was 2.445 yuan, and it had a total scale of 156 million yuan [3][15]. - The fund manager, Liu Fangxu, oversees four funds, all of which have shown positive returns over the past year [3]. - The highest one-year return among the managed funds was 21.26% for Xingye Ruijin Mixed A, while the lowest was 6.7% for Xingye Longteng Shuangyi Balanced Mixed [3]. Investment Strategy - The fund's investment strategy for Q2 focused on selecting individual stocks within a framework of balanced industry allocation [3]. - The next phase will emphasize selecting reasonably valued value assets and consumer assets as the core allocation [3]. Comparative Performance - Over the past three months, the fund's net value growth rate was 3.73%, ranking 777 out of 880 comparable funds [3]. - Over the past six months, the growth rate was 6.07%, ranking 554 out of 880 [3]. - The one-year growth rate was 7.42%, ranking 673 out of 880 [3]. - The three-year growth rate was 1.62%, ranking 228 out of 871 [3]. Risk Metrics - The fund's Sharpe ratio over the past three years was 0.1271, ranking 327 out of 875 comparable funds [8]. - The maximum drawdown over the past three years was 22.4%, with the largest single-quarter drawdown occurring in Q1 2021 at 21.28% [10]. Portfolio Composition - The average stock position over the past three years was 68.92%, compared to the industry average of 80.43% [13]. - The fund's top ten holdings have consistently accounted for over 60% of its portfolio for nearly two years [17]. - As of Q2 2025, the top ten holdings included major companies such as China Merchants Bank, Zijin Mining, and China Mobile [17].

Core Viewpoint - The AI Fund Hang Seng Qianhai Hong Kong-Shanghai Emerging Industry Selected Mixed Fund (004332) reported a profit of 2.2711 million yuan for Q2 2025, with a weighted average profit per fund share of 0.0446 yuan. The fund's net value growth rate was 4.18%, and the fund size reached 56.6848 million yuan by the end of Q2 2025 [3][14]. Fund Performance - As of July 17, the fund's unit net value was 1.166 yuan. The fund manager, Xing Cheng, currently manages four funds. The Hang Seng Qianhai High-end Manufacturing Mixed A fund had the highest one-year growth rate at 38.68%, while the Hang Seng Qianhai Hong Kong-Shanghai Emerging Industry Selected Mixed Fund had the lowest at 16.15% [3]. - The fund's performance over different time frames includes a three-month growth rate of 12.63%, a six-month growth rate of 10.71%, a one-year growth rate of 16.15%, and a three-year growth rate of -38.20% [4]. Risk Metrics - The fund's Sharpe ratio over the past three years was -0.4274, ranking 284 out of 319 comparable funds [8]. - The maximum drawdown over the past three years was 54.08%, with the largest single-quarter drawdown occurring in Q1 2024 at 29.78% [10]. Investment Strategy - The fund maintained an average stock position of 89.57% over the past three years, higher than the comparable average of 83.13%. The fund reached its highest stock position of 94.03% at the end of Q1 2025 and its lowest at 69.98% at the end of 2022 [13]. - The fund manager anticipates a market characterized by fluctuations and structural opportunities, with limited macro policy support. The focus is on thematic and value assets that are less correlated with macroeconomic cycles, which may benefit from lower discount rates and liquidity overflow [3]. Top Holdings - As of the end of Q2 2025, the fund's top ten holdings included Shenghong Technology, Dongpeng Beverage, Lanke Technology, Chuanfeng Power, New Strong Union, Daotong Technology, Pudong Development Bank, Longxin General, Daikin Heavy Industry, and Haoyuan Pharmaceutical [17].