Core Viewpoint - The AI Fund, Invesco Great Wall Growth Opportunity Mixed A, reported a profit of 396,500 yuan for the first half of 2025, with a net asset value growth rate of 2.03% [3] Fund Performance - As of September 3, the fund's unit net value was 1.297 yuan, with a three-month net value growth rate of 24.72%, ranking 187 out of 615 comparable funds [5] - The fund's six-month net value growth rate was 20.46%, ranking 244 out of 615, and the one-year growth rate was 29.55%, ranking 440 out of 601 [5] Fund Holdings and Valuation - As of June 30, 2025, the fund's weighted average price-to-earnings (P/E) ratio was approximately 24.9 times, slightly below the industry average of 25.34 times [11] - The weighted average price-to-book (P/B) ratio was about 2.67 times, compared to the industry average of 2.34 times, and the weighted average price-to-sales (P/S) ratio was approximately 1.73 times, lower than the industry average of 2.09 times [11] Growth Metrics - For the first half of 2025, the weighted revenue growth rate of the fund's stock holdings was 0.08%, and the weighted net profit growth rate was 0.12% [18] Fund Management and Strategy - The fund manager indicated a focus on high-quality companies capable of integrating into the global supply chain, with limited exposure to U.S. business operations despite tariff impacts [3] Fund Size and Shareholder Information - As of June 30, 2025, the fund's total size was 16.1349 million yuan, with 185 holders owning a total of 15.1762 million shares [33][36] - The fund's maximum drawdown since inception was 12.19%, with the largest quarterly drawdown occurring in Q2 2025 at 10.37% [29] Top Holdings - The top ten holdings of the fund included companies such as Yipinhong, Midea Group, and Baofeng Energy [41]

Core Viewpoint - The AI Fund Yin Hua Multi-Opportunity Mixed Fund (009960) reported a profit of 14.80 million yuan for Q2 2025, with a weighted average profit per fund share of 0.0138 yuan, and a net asset value growth rate of 2.73% during the period [2]. Fund Performance - As of July 17, the fund's unit net value was 0.554 yuan, with a total fund size of 569 million yuan [2][15]. - The fund's performance over different periods is as follows: - Last three months: 11.82% growth rate, ranking 102 out of 256 comparable funds [2]. - Last six months: 13.06% growth rate, ranking 76 out of 256 comparable funds [2]. - Last year: 21.77% growth rate, ranking 104 out of 256 comparable funds [2]. - Last three years: -28.18% growth rate, ranking 203 out of 239 comparable funds [2]. Risk Metrics - The fund's Sharpe ratio over the last three years is -0.2387, ranking 186 out of 240 comparable funds [8]. - The maximum drawdown over the last three years is 49.4%, with the largest single-quarter drawdown occurring in Q1 2024 at 25.68% [10]. Investment Strategy - The fund maintained an average stock position of 88.94% over the last three years, compared to the industry average of 85.64% [13]. - The fund's top ten holdings as of Q2 2025 include Tencent Holdings, Alibaba-W, Smoore International, Pop Mart, SMIC, Stone Technology, China Hongqiao, Zhongji Xuchuang, China Merchants Bank, and Hengli Hydraulic [18]. Market Outlook - The fund management anticipates that the index will remain volatile in Q3, with sector rotation being a key theme. The overall domestic economy is viewed as stable, supported by growth policies and improved expectations regarding US-China tariffs [2].

Core Viewpoint - The article highlights the recent surge in new fund issuances in China, with a total of 17 new funds launched in the week of June 23-27, and a record high fundraising scale of 459.23 billion yuan in the previous week [2][7]. Fund Issuance Overview - A total of 17 new funds were issued this week, with index funds being the dominant product type, accounting for 7 out of the 17 [4][6]. - The previous week saw 48 new funds established, marking the highest weekly fundraising amount of the year at 459.23 billion yuan [7][8]. Fund Types and Performance - Among the new funds, there were 7 index funds, 5 mixed funds, and 3 bond funds, along with 1 FOF and 1 REITs product [4]. - The top-performing fund from the previous week was a mixed FOF product that raised 65.73 billion yuan, making it the largest fundraising fund of the year [8][9]. Notable Fund Details - The "Qianhai Kaiyuan CSI 500 Equal Weight Link A" fund has a fundraising cap of 8 billion units, while "Pengyang Chunhua A" has a cap of 6 billion units [6]. - The "Fidelity Hong Kong Stock Selection A" fund is managed by a well-trained manager with extensive experience in growth stocks and Hong Kong market research [6]. Market Trends - There is a growing interest in multi-asset allocation public FOFs, which are attracting significant capital inflows and expanding their investment scope to include QDII funds, commodity funds, and REITs [9]. - Passive index bond funds are also gaining popularity, with notable fundraising figures of 6.01 billion yuan and 5.99 billion yuan for specific funds [9].