Core Viewpoint - The AI Fund, Nongyin Hongli Zhenxuan Mixed A (021455), reported a profit of 49.06 thousand yuan for Q2 2025, with a net value growth rate of 4.79% during the period [3]. Fund Performance - As of the end of Q2 2025, the fund's scale was 891.24 thousand yuan [15]. - The fund's unit net value as of July 17 was 1.102 yuan [3]. - The fund's performance over the past three months showed a net value growth rate of 8.14%, ranking 43 out of 82 in its category [3]. - Over the past six months, the fund's net value growth rate was 9.61%, ranking 32 out of 82 in its category [3]. Investment Strategy - The fund manager identified several promising investment directions: defensive dividend assets such as thermal power, hydropower, and expressways; consumer sectors like hotels and scenic spots during the tourism peak; agricultural chemical assets including compound fertilizers and potassium fertilizers; military industry sectors influenced by military exercises and overseas geopolitics; and a choice between export chains or domestic demand based on tariff negotiations and economic stimulus policies [3]. Risk Metrics - The fund's Sharpe ratio since inception was 0.1245 as of June 27 [8]. - The maximum drawdown since inception was 4.76%, with the largest quarterly drawdown occurring in Q2 2025 at 4.14% [11]. Portfolio Composition - The average stock position since inception was 68.76%, compared to the category average of 84.97%. The fund reached a peak stock position of 83.68% at the end of H1 2025 and a low of 60.68% at the end of Q1 2025 [14]. - As of the end of Q2 2025, the top ten holdings included Changjiang Electric Power, Luxshare Precision, New Natural Gas, Funi Co., Guotou Electric Power, Tongcheng New Materials, Zhenhua Technology, Aerospace Electronics, AVIC Optoelectronics, and Zhongtian Technology [18].

Group 1 - The food and beverage sector has shown signs of stabilization after a period of adjustment, with notable gains in stocks such as Yanjing Beer rising over 6% and Jinzhongzi Wine and Zhujiang Beer increasing over 4% [1] - The China Securities Food and Beverage Index has experienced a cumulative decline of over 5% in the past month and over 9% in the last three months, indicating significant downward pressure in the sector [1] - Kweichow Moutai's stock price has dropped from a high of 1645 yuan in May to 1401.18 yuan, reflecting a cumulative decline of approximately 15% [1] Group 2 - The white wine sector is currently under pressure, with the price of Feitian Moutai continuing to decrease, and the price of scattered bottles falling below 2000 yuan [1] - Analysts believe that the commodity attributes of white wine are being reshaped, and companies that can adapt to fast-moving consumer goods (FMCG) operations will gain a competitive advantage [1] - Various segments within the food and beverage sector are showing signs of bottoming out, with dairy, beer, beverages, and store-type enterprises exceeding expectations in Q1 performance [1] Group 3 - The food and beverage ETF Tianhong (159736) tracks the China Securities Food and Beverage Index, which includes listed companies in the alcohol, beverage, and food industries [2] - Investors are encouraged to look for layout opportunities in the food and beverage sector [2] - Off-market investors can continue to pay attention to Tianhong's China Securities Food and Beverage ETF linked funds [3]

Investment Rating - The report maintains an "Outperform" rating for the transportation industry [1][2][4]. Core Views - The shipping sector is experiencing a rebound in freight rates driven by geopolitical tensions and a strong demand recovery, particularly in oil transportation [1][18]. - The air travel market is expected to see a gradual recovery in passenger demand, with domestic airlines likely to improve profitability as supply constraints persist [1][34]. - The express delivery industry shows robust growth, with significant increases in volume, particularly for SF Express, which is outperforming its peers [1][44]. Shipping Sector Summary - Oil transportation rates are expected to rise due to limited new capacity and strong demand recovery, with VLCC rates showing resilience despite recent geopolitical tensions [1][19][20]. - The overall shipping market is projected to maintain upward pressure on freight rates, with a focus on companies like COSCO Shipping Energy and China Merchants Energy [1][19]. Air Transportation Summary - Domestic air travel demand is recovering, with passenger flight volumes nearing pre-pandemic levels, while international travel remains subdued [1][34]. - Airlines are expected to improve profitability as the supply-demand gap narrows, with recommendations for major carriers like Air China and China Southern Airlines [1][38][66]. Express Delivery Summary - The express delivery sector is experiencing high demand, with a year-on-year volume growth of 19.1% in April [1][44]. - SF Express is highlighted for its strong performance, with a 30% increase in logistics volume, significantly outpacing the industry average [1][44]. - The competitive landscape is expected to intensify, particularly among major players, but long-term growth prospects remain positive [1][45]. Key Companies and Investment Recommendations - Recommended companies include SF Express, COSCO Shipping Energy, China Merchants Energy, Air China, and China Southern Airlines, with a focus on their potential for growth and profitability [1][4][66].

Investment Rating - The investment rating for the food and beverage industry is "Buy" [5]. Core Views - The focus on the domestic demand sector is expected to increase due to tariff impacts, with potential financial improvements in sectors like dairy products. Despite unclear short-term demand recovery signals, the market generally believes that policies aimed at boosting domestic demand will eventually lead to improvements in the demand side, thereby enhancing the valuation space for the sector [1][13]. - The second quarter is anticipated to see sectors such as dairy, frozen foods, snacks, and liquor entering a low base period for financial reports, which may support a rebound in stock prices despite limited short-term demand improvement [1][13]. Summary by Sections 1. Industry Overview - The food and beverage sector is experiencing heightened attention due to escalating tariff conflicts, particularly in dairy products, which may see financial improvements [1][13]. 2. Liquor Sector - Demand in the liquor sector remains subdued but aligns with industry expectations. Supply-side pressures are easing as manufacturers reduce payment demands on distributors. Notably, Moutai maintains stable operations, with improved sales dynamics following price adjustments [2][14]. 3. Dairy Sector - The dairy industry is entering a supply contraction phase, with significant operational pressures on farms. The average price of fresh milk has dropped to 3.07 CNY/kg, nearing cash cost levels. The market is closely monitoring the supply-demand balance, which is influenced by various factors, including policy measures aimed at stabilizing production capacity [3][15]. 4. Investment Recommendations - The report suggests a left-side configuration strategy, advocating for investments in dairy and snack sectors as foundational holdings, with a focus on companies like Yili and Yanjinpuzi. It also recommends flexible trading in underperforming sectors with potential for recovery, such as Lihai Foods and Shede Liquor [4][44]. 5. Key Data Tracking - As of April 11, 2025, the valuation level of the food and beverage sector (PE TTM, excluding negative values) is 21 times, reflecting a 5.5% increase since the beginning of the year. The liquor index PE is 20 times, up 4.6%, while the beverage index PE is 23 times, up 6.6% [16][20]. 6. Company Earnings Forecasts - Key companies in the sector have varying earnings forecasts, with Moutai projected to achieve a net profit of 862.28 million CNY in 2024, while Wuliangye is expected to reach 331.73 million CNY [39][41]. 7. Important Company Announcements - Recent announcements include significant revenue declines for companies like Huangshanghuang and Juewei Foods, indicating challenges in the current market environment [37]. 8. Summary of Key Reports - The report includes various company briefings and annual report reviews, highlighting strategic directions and performance insights for companies like Moutai and Baidu Foods [43].

Investment Rating - The report maintains an "Outperform" rating for the transportation industry [1][4][7]. Core Views - The report highlights the impact of US-China tariffs on shipping patterns, suggesting a focus on domestic demand and high-dividend sectors [1][3]. - The oil shipping market remains strong, but VLCC rates have declined due to tariff uncertainties, with potential recovery if US-China negotiations succeed [1][21]. - The air travel market is expected to stabilize in 2025, with domestic airlines showing signs of recovery in profitability [2][45]. - The express delivery sector shows resilience, with major players like SF Express and ZTO Express expected to maintain growth despite competitive pressures [3][55][59]. Summary by Sections Shipping Sector - Oil shipping rates have shown fluctuations, with VLCC rates impacted by tariff policies and global economic uncertainties [1][21]. - The report recommends companies like COSCO Shipping Energy and China Merchants Energy for their potential value amidst market volatility [1][25]. Aviation Sector - Domestic passenger flight volumes are stabilizing, with a year-on-year increase expected in 2025 [2][45]. - Major airlines like Air China and China Southern Airlines are projected to recover profitability as supply-demand gaps narrow [2][45]. Express Delivery Sector - The express delivery market is experiencing strong growth, particularly in Southeast Asia and China, with companies like SF Express and ZTO Express leading the way [3][55][59]. - The report emphasizes the importance of monitoring pricing trends in the express delivery sector due to competitive dynamics [3][59]. Investment Recommendations - The report suggests focusing on companies with stable operations and potential for steady returns, including SF Express, ZTO Express, and major airlines [3][2][45].

作 者丨特约记者庞华玮 编 辑丨巫燕玲 此外，4月7日晚间， 宁德时代 公告，公司拟使用不低于4 0亿元且不超过 8 0亿元 自有或自筹 资金以集中竞价交易方式回购部分股份，并在未来适宜时机用于股权激励计划或员工持股计 划。 4月7日晚， 中国电科 发布公告称，基于对我国经济长期向好的坚定信心，积极履行对资本市 场承诺， 已完成增持回购旗下上市公司股票超过2 0亿元。 4月7日，清明假期后第一个交易日，亚太股市跟跌，日经2 2 5指数和韩国综合指数均一度触发 熔断。A股三大指数也集体回调。市场全天成交额约1 . 6 2万亿元，较上一交易日增加0 . 4 6万亿 元。 对此，中信证券政策研究首席分析师于翔认为， A股的调整更多是受到海外悲观情绪的带 动 ，实际上并没有那么悲观。 美国的宽松政策可能在今年年底到明年上半年出现，与中国宽松 周期重叠。其认为，当前的调整是一个布局的时间点。尽管避险情绪仍然存在，但从股票投资 的角度来看，估值是核心因素，他建议投资者关注股票资产配置。 此前， 中央汇金、中国诚通、中国国新 先后发布公告称出手增持中国股票资产，坚决维护资 本市场平稳运行，并表示坚决当好长期资本、耐心资本、 ...