AI基金农银红利甄选混合A（021455）披露2025年半年报，上半年基金利润144.29万元，加权平均基金份额本期利润0.0548元。报告期内，基金净值增长率 为7.74%，截至上半年末，基金规模为891.24万元。 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。 该基金属于偏股混合型基金，长期投资于周期股票。截至9月3日，单位净值为1.207元。基金经理是姚晨飞，目前管理的3只基金近一年均为正收益。其中， 截至9月3日，农银睿选混合近一年复权单位净值增长率最高，达27.6%；农银策略收益混合最低，为14.33%。 基金管理人在中期报告中表示，投资上，目前看好的方向有：银行、火电、水电、高速公路等防御属性红利资产；旅游旺季，酒店、景区等可代表消费方向 配置；农化资产，如复合肥、磷肥、钾肥等；军工板块，军演和海外地缘有催化；相机抉择，关税谈判顺利则投向出口链，国家如出经济刺激政策则投向内 需板块。 截至9月3日，农银红利甄选混合A近三个月复权单位净值增长率为14.00%，位于同类可比基金50/82；近半年复权单位净值增长率 ...

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].