AI基金鹏华新能源精选混合A（011956）披露2025年中期报告，上半年基金利润240.32万元，加权平均基金份额本期利润0.0042元。报告期内，基金净值增 长率为0.56%，截至上半年末，基金规模为4.49亿元。 该基金属于偏股混合型基金，长期投资于先进制造股票。截至9月3日，单位净值为0.993元。基金经理是张宏钧，目前管理的2只基金近一年均为正收益。其 中，截至9月3日，鹏华新能源精选混合A近一年复权单位净值增长率最高，达49.77%；鹏华汇智优选混合A最低，为34.07%。 基金管理人在中期报告中表示，行业层面，在本产品成立之时，我们的思路就是"淡化大贝塔，寻找小贝塔和阿尔法"，这一思路来自于这样一个认知，即新 能源并不是单一行业，而是一轮技术推动的产业趋势，这种趋势的影响必须要有更广阔的全行业视角。我们目前还是大体遵循这一思路。向后展望，变革中 机会仍然存在。 截至9月3日，鹏华新能源精选混合A近三个月复权单位净值增长率为29.32%，位于同类可比基金26/171；近半年复权单位净值增长率为18.40%，位于同类可 比基金53/171；近一年复权单位净值增长率为49.77%，位于同类可比基金60 ...

Core Viewpoint - The AI Fund Penghua New Energy Selected Mixed A (011956) reported a profit of 817,500 yuan for Q2 2025, with a net value growth rate of 0.3% during the period, and a total fund size of 449 million yuan as of the end of Q2 2025 [2][15]. Fund Performance - As of July 17, 2025, the fund's one-year cumulative net value growth rate reached 25.29%, ranking 64 out of 166 comparable funds [3]. - The fund's three-month cumulative net value growth rate was 13.94%, ranking 58 out of 171 comparable funds, while the six-month growth rate was 3.25%, ranking 127 out of 171 [3]. - Over the past three years, the fund's cumulative net value growth rate was -23.98%, ranking 46 out of 125 comparable funds [3]. Risk Metrics - The fund's Sharpe ratio over the past three years was -0.0748, ranking 39 out of 120 comparable funds [8]. - The maximum drawdown over the past three years was 51.72%, with the largest single-quarter drawdown occurring in Q1 2024 at 22.46% [10]. Investment Strategy - The fund manager emphasized a strategy focused on "diminishing large beta, seeking small beta and alpha," recognizing that new energy is not a single industry but a technology-driven industrial trend requiring a broader perspective [2]. Fund Holdings - As of June 30, 2025, the fund's top ten holdings included companies such as CATL, XJ联, and 阳光电源, reflecting a focus on advanced manufacturing stocks [18]. - The average stock position over the past three years was 86.13%, with a peak of 91.22% at the end of H1 2025 and a low of 27.24% in Q3 2021 [13].