Core Viewpoint - The report highlights the performance and strategy of the Penghua New Energy Selected Mixed A Fund, emphasizing its focus on advanced manufacturing stocks and a long-term investment approach in the new energy sector, which is viewed as a technology-driven industrial trend [2][4]. Fund Performance - The fund reported a profit of 2.4032 million yuan for the first half of 2025, with a weighted average profit per fund share of 0.0042 yuan [2]. - As of the end of June 2025, the fund's net asset value growth rate was 0.56%, and the fund size was 449 million yuan [2][32]. - The fund's one-year cumulative net asset value growth rate reached 49.77%, outperforming many peers [4]. Comparative Performance - Over the past three months, the fund's net asset value growth rate was 29.32%, ranking 26 out of 171 comparable funds [4]. - The fund's six-month growth rate was 18.40%, ranking 53 out of 171 [4]. - The fund's three-year growth rate was -5.41%, ranking 39 out of 130 [4]. Valuation Metrics - As of June 30, 2025, the fund's weighted average price-to-earnings (P/E) ratio was approximately 30.54, lower than the industry average of 36.17 [9]. - The weighted average price-to-book (P/B) ratio was about 2.48, compared to the industry average of 2.99 [9]. - The weighted average price-to-sales (P/S) ratio was approximately 2.21, below the industry average of 2.5 [9]. Growth Metrics - For the first half of 2025, the fund's weighted average revenue growth rate was 0.11%, and the weighted average net profit growth rate was 0.09% [17]. - The weighted annualized return on equity was 0.08% [17]. Fund Composition and Holdings - As of June 30, 2025, the fund had a total of 65,700 holders, with individual investors holding 99.33% of the shares [36]. - The top ten holdings included companies like CATL, XJ Electric, and Sungrow Power Supply [41]. Trading Activity - The fund's turnover rate for the last six months was approximately 124.99%, which has been below the industry average for two consecutive years [39].

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].