在行情短线切换剧烈的背景下，部分基金的减仓或调仓的动作随之显现，部分产品在震荡市中波动有 限，不难推测有的基金经理"见好就收"，减仓保存年内收益，也有基金经理旗下产品与三季度重仓风 格背道而驰，或调仓布局跨年行情。 对于后市行情，基金经理多数保有乐观展望。有基金经理表示，估值偏高后的调整对市场是健康的，为后续行 情"跌出"新的操作空间，此外还有不少高位股通过震荡夯实了基础，也会考虑重新买入。 部分基金疑似减仓保收益 以广发鑫益为例，12月16日，A股各大指数大幅回调，然而该基金跌幅仅0.22%。拉长时间来看，这只产品在 相当长的时间里净值表现非常平稳，自从10月27日创下历史新高后至今回撤幅度仅有2.57%，与三季报中的持 仓数据并不契合。数据显示，截至三季度末，该基金股票仓位超过了九成，且重仓股中包括了立讯精密、 兆 易创新 、天孚通信、中际旭创等高弹性个股，此外，基金经理费逸管理的广发聚瑞、广发瑞安精选等与广发 鑫益均有类似走势。 此外，益民基金旗下多只权益类产品在10月末至今波动均不如此前明显，个别产品近期净值甚至拉成了一条直 线。如益民服务领先的基金经理关旭就在三季报中表示："从市场情绪来看，9月中下 ...

在行情短线切换剧烈的背景下，部分基金的 减仓 或调仓的动作随之显现，部分产品在震荡市中波动有限， 不难推测有的基金经理"见好就收"， 减仓 保存年内收益，也有基金经理旗下产品与三季度重仓风格背道而 驰，或调仓布局跨年行情。 对于后市行情，基金经理多数保有乐观展望。有基金经理表示，估值偏高后的调整对市场是健康的，为后续行 情"跌出"新的操作空间，此外还有不少高位股通过震荡夯实了基础，也会考虑重新买入。 部分基金疑似 减仓 保收益 以广发鑫益为例，12月16日，A股各大指数大幅回调，然而该基金跌幅仅0.22%。拉长时间来看，这只产品在 相当长的时间里净值表现非常平稳，自从10月27日创下历史新高后至今回撤幅度仅有2.57%，与三季报中的持 仓数据并不契合。数据显示，截至三季度末，该基金股票仓位超过了九成，且重仓股中包括了立讯精密、兆易 创新、天孚通信、中际旭创等高弹性个股，此外，基金经理费逸管理的广发聚瑞、广发瑞安精选等与广发鑫益 均有类似走势。 此外，益民基金旗下多只权益类产品在10月末至今波动均不如此前明显，个别产品近期净值甚至拉成了一条直 线。如益民服务领先的基金经理关旭就在三季报中表示："从市场情绪来看， ...

Core Viewpoint - The article highlights a trend among certain "mini funds" adopting a defensive stance by significantly reducing their stock holdings to near cash levels, missing out on the recent market rally despite an overall positive market trend for actively managed equity funds [1][4]. Fund Performance and Strategy - Some flexible allocation funds, particularly smaller ones, have drastically decreased their stock positions in Q3, with cash assets, such as bank deposits, dominating their portfolios. For instance, the Fuanda New Power fund saw its stock allocation plummet from 87.5% at the end of Q2 to just 1.35% by the end of Q3, with over 98% of its assets held in cash [2]. - The Zhongyin Zhenli fund reported a stock allocation of only 12% in Q3, with 85% of its assets in bank deposits, indicating a conservative investment approach compared to peers [2]. - The Green Fund's Green Bory also exhibited a similar trend, with a stock allocation of just 11.23% and over 60% in cash, reflecting a cautious strategy amid market fluctuations [3]. - The Galaxy Junshang fund had a mere 0.94% in stocks by the end of Q3, primarily holding cash and bonds, contrasting sharply with its previous "heavy stock, light bond" strategy [3]. Market Context and Fund Manager Sentiment - Despite the overall market strength, with indices reaching around 4000 points and a continued upward trend in technology stocks, some fund managers opted for significant cash positions, possibly due to profit-taking from previously popular sectors or a cautious outlook on future market movements [4].

Core Viewpoint - The AI Fund Yin Hua Mixed Reform Dividend Flexible Allocation Mixed Initiation A (005519) reported a profit of 1.1668 million yuan for the first half of 2025, with a net value growth rate of 3.88% and a fund size of 32.6497 million yuan as of the end of June 2025 [3][34]. Fund Performance - As of September 3, the unit net value was 1.168 yuan, with a near three-month net value growth rate of 0.89%, ranking 868 out of 880 comparable funds [4][7]. - The fund's six-month net value growth rate was 7.43%, ranking 771 out of 880, while the one-year growth rate was 11.99%, ranking 833 out of 880 [7]. - Over three years, the fund's net value growth rate was -26.79%, ranking 828 out of 872 [7]. Investment Strategy and Market Outlook - The fund manager indicated that the A-share market continues to exhibit a "dumbbell" pattern, with large-cap value and small-cap stocks performing well. Key sectors include defensive assets represented by banks, new consumption, innovative pharmaceutical exports, and themes like controllable nuclear fusion and autonomous driving [4]. - The report highlighted that risk assets are experiencing a volatile upward trend, with gold and equity assets showing a seesaw effect [4]. Valuation Metrics - As of June 30, 2025, the fund's weighted average price-to-earnings (P/E) ratio was approximately 9.17 times, significantly lower than the industry average of 15.75 times. The weighted price-to-book (P/B) ratio was about 0.83 times, compared to the industry average of 2.52 times [12]. - The weighted price-to-sales (P/S) ratio was approximately 1.04 times, while the industry average was 2.16 times, indicating that the fund's assets are undervalued compared to peers [12]. Growth Metrics - For the first half of 2025, the fund's weighted revenue growth rate was -0.07%, and the weighted net profit growth rate was 0.03%, with a weighted annualized return on equity of 0.09% [20]. Fund Composition and Holdings - As of June 30, 2025, the fund had a total of 1,473 holders, with a total of 27.8078 million shares held. Institutional investors accounted for 35.98% of the holdings, while individual investors made up 64.02% [37]. - The fund's top ten holdings included major banks and financial institutions such as Industrial and Commercial Bank of China, China Merchants Bank, and Ping An Insurance [42]. Trading Activity - The fund's turnover rate for the last six months was approximately 60.98%, which has been consistently below the industry average for the past year [40].

Core Viewpoint - The AI Fund Dongwu State-Owned Enterprise Reform Mixed A (002159) reported a profit of 99,900 yuan for the first half of 2025, with a weighted average profit per fund share of 0.007 yuan. The fund's net value growth rate was 1.09%, and its total scale reached 11.03 million yuan by the end of the first half of the year [3]. Fund Performance - As of September 2, the fund's unit net value was 0.843 yuan. The fund manager, Zhou Jian, oversees five funds, all of which have achieved positive returns over the past year. The Dongwu Configuration Optimization Mixed A fund had the highest one-year return at 76.05%, while the Dongwu Youyi Bond A had the lowest at 10.99% [3]. - The fund's performance over various time frames includes a three-month net value growth rate of 4.33% (ranked 843 out of 880), a six-month growth rate of 7.53% (ranked 791 out of 880), a one-year growth rate of 17.64% (ranked 798 out of 880), and a three-year growth rate of 4.11% (ranked 468 out of 872) [6]. Market Outlook - The fund management expressed optimism for the A-share market in the second half of the year, suggesting that systemic risks are relatively low and structural opportunities may be abundant. They believe the A-share market is currently at three bottoms: valuation bottom, policy bottom, and performance bottom, indicating significant mid-to-long-term investment value [3]. Valuation Metrics - As of June 30, 2025, the fund's weighted average price-to-earnings (P/E) ratio was approximately 11.33 times, compared to the industry average of 15.75 times. The weighted average price-to-book (P/B) ratio was about 0.98 times, while the industry average was 2.52 times. The weighted average price-to-sales (P/S) ratio was around 0.59 times, against an industry average of 2.16 times, indicating that the fund's valuations are below the industry average [11]. Growth Metrics - For the first half of 2025, the weighted average revenue growth rate of the stocks held by the fund was -0.02%, and the weighted average net profit growth rate was 0.11%. The weighted annualized return on equity was 0.09% [19]. Fund Composition - As of June 30, 2025, the fund had a total of 1,784 holders, with a total of 13.3967 million shares held. The fund's top ten holdings included major companies such as China Life Insurance, China Ping An, and Agricultural Bank of China, indicating a high concentration in its stock holdings [37][42].

Core Viewpoint - The AI Fund Xinda Value Select B (970021) reported a profit of 60,200 yuan for Q2 2025, with a weighted average profit per fund share of 0.0028 yuan. The fund's net value growth rate was 0.37%, and the fund size reached 9.1745 million yuan by the end of Q2 [3][14]. Fund Performance - As of July 1, the unit net value was 1.049 yuan. The fund manager is Cheng Yuanyuan and Xu Hua [3]. - The fund's performance over different periods includes a three-month net value growth rate of 0.26%, ranking 113 out of 119 comparable funds; a six-month growth rate of -0.90%, also ranking 113 out of 119; a one-year growth rate of 6.09%, ranking 71 out of 119; and a three-year growth rate of -10.21%, ranking 84 out of 119 [3]. Risk Metrics - The fund's three-year Sharpe ratio is -0.4689, ranking 107 out of 119 comparable funds [7]. - The maximum drawdown over the past three years is 18.09%, with a single-quarter maximum drawdown of 12.51% occurring in Q1 2022 [9]. Investment Strategy - The fund's average stock position over the past three years is 25.51%, compared to a peer average of 46.3%. The fund reached a maximum position of 59.61% at the end of H1 2022 and a minimum of 7.49% at the end of 2024 [12]. - The fund management indicated that despite facing challenges such as insufficient demand and ongoing real estate downturns, current economic policies are addressing deflation concerns, and a gradual recovery in economic growth is anticipated, which may lead to improved corporate performance and valuations [3].

Core Viewpoint - The AI Fund, Fuguo Tiancheng Dividend Flexible Allocation Mixed Fund (100029), reported a profit of 20.77 million yuan for Q2 2025, with a net asset value growth rate of 3.84% during the period [3][16]. Fund Performance - As of July 21, the fund's unit net value was 0.928 yuan [3]. - The fund's performance over various time frames is as follows: - Last three months: 5.51% growth, ranking 684 out of 880 comparable funds [3]. - Last six months: 8.89% growth, ranking 370 out of 880 comparable funds [3]. - Last year: 5.53% growth, ranking 744 out of 880 comparable funds [3]. - Last three years: -25.18% decline, ranking 709 out of 871 comparable funds [3]. Risk Metrics - The fund's Sharpe ratio over the last three years is -0.6107, ranking 849 out of 875 comparable funds [9]. - The maximum drawdown over the last three years is 38.47%, ranking 381 out of 873 comparable funds [11]. - The largest single-quarter drawdown occurred in Q1 2022, at 21.54% [11]. Investment Strategy - In Q2 2025, the fund primarily allocated to defensive assets such as stable dividend stocks and precious metals, later increasing exposure to core value assets [3]. - The average stock position over the last three years was 68.34%, compared to the industry average of 80.43% [14]. - The fund reached its highest stock position of 79.6% in Q3 2020 and its lowest of 54.75% in Q3 2023 [14]. Fund Holdings - As of Q2 2025, the top ten holdings of the fund include: - Changjiang Electric Power - Industrial Bank - China Merchants Bank - Ping An Insurance - Shandong Gold - Hangzhou Bank - Giant Network - Jiangsu Bank - China Shenhua Energy - Transsion Holdings [19].

Core Viewpoint - The AI Fund Xingye State-Owned Enterprise Reform Mixed A (001623) reported a profit of 2.7448 million yuan for Q2 2025, with a net value growth rate of 1.95% during the period [3][15]. Fund Performance - As of July 18, the fund's unit net value was 2.445 yuan, and it had a total scale of 156 million yuan [3][15]. - The fund manager, Liu Fangxu, oversees four funds, all of which have shown positive returns over the past year [3]. - The highest one-year return among the managed funds was 21.26% for Xingye Ruijin Mixed A, while the lowest was 6.7% for Xingye Longteng Shuangyi Balanced Mixed [3]. Investment Strategy - The fund's investment strategy for Q2 focused on selecting individual stocks within a framework of balanced industry allocation [3]. - The next phase will emphasize selecting reasonably valued value assets and consumer assets as the core allocation [3]. Comparative Performance - Over the past three months, the fund's net value growth rate was 3.73%, ranking 777 out of 880 comparable funds [3]. - Over the past six months, the growth rate was 6.07%, ranking 554 out of 880 [3]. - The one-year growth rate was 7.42%, ranking 673 out of 880 [3]. - The three-year growth rate was 1.62%, ranking 228 out of 871 [3]. Risk Metrics - The fund's Sharpe ratio over the past three years was 0.1271, ranking 327 out of 875 comparable funds [8]. - The maximum drawdown over the past three years was 22.4%, with the largest single-quarter drawdown occurring in Q1 2021 at 21.28% [10]. Portfolio Composition - The average stock position over the past three years was 68.92%, compared to the industry average of 80.43% [13]. - The fund's top ten holdings have consistently accounted for over 60% of its portfolio for nearly two years [17]. - As of Q2 2025, the top ten holdings included major companies such as China Merchants Bank, Zijin Mining, and China Mobile [17].

Core Viewpoint - The AI Fund Taiping Reform Dividend Selection (005270) reported a profit of 3.3479 million yuan for Q2 2025, with a weighted average profit per fund share of 0.0326 yuan, and a net asset value growth rate of 2.54% during the period [2]. Fund Performance - As of July 18, the fund's unit net value was 1.336 yuan, with a recent three-month net value growth rate of 6.81%, ranking 618 out of 880 comparable funds [3]. - The fund's six-month net value growth rate was 9.51%, ranking 367 out of 880, while the one-year growth rate was 25.87%, ranking 206 out of 880 [3]. - Over the past three years, the fund's net value growth rate was -4.21%, ranking 319 out of 871 [3]. Risk and Return Metrics - The fund's Sharpe ratio over the past three years was 0.2757, ranking 173 out of 875 comparable funds [8]. - The maximum drawdown over the past three years was 39.69%, with the highest quarterly drawdown occurring in Q1 2024 at 20.49% [10]. Investment Strategy - The fund maintained an average stock position of 84.63% over the past three years, compared to a comparable average of 80.43% [13]. - The fund reached its highest stock position of 92.14% by the end of Q3 2024, with a minimum of 56.78% at the end of Q1 2019 [13]. Fund Holdings - As of the end of Q2 2025, the top ten holdings of the fund included Ningde Times, Spring Airlines, Jinzhai Food, Oppein Home, Xiamen Tungsten, Shenzhou Taiyue, Baoli Food, Sungrow Power Supply, Huace Film & Television, and Sanqi Interactive Entertainment [18]. Fund Size - The fund's size was reported to be 135 million yuan as of the end of Q2 2025 [15].

Core Viewpoint - The AI Fund Jin Ying Dividend Value Mixed A (210002) reported a profit of 40.54 million yuan in Q2 2025, with a net asset value growth rate of 2.02% for the period, and a total fund size of 1.587 billion yuan as of the end of Q2 2025 [3][16]. Group 1: Fund Performance - The fund's profit for Q2 2025 was 40.54 million yuan, with a weighted average profit per fund share of 0.0574 yuan [3]. - As of July 18, the fund's unit net value was 2.185 yuan [3]. - The fund's net value growth rates over various periods are as follows: 9.11% over the last three months, 10.33% over the last six months, 31.67% over the last year, and 54.99% over the last three years [4]. Group 2: Fund Management Insights - The fund management anticipates that export data will face challenges due to factors such as increased tariffs and export rush in Q2, but expects domestic economic data to remain stable and improve due to strong domestic growth policies and supportive monetary and fiscal measures [3]. - The management is optimistic about the third quarter, citing breakthroughs in the domestic technology sector and new policies in emerging industries that could boost market sentiment [3]. Group 3: Fund Metrics - The fund's three-year Sharpe ratio is 0.828, ranking 12 out of 875 comparable funds [9]. - The maximum drawdown over the last three years was 28.29%, with the largest single-quarter drawdown occurring in Q1 2024 at 24.63% [11]. - The average stock position over the last three years was 71.44%, compared to the industry average of 80.43% [14]. Group 4: Fund Holdings - As of Q2 2025, the top ten holdings of the fund include companies such as Langxin Group, Tailin Micro, GoerTek, Hongsoft Technology, Shandong Gold, Industrial Securities, State Grid Information Communication, Huanxu Electronics, Lens Technology, and CITIC Securities [19].