AI基金农银红利甄选混合A（021455）披露2025年二季报，第二季度基金利润49.06万元，加权平均基金份额本期利润0.0372元。报告期内，基金净值增长率 为4.79%，截至二季度末，基金规模为891.24万元。 该基金属于偏股混合型基金，长期投资于周期股票。截至7月17日，单位净值为1.102元。基金经理是姚晨飞，目前管理3只基金。其中，截至7月17日，农银 睿选混合近一年复权单位净值增长率最高，达13.22%；农银策略收益混合最低，为1.31%。 基金管理人在二季报中表示，投资上，目前看好的方向有：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；5、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7月17日，农银红利甄选混合A近三个月复权单位净值增长率为8.14%，位于同类可比基金43/82；近半年复权单位净值增长率为9.61%，位于同类可比基 金32/82。 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 ...

Group 1 - The consumer industry plays a crucial role in driving national economic growth and is closely linked to the overall economic operation and development [1] - The consumer industry encompasses a wide range of sectors, including food and beverages, clothing and textiles, home appliances, automobiles, and various consumer services, indicating its essential nature in daily life [1] - Demand in the consumer sector tends to be relatively inelastic, with basic consumption needs remaining stable even during economic fluctuations, although choices may adjust [1] Group 2 - In financial investment asset allocation, consumer industry stocks are a key component due to their stability and counter-cyclical nature, appealing to long-term investors like pension funds and insurance companies [1] - Companies in the consumer sector typically exhibit stable cash flows and profitability, leading to consistent valuations that attract investors seeking reliable dividend income and capital appreciation [1] - The consumer industry demonstrates defensive characteristics during economic downturns, with essential consumer goods maintaining stable sales and profitability, making it a safe haven for investors during uncertain market conditions [2] Group 3 - The development of the consumer industry is closely tied to macroeconomic policies, with government initiatives such as consumption subsidies, tax reductions, and consumer credit encouragement directly impacting the sector's growth and business operations [2] - Changes in government policies are significant considerations for financial investors, influencing investment decisions across various segments of the consumer industry [2]

Group 1 - The core viewpoint indicates that institutional investors are optimistic about dividend assets, particularly in the context of the Hong Kong stock market [1] - Domestic macroeconomic growth momentum is showing signs, but the foundation still needs to be solidified, with external demand under pressure and resilient internal demand [1] - Key economic indicators in March showed a general year-on-year recovery, with notable performance in consumption, production, infrastructure, and manufacturing investment, although industrial product prices remain under pressure and real estate investment is still weak [1] Group 2 - The manufacturing PMI saw a significant month-on-month decline in April, indicating external demand shocks [1] - The Politburo meeting emphasized responding to external uncertainties with high-quality development and proposed new structural monetary policy tools to support stable foreign trade and expand consumption, suggesting targeted policy measures to mitigate risks [1] - In this context of stability, the capital market's tone is expected to align, making the search for defensive assets an important allocation strategy [1] Group 3 - The Hong Kong Dividend ETF (159331) tracks the Hong Kong Stock Connect High Dividend Index (code: 930914), which selects listed companies with high dividend yields available for trading through the Stock Connect [1] - The index primarily covers sectors such as transportation, resources, and consumer industries, reflecting the overall performance of high-dividend Hong Kong stocks [1] - Investors without stock accounts can consider related funds such as the Cathay CSI Hong Kong Stock Connect High Dividend Investment ETF Initiated Link A (022274) and Link C (022275) [1]