Core Viewpoint - The AI Fund, China Enterprise Dividend Mixed A (019015), reported a profit of 1.6032 million yuan for Q2 2025, with a net value growth rate of 4.59% during the period, and a total fund size of 33.8038 million yuan as of the end of Q2 2025 [3][16]. Fund Performance - As of July 18, the unit net value was 1.128 yuan, with a one-year cumulative net value growth rate of 9.58%, ranking 446 out of 584 comparable funds [3][4]. - The fund's performance over the last three months showed a growth rate of 8.11%, ranking 436 out of 615, and over the last six months, it had a growth rate of 9.65%, ranking 338 out of 615 [4]. Investment Strategy - The fund manager indicated that with the implementation of U.S. President Trump's tariff policies, global trade tensions are rising. They believe that state-owned enterprise stocks with self-controllable and domestic demand attributes will have better defensive characteristics [3]. - The report suggests that the concept of "dividend" investment, particularly high-dividend stocks, is expected to expand to broadly defined dividend stocks with potential high dividend capabilities. These companies typically have high operational barriers, stable ROE, and abundant operating cash flow, indicating a potential for sustained dividends while still being undervalued historically [3]. Fund Holdings - As of June 27, the fund's top ten holdings included Yanzhou Coal Mining Company, Shandong Publishing Group, Zoomlion Heavy Industry Science and Technology Co., New Media Group, Bohai Ferry, Phoenix Media, Nanjing Steel Group, Nanjing High Accurate Drive Equipment Manufacturing Group, China Shenhua Energy Company, and China Construction Bank [19]. Risk Metrics - The fund has a Sharpe ratio of 0.6765 since inception, indicating a reasonable risk-adjusted return [9]. - The maximum drawdown since inception is 14.12%, with the largest quarterly drawdown occurring in Q3 2024 at 11.88% [12]. Fund Positioning - The average stock position since inception has been 91.66%, compared to the peer average of 83.17%. The fund reached a peak stock position of 93.42% at the end of Q1 2024 and a low of 89.12% at the end of 2024 [15].

Core Viewpoint - The export chain of listed companies in Q1 2025 is expected to perform well, driven by factors such as foreign trade enterprises "grabbing exports," accelerated expansion of mid-to-high-end products in overseas markets, and the ongoing efforts of the "Belt and Road" initiative. The net profit growth rate of the export chain in Q1 2025 is projected to be 15.33%, a significant increase of 14.54 percentage points compared to 2024A [1]. Group 1: Export Chain Performance - The net profit growth rate of the export chain in Q1 2025 is 15.33%, up from 0.80% in 2024A, outperforming the overall non-financial A-share market, which saw a decline of 12.94% [1]. - The export chain's performance indicates strong support from external demand over the past six months [1]. Group 2: Industry Overseas Revenue Proportion - As of the end of 2024, the highest overseas revenue proportion is in the electronics industry at 41.7%, followed by home appliances at 38.5% [2]. - Industries with over 20% overseas revenue proportions include automotive (26.5%), machinery manufacturing (23.8%), and light industry manufacturing (22.5%) [2]. - The light industry manufacturing sector saw a significant increase in overseas revenue proportion, rising by 4.76 percentage points compared to 2023 [2]. Group 3: Trends in Overseas Revenue - Since 2018, sectors such as automotive, personal care, and machinery have rapidly increased their overseas revenue proportions, reflecting a trend towards high-end, intelligent, and green exports [2]. - The electronics and communications sectors have experienced a noticeable decline in overseas revenue proportions due to geopolitical issues [2]. Group 4: Industry-Specific Developments - In 2024, industries such as non-ferrous metals and mid-to-high-end manufacturing have made significant progress in overseas business, with notable increases in overseas revenue proportions [4]. - The sectors with the most substantial marginal improvements in overseas revenue proportions include other electronics (+15.06 percentage points) and home goods (+9.23 percentage points) [4]. Group 5: Exposure to International Markets - The report categorizes industries based on their exposure to various international markets, highlighting those with high exposure to the U.S. and those with declining exposure [6]. - Industries currently with high exposure to the U.S. include home appliances, medical devices, and computer equipment, while sectors like communications and media have seen a decrease in U.S. exposure [6].