AI基金万家国企动力混合A（019336）披露2025年中期报告，上半年基金利润1094.68万元，加权平均基金份额本期利润0.1083元。报告期内，基金净值增长 率为12.09%，截至上半年末，基金规模为9008.94万元。 截至9月2日，万家国企动力混合A近三个月复权单位净值增长率为22.68%，位于同类可比基金37/82；近半年复权单位净值增长率为30.79%，位于同类可比 基金22/82；近一年复权单位净值增长率为34.16%，位于同类可比基金32/80。 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长率在同类基金中的分位数。 该基金属于偏股混合型基金，长期投资于周期股票。截至9月2日，单位净值为1.182元。基金经理是叶勇，目前管理6只基金近一年均为正收益。其中，截至 8月29日，万家北交所慧选两年定期开放混合A近一年复权单位净值增长率最高，达170.72%；截至9月2日，万家双引擎灵活配置混合A最低，为29.8%。 基金管理人在中期报告中表示，在都有供给侧逻辑的情况下，在行业选择中重点看需求侧逻辑的强弱。优先选择需求刚性、经历数年下行 ...

Core Viewpoint - The AI Fund Wanjiaguoqi Power Mixed A (019336) reported a profit of 5.2523 million yuan for Q2 2025, with a net asset value growth rate of 5.8% during the period [3] Fund Performance - As of the end of Q2 2025, the fund's scale was 90.0894 million yuan [16] - The fund's unit net value was 1.02 yuan as of July 17 [3] - The fund's performance over different periods includes: - 3-month net value growth rate: 11.24%, ranking 21 out of 82 comparable funds [3] - 6-month net value growth rate: 10.01%, ranking 30 out of 82 comparable funds [3] - 1-year net value growth rate: 6.91%, ranking 49 out of 77 comparable funds [3] Investment Strategy - The fund manager indicated that the second wave of the current commodity bull market will be a core logic supporting the fund's investment strategy, focusing on sectors such as precious metals, industrial metals, crude oil, banking, oil transportation, and public utilities [3] - The fund will also actively look for opportunities in other cyclical and value sectors that are at the bottom of their reversal [3] Risk Metrics - The fund's Sharpe ratio since inception is 0.5009 [8] - The maximum drawdown since inception is 24.52%, with the largest quarterly drawdown occurring in Q2 2025 at 12.05% [11] Portfolio Composition - The fund maintains a high stock position, with an average stock position of 92.55% since inception, compared to the industry average of 84.97% [15] - The fund's top holdings as of Q2 2025 include companies such as Luoyang Molybdenum, Bank of Communications, Zhaojin Mining, China National Offshore Oil, and China Petroleum [19]