AI基金中欧国企红利混合A（019015）披露2025年四季报，第四季度基金利润70.08万元，加权平均基金份额本期利润0.017元。报告期内，基金净值增长率 为3.64%，截至四季度末，基金规模为5477.92万元。 该基金属于偏股混合型基金。截至1月21日，单位净值为1.17元。基金经理是曲径，目前管理的8只基金近一年均为正收益。其中，截至1月22日，中欧金安 量化混合A近一年复权单位净值增长率最高，达61.83%；截至1月21日，中欧国企红利混合A最低，为14.5%。 基金管理人在四季报中表示，本基金是以中证国企红利指数为主要基准权重指数的，专注投资红利资产的量化基金，面对市场不确定性加剧的现状，我们将 风险敞口的管控调整得更为严谨。我们认为狭义的"红利"投资，也就是高股息的强势，有望将会扩散到具有潜在高分红能力的广义红利股。这类潜力高分红 的公司，往往具有经营壁垒高，ROE稳定，同时经营现金流充沛的特点。这类企业在未来具有持续分红的潜力，同时估值依然处在历史较低位置。我们认为 拥有这类经营稳健特征的国企央企呈现了较好的投资机会。 截至1月21日，中欧国企红利混合A近三个月复权单位净值增长率为1.33% ...

Core Points - Shanghai Bank's stock price increased by 3.2% on November 4, reaching 9.99 CNY per share, with a trading volume of 1.364 billion CNY and a turnover rate of 0.97%, resulting in a total market capitalization of 141.948 billion CNY [1] - The stock has risen for four consecutive days, with a cumulative increase of 7.07% during this period [1] Company Overview - Shanghai Bank, established on January 30, 1996, is located at 688 Zhongshan South Road, Huangpu District, Shanghai. It was listed on November 16, 2016 [1] - The company's main business includes corporate finance, retail finance, and funding operations, with revenue composition as follows: wholesale financial services 77.82%, retail financial services 22.00%, and other services 0.19% [1] Fund Holdings - According to data, one fund under China Europe Fund has a significant holding in Shanghai Bank. The fund, China Europe State-Owned Enterprise Dividend Mixed A (019015), held 172,600 shares in the third quarter, accounting for 1.88% of the fund's net value, making it the seventh-largest holding [2] - The fund has generated a floating profit of approximately 53,500 CNY today and a total of 113,900 CNY during the four-day increase [2] - The fund was established on September 25, 2023, with a latest scale of 30.2699 million CNY, and has achieved a year-to-date return of 10.18%, ranking 5873 out of 8150 in its category [2]

Group 1 - The stock price of Bohai Ferry increased by 5.06% to 10.39 CNY per share, with a trading volume of 1.33 billion CNY and a turnover rate of 2.78%, resulting in a total market capitalization of 4.874 billion CNY [1] - Bohai Ferry has experienced a continuous increase in stock price for five consecutive days, with a cumulative increase of 3.34% during this period [1] - The company, established on October 15, 1998, and listed on September 6, 2012, primarily engages in passenger and cargo roll-on/roll-off shipping services, financing leasing, cruise business, international passenger roll-on/roll-off transport, and ship fuel sales [1] Group 2 - According to data, one fund under China Europe Fund holds Bohai Ferry as a significant investment, with the China Europe State-Owned Enterprise Dividend Mixed A Fund (019015) holding 297,100 shares, accounting for 3.23% of the fund's net value, ranking as the fifth-largest holding [2] - The fund has generated an estimated floating profit of approximately 148,600 CNY today, with a floating profit of 95,100 CNY during the five-day increase [2] - The China Europe State-Owned Enterprise Dividend Mixed A Fund was established on September 25, 2023, with a latest scale of 33.8038 million CNY and has achieved a year-to-date return of 9.14% [2]

Group 1 - The core viewpoint of the news is that Shandong Publishing experienced a decline of 5.02% in its stock price, reaching 8.70 yuan per share, with a trading volume of 175 million yuan and a turnover rate of 0.95%, resulting in a total market capitalization of 18.156 billion yuan [1] - Shandong Publishing Media Co., Ltd. was established on December 28, 2011, and listed on November 22, 2017. The company’s main business includes publishing, distribution, printing, and trading of printing materials, with a complete industry chain that integrates internet media, digital publishing, and information technology [1] - The revenue composition of Shandong Publishing is as follows: 83.48% from textbooks and teaching aids, 13.55% from general books, 11.14% from materials, 10.79% from foreign trade, and other categories contributing smaller percentages [1] Group 2 - From the perspective of major fund holdings, one fund under China Europe Fund has a significant position in Shandong Publishing. The fund, China Europe State-Owned Enterprise Dividend Mixed A (019015), held 364,100 shares, accounting for 3.29% of the fund's net value, making it the second-largest holding [2] - The fund China Europe State-Owned Enterprise Dividend Mixed A (019015) was established on September 25, 2023, with a latest scale of 33.8038 million. Year-to-date returns are 7.28%, with a ranking of 6194 out of 8254 in its category, and a one-year return of 17.05%, ranking 6046 out of 8037 [2]

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].