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].